SB1289 Summary

• Amends the Illinois Governmental Ethics Act to establish new definitions for assets, debts, income, economic relationships, and related terms for filing statements of economic interests

• Requires filers to disclose assets valued over $25,000 (stocks, bonds, sector funds, commodity futures, investment real estate, partnership interests) while exempting personal residences, vehicles, savings accounts, diversified mutual funds, pensions, and retirement accounts

• Requires disclosure of income sources exceeding $10,000 and debts exceeding $25,000, excluding standard consumer loans and political committee debts

• Requires filers to report lobbyists with whom they maintain economic relationships or who are immediate family members, and gifts or honoraria exceeding $1,000

• Applies new requirements to statements of economic interests filed in 2019 and thereafter, while preserving prior law for statements filed before 2019