TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1330 PHARMACY PRACTICE ACT
SECTION 1330.780 CHANGE OF OWNERSHIP OF A PHARMACY


 

Section 1330.780  Change of Ownership of a Pharmacy

 

a)         A new pharmacy application must be filed whenever:

 

1)         10% or more of the ownership of the business, other than a publicly traded business, to which the pharmacy licensee was issued is sold or otherwise transferred to a person or entity that does not hold any interest in the business issued the pharmacy license prior to the sale or transfer; or

 

2)         More than half the board of directors or executive officers of a business issued a pharmacy license change.

 

b)         Any change of ownership of a parent company that owns a pharmacy shall not be considered a change of ownership of the pharmacy.

 

(Source:  Amended at 39 Ill. Reg. 6267, effective April 23, 2015)