IL HB5326

Adds Section 14.40 to the Business Corporation Act of 1983 requiring corporations with state contracts to report professional services suppliers in annual reports to the Secretary of State

Reporting requirement effective by January 1, 2023, and must include supplier categories such as legal services, accounting, media placement, technology, asset management, and consulting services

List must identify percentage of women and minority-group owners and employees in each supplier category, with specific identification of African American, Latin American, and Asian American and Pacific Islander groups

Exempts corporations already submitting annual supplier diversity reports to the Illinois Commerce Commission under Section 8h of the Business Enterprise for Minorities, Women, and Persons with Disabilities Act