Illinois Senate Bill 3005 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the University of Illinois Act. Provides that notwithstanding any other provisions of law, the University may form one or more limited liability companies to own any current or future intellectual property attributable to the University pursuant to the Limited Liability Company Act. Requires the University to maintain a 51% ownership interest in any limited liability company formed. Allows the intellectual property to be held as a tenancy in common with all entities that hold an ownership interest in the company. Requires the payment of distributions.

U OF I-INTELLECTUAL PROPERTY

Sen. Chapin Rose [R]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2020-02-05	Senate	Referred to Assignments
2020-02-05	Senate	First Reading
2020-02-05	Senate	Filed with Secretary by Sen. Chapin Rose

Chapter	Article	Section	Citation Type	Statute Text
110	305	120	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3005&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB3005.htm