IL HB2992

Secretary of State must compile and maintain a monthly list of all domestic and foreign corporations, LLCs, and partnerships regulated under the Public Utilities Act, Collateral Recovery Act, Personal Property Storage Act, or Illinois Vehicle Code Chapters 18a, 18c, or 18d that hold required franchises, licenses, or permits to do business in Illinois.

Secretary of State must send written notice to the Illinois Commerce Commission Chief Clerk each month reporting any entities on the maintained list that have been dissolved (domestic) or had their authority to do business revoked (foreign) during that month.

Secretary of State and Illinois Commerce Commission may exchange required information in electronic format, including agreed access to Secretary of State records, with implementation required by October 1, 2020.

Removes requirement that Secretary of State notify ICC within 10 days when regulated corporations fail to pay franchise taxes, license fees, penalties, or interest, replacing it with a monthly reporting system based on dissolution or revocation status.

Applies uniform notification and information-sharing procedures across multiple business entity types: corporations, general not-for-profit corporations, limited liability companies, partnerships, and limited partnerships.