Illinois 98th Regular Session Status: Enacted 1 D cosponsors

SB 3438 — CO-OPERATIVE ACT SHARE LIMIT

Last action — Public Act . . . . . . . . . 98-1122

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 14, 2014. Enacted.

Prognosis

Likely to advance 72% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

  • Cleared a recorded vote

    Passed 3 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately.

Bill Text

What changed in the latest version

10 added · 5 removed

Plain-language change summary

The bill SB 3438 was amended to change the restriction on shareholder ownership in associations. Previously, shareholders were limited to owning no more than 10 shares with an aggregate par value of $500, but the amendment increased that limit to 10 shares with an aggregate value of $10,000. This change could encourage more investment in associations by allowing individuals to own a larger stake, which may help grow these organizations financially.

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SB3438 Engrossed LRB098 18636 JLS 53779 b AN ACT concerning business.
SB3438 Enrolled LRB098 18636 JLS 53779 b AN ACT concerning business.
The Co-operative Act is amended by changing Section 2 as follows:
The Co-operative Act is amended by changing Sections 2 and 9 as follows:
No commission shall be directly or indirectly charged, secured, or collected for selling stock in such association, and any person, firm or corporation, charging, receiving or procuring, directly or indirectly, any such commission commits a petty offense and shall be fined not less than $5 nor more SB3438 Engrossed - 2 - LRB098 18636 JLS 53779 b than $100.
No commission shall be directly or indirectly charged, secured, or collected for selling stock in such association, and any person, firm or corporation, charging, receiving or procuring, directly or indirectly, any such commission commits a petty offense and shall be fined not less than $5 nor more SB3438 Enrolled - 2 - LRB098 18636 JLS 53779 b than $100.
77-2377.) Section 99.
77-2377.) (805 ILCS 310/9) (from Ch.
32, par.
313) Sec.
9.
No shareholder in any association shall own more than 10 five shares nor of a greater aggregate par value than $10,000 five hundred dollars, except as hereinafter provided.
(Source:
Laws 1915, p.
325.) Section 99.
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Action History

  1. Public Act . . . . . . . . . 98-1122

  2. Effective Date August 26, 2014

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. House Committee Amendment No. 1 Senate Concurs 057-000-000

  7. House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 010-000-000

  8. House Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary

  9. House Committee Amendment No. 1 Motion to Concur Referred to Assignments

  10. House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Don Harmon

  11. Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 26, 2014

  12. Secretary's Desk - Concurrence House Amendment(s) 1

  13. Third Reading - Short Debate - Passed 112-000-000

  14. Added Alternate Chief Co-Sponsor Rep. Ron Sandack

  15. Added Alternate Chief Co-Sponsor Rep. Kelly M. Cassidy

  16. Placed on Calendar Order of 3rd Reading - Short Debate

  17. Second Reading - Short Debate

  18. Placed on Calendar 2nd Reading - Short Debate

  19. Do Pass as Amended / Short Debate Judiciary; 015-000-000

  20. House Committee Amendment No. 1 Adopted in Judiciary; by Voice Vote

  21. Added Alternate Chief Co-Sponsor Rep. Michael W. Tryon

  22. House Committee Amendment No. 1 Rules Refers to Judiciary

  23. House Committee Amendment No. 1 Referred to Rules Committee

  24. House Committee Amendment No. 1 Filed with Clerk by Rep. Barbara Wheeler

  25. Assigned to Judiciary

  26. Added Alternate Chief Co-Sponsor Rep. Naomi D. Jakobsson

  27. Referred to Rules Committee

  28. First Reading

  29. Chief House Sponsor Rep. Barbara Wheeler

  30. Arrived in House

  31. Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)

