HB 4273 Illinois House · 104th Regular Session

CORPORATE OPPORTUNITIES

Summary

Amends the Business Corporation Act of 1983. Provides that, subject to any contrary provision in the articles of incorporation of a corporation, a director, officer, key employee, or other fiduciary of the corporation shall not take advantage of a corporate opportunity unless the person first tenders the opportunity to the corporation and the corporation rejects the opportunity. Provides that, if the rejection is by a disinterested board of directors or by disinterested shareholder action, the director, officer, key employee, or other fiduciary of the corporation may then take advantage of the opportunity. Effective immediately.

Bill status signed all 5 stages cleared

Introduction

Apr 2026

Committee Review

May 2026

House Passage

May 2026

Senate Passage

May 2026

Signed into Law

Aug 2026

Introduced Apr 15, 2026 Signed Aug 4, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

Engrossed → Enrolled · 5 edits · Aug 4, 2026

MODERATE

The bill was amended to change its subject from general business law to the Illinois Insurance Code, specifically regulating fire and extended coverage insurance rates. The changes add new requirements for insurers to provide advance notice before non-renewing policies or increasing premiums, while also defining specific types of policies that are excluded from these rate regulations.

Scope change

The bill's scope shifted from a general corporate law context to a specific insurance regulation context, adding a new Article (XLVIII) that applies only to fire and extended coverage insurance policies.

SCOPE

The bill was changed from amending the Business Corporation Act to amending the Illinois Insurance Code.

REQUIREMENT

Insurers must send at least 30 days' advance notice to named insureds before failing to renew a policy, with additional rules for premium increases and coverage changes requiring 60 days' notice.

Insurers must provide a specific written explanation of the reasons for non-renewal to the named insured.

DEFINITION

A new Article was added to regulate fire and extended coverage insurance rates to prevent them from being excessive, inadequate, or unfairly discriminatory.

ELIGIBILITY

The new rate regulations apply only to policies filed on or after July 1, 2027, and explicitly exclude commercial liability, leased structures, unoccupied structures, and farm policies.

Floor votes · Senate May 13, 2026 · House Apr 14, 2026

How they voted

42–14

Passed · 2 other

Total votes 58

May 13, 2026

D Democratic39

39 Yea

100% Yea

R Republican19

3 Yea 14 Nay 2

73% Nay

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Aug 4, 2026

Signed into law

Governor Approved

lower

May 27, 2026

Lower · Passed

Passed Both Houses

lower

May 27, 2026

Introduced

Senate Floor Amendment No. 1 House Concurs 072-038-000

lower

May 21, 2026

Lower · Passed

Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Executive Committee; 008-004-000

lower

May 20, 2026

Committee

Senate Floor Amendment No. 1 Motion to Concur Rules Referred to Executive Committee

lower

May 20, 2026

Introduced

Senate Floor Amendment No. 1 Motion Filed Concur Rep. Thaddeus Jones

lower

May 13, 2026

Introduced

Placed on Calendar Order of Concurrence Senate Amendment(s) 1

lower

May 13, 2026

Introduced

Arrived in House

lower

May 13, 2026

Upper · Passed

Third Reading - Passed; 043-014-001

upper

May 13, 2026

Upper · Passed

Senate Floor Amendment No. 1 Adopted; Hastings

upper

May 13, 2026

Introduced

Senate Floor Amendment No. 1 Recommend Do Adopt Insurance; 009-003-000

upper

May 12, 2026

Introduced

Senate Floor Amendment No. 1 Assignments Refers to Insurance

upper

May 11, 2026

Committee

Senate Floor Amendment No. 1 Referred to Assignments

upper

May 11, 2026

Introduced

Senate Floor Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings

upper

May 6, 2026

Upper · Passed

Do Pass Judiciary; 009-000-000

upper

Apr 28, 2026

Committee

Assigned to Judiciary

upper

Apr 15, 2026

Committee

Referred to Assignments

upper

Apr 15, 2026

Introduced

Arrive in Senate

upper

Apr 14, 2026

Lower · Passed

Third Reading - Standard Debate - Passed 073-037-000

lower

Mar 19, 2026

Lower · Passed

Do Pass / Short Debate Judiciary - Civil Committee; 013-007-000

lower

Feb 11, 2026

Committee

Assigned to Judiciary - Civil Committee

lower

Jan 14, 2026

Committee

Referred to Rules Committee

lower

2 primary · 24 co-sponsors