LLC ACT- LATE PENALTY

Amends the Limited Liability Company Act. Provides that a late penalty of $25 a month (rather than $300 plus $100 for each year or fraction thereof beginning with the second year of the delinquency) will be imposed on any limited liability company or foreign limited liability company that (1) failed to file its annual report and pay all requisite fees required under the Act or (2) failed to appoint and maintain a registered agent within 60 days of notification of the Secretary of State by the resigning registered agent.