  32. Third Reading - Passed; 055-000-000

  33. Added as Chief Co-Sponsor Sen. David Koehler

  34. Senate Floor Amendment No. 1 Referred to Assignments

  35. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon

  36. Placed on Calendar Order of 3rd Reading April 1, 2014

  37. Second Reading

  38. Added as Co-Sponsor Sen. Michael W. Frerichs

  39. Placed on Calendar Order of 2nd Reading March 21, 2014

  40. Do Pass Judiciary; 009-000-000

  41. Assigned to Judiciary

  42. Referred to Assignments

  43. First Reading

  44. Filed with Secretary by Sen. Don Harmon

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Concurrence

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 41002
Democrat 13000
Republican 3000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Kotowski — Yea
Manar — Yea
Althoff — Yea
Barickman — Yea
Bertino-Tarrant — Yea
Biss — Yea
Bivins — Yea
Bush — Yea
Hutchinson — Yea
Harris — Yea
LaHood — Yea
Brady — Yea
Landek — Yea
Martinez — Yea
McGuire — Yea
McCann — Yea
Sullivan — Yea
Jacobs — Yea
McCarter — Yea
Cullerton, T. — Yea
McConnaughay — Yea
Cullerton — Yea
Mulroe — Yea
Muñoz — Yea
Noland — Yea
Righter — Not Voting
Steans — Yea
Trotter — Yea
Clayborne — Yea
Connelly — Yea
Dillard — Yea
Duffy — Not Voting
Link — Yea
Luechtefeld — Yea
Forby — Yea
Frerichs — Yea
Haine — Yea
Oberweis — Yea
Radogno — Yea
Raoul — Yea
Sandoval — Yea
Silverstein — Yea
Van Pelt — Yea
Bill Cunningham Democrat Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Julie A. Morrison Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Steve Stadelman Democrat Yea
Chapin Rose Republican Yea
Dave Syverson Republican Yea
Sue Rezin Republican Yea

Official roll call →

Third Reading

Passed 112 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 77006
Democrat 27000
Republican 8000
Total 112006
% of votes cast 95%0%0%5%
How each member voted (118)
Member Party Vote
Lang — Yea
Acevedo — Not Voting
Anthony — Yea
Arroyo — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Bost — Yea
Brauer — Yea
Brown — Yea
Conroy — Yea
Costello — Yea
McAsey — Yea
Jackson — Yea
Jakobsson — Yea
Jefferson — Yea
Kosel — Yea
Leitch — Yea
McAuliffe — Yea
McSweeney — Yea
Soto — Yea
Stewart — Yea
Bradley — Yea
Brady — Yea
Mitchell, Bill — Yea
Burke, Daniel — Yea
Drury — Yea
Dunkin — Yea
Durkin — Yea
Flowers — Yea
Fortner — Yea
Franks — Yea
Golar — Yea
Sullivan — Yea
Mitchell, Christian — Yea
Burke, Kelly — Yea
Madigan — Yea
Moffitt — Yea
Harris, David — Yea
Harris, Greg — Yea
Nekritz — Yea
Phelps — Yea
Pihos — Yea
Tabares — Yea
Thapedi — Yea
Tryon — Yea
Turner — Yea
Wheeler — Yea
Unes — Yea
Verschoore — Yea
Williams — Yea
Willis — Yea
Davis, Monique — Yea
Yingling — Yea
Zalewski — Not Voting
Hernandez — Not Voting
Jones — Not Voting
Cavaletto — Yea
Cloonen — Yea
Cross — Not Voting
Currie — Yea
D'Amico — Yea
Demmer — Yea
Harms — Yea
Hatcher — Yea
Hays — Yea
Hurley — Yea
Ives — Yea
Kay — Yea
Osmond — Yea
Poe — Yea
Pritchard — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Sandack — Yea
Schmitz — Not Voting
Senger — Yea
Sente — Yea
Smiddy — Yea
Sommer — Yea
Chapa LaVia — Yea
Anna Moeller Democrat Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Julie A. Morrison Democrat Yea
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
William "Will" Davis Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Jil Tracy Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Wayne A. Rosenthal Republican Yea

Official roll call →

Third Reading

Passed 55 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 39004
Democrat 13000
Republican 3000
Total 55004
% of votes cast 93%0%0%7%
How each member voted (59)
Member Party Vote
LaHood — Yea
Link — Yea
Manar — Yea
Althoff — Yea
Martinez — Yea
Barickman — Not Voting
Bertino-Tarrant — Yea
Biss — Yea
Bivins — Yea
Bush — Yea
Forby — Yea
Muñoz — Yea
Hutchinson — Yea
Kotowski — Yea
Landek — Yea
Luechtefeld — Yea
McCann — Yea
McCarter — Yea
McConnaughay — Yea
Mulroe — Yea
Noland — Yea
Harris — Yea
Oberweis — Yea
Radogno — Yea
Brady — Yea
Silverstein — Yea
Steans — Yea
McGuire — Yea
Trotter — Not Voting
Sullivan — Yea
Jacobs — Yea
Cullerton, T. — Yea
Cullerton — Yea
Clayborne — Yea
Connelly — Yea
Dillard — Not Voting
Duffy — Yea
Frerichs — Yea
Haine — Yea
Raoul — Yea
Righter — Yea
Sandoval — Yea
Van Pelt — Not Voting
Bill Cunningham Democrat Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Julie A. Morrison Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Steve Stadelman Democrat Yea
Chapin Rose Republican Yea
Dave Syverson Republican Yea
Sue Rezin Republican Yea

Official roll call →

Subjects

finance labor
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Frequently asked questions

What does SB 3438 do?
Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately.
Who sponsors SB 3438?
SB 3438 is sponsored by Don Harmon (Democrat).
What is the current status of SB 3438?
This bill has been enacted into law. Introduced February 14, 2014. Enacted.
Where can I track SB 3438?
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