IL SB1587

Amends the Unemployment Insurance Act to transfer experience rating records to a transferee when a business is transferred and there is substantial common ownership, management, or control between the transferor and transferee.

Allows the Director to combine employer accounts into a single account with a single rate if a substantial purpose of the business transfer was to obtain reduced contribution liability.

Imposes penalties for knowingly violating transfer requirements, including a 50% penalty contribution rate for employers and $10,000 penalties for non-employers or advisors facilitating violations.

Establishes that violations of transfer and contribution rate requirements constitute a Class B misdemeanor, with corporate officers subject to individual liability.

Takes effect January 1, 2018, and requires the Director to establish procedures to identify business transfers for enforcement purposes.