Senate Sponsors: DILLARD. House Sponsors: CROSS-DART Short description: BUSINESSES-LAW CHOICE-OPERATNS Synopsis of Bill as introduced: Creates the Choice of Law and Forum Act. Provides that the parties to a contract relating to an obligation arising out of a transaction covering not less than $250,000 may agree that the law of this State shall govern their rights or duties regardless of whether the contract bears a reasonable relation to this State, and provides that a person may maintain an action in this State if those conditions have been met; sets forth exceptions. Effective January 1, 1998. SENATE AMENDMENT NO. 3. Deletes reference to: New Act Adds reference to: 805 ILCS 5/1.80 from Ch. 32, par. 1.80 805 ILCS 5/9.20 new 805 ILCS 5/13.75 new 805 ILCS 5/14.30 from Ch. 32, par. 14.30 805 ILCS 5/15.90 from Ch. 32, par. 15.90 805 ILCS 405/4 from Ch. 96, par. 7 Deletes everything. Amends the Business Corporation Act of 1983. Provides for a corporation's reduction of its paid-in capital. Sets forth activities of a foreign corporation that are not considered to constitute transacting business in Illinois for purposes of the Act. Makes changes concerning the limitations period on a corporation's obligation to pay taxes, fees, penalties, or interest, and makes other changes. Amends the Assumed Business Name Act. Provides that the Act does not apply to a limited liability company, limited partnership, or limited liability partnership. Effective January 1, 1998. HOUSE AMENDMENT NO. 1. Adds reference to: 805 ILCS 5/8.60 from Ch. 32, par. 8.60 Further amends the Business Corporation Act. Provides that if a transaction is fair to a corporation at the time it is authorized, the fact that a director of the corporation is a party to the transaction is not grounds for invalidating the director's vote. Deletes provision that the director may be counted in determining whether a quorum is present but may not be counted when the directors take action on the transaction. HOUSE AMENDMENT NO. 2. Adds reference to: New Act Creates the Choice of Law and Forum Act. Provides that the parties to a contract relating to an obligation arising out of a transaction covering not less than $250,000 may agree that the law of this State shall govern their rights or duties regardless of whether the contract bears a reasonable relation to this State. Provides that a person may maintain an action in this State if the parties have agreed that Illinois law shall govern their rights and duties, the action relates to an obligation arising out of a transaction covering not less than $500,000, and the foreign corporation or non-resident agrees to submit to the jurisdiction of Illinois courts. STATE MANDATES FISCAL NOTE, H-AMS 1 & 2 (DCCA) This legislation fails to create a State mandate. Last action on Bill: PUBLIC ACT.............................. 90-0421 Last action date: 97-08-15 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 1 END OF INQUIRY Full Text Bill Status