HB4763 101ST GENERAL ASSEMBLY

LRB101 17830 CPF 67264 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4763

Introduced 2/18/2020, by Rep. Martin J. Moylan

SYNOPSIS AS INTRODUCED:

410 ILCS 705/55-95

Amends the Cannabis Regulation and Tax Act. Provides that specified persons are ineligible to accept employment at a specified entity. Removes language allowing the persons to apply for, hold, or own financial or voting interest in any cannabis business license if it is a passive interest in a publicly traded company.

A BILL FOR

AN ACT concerning health.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Cannabis Regulation and Tax Act is amended by changing Section 55-95 as follows:

(410 ILCS 705/55-95)

Sec. 55-95. Conflict of interest. A person is ineligible to apply for, hold, or own financial or voting interest in or accept employment at an entity with a , other than a passive interest in a publicly traded company, in any cannabis business license under this Act if, within a 2-year period from the effective date of this Act, the person or his or her spouse or immediate family member was a member of the General Assembly or a State employee at an agency that regulates cannabis business establishment license holders who participated personally and substantially in the award of licenses under this Act. A person who violates this Section shall be guilty under subsection (b) of Section 50-5 of the State Officials and Employees Ethics Act.

(Source: P.A. 101-27, eff. 6-25-19; 101-593, eff. 12-4-19.)