Illinois2026Active
HB0030
Uniform Voidable Transactions Act Update
Last scannedAug 24, 2026, 10:00 AM
In one sentence
This bill updates Illinois law by renaming the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Act and aligning it with modern national standards.
What it does
- Changes the name of the state's fraud transfer law from 'Uniform Fraudulent Transfer Act' to 'Uniform Voidable Transactions Act'.
- Adds new definitions for terms like electronic, organization, record, and sign.
- Sets rules that require a person accused of being insolvent to prove they are not if insolvency is presumed.
- Updates how courts decide who must provide proof in cases about defenses or protecting people who received money or property.
- Clarifies that specific parts of large organizations can be treated as separate legal persons under this law.
Who it affects
- Courts and judges handling debt collection disputes
- Creditors seeking to recover assets from people who owe them money
Limits and unknowns
- The bill text provided does not state a specific date when these changes will take effect.
- This summary is based on the synopsis and partial text; some technical legal definitions may be simplified.
Plain language
Terms to know
- Voidable Transaction
- A transfer of property or payment that a court can cancel because it was done unfairly to avoid paying debts.
- Insolvency
- The state where a person or business cannot pay their bills as they come due, or owes more than all their assets are worth.
Official record
Sources
Official summary
UNIFORM VOIDABLE TRANSACTIONS