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.


LRB101 17830 CPF 67264 b

 

 

A BILL FOR

 

HB4763LRB101 17830 CPF 67264 b

1    AN ACT concerning health.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Cannabis Regulation and Tax Act is amended
5by changing Section 55-95 as follows:
 
6    (410 ILCS 705/55-95)
7    Sec. 55-95. Conflict of interest. A person is ineligible to
8apply for, hold, or own financial or voting interest in or
9accept employment at an entity with a , other than a passive
10interest in a publicly traded company, in any cannabis business
11license under this Act if, within a 2-year period from the
12effective date of this Act, the person or his or her spouse or
13immediate family member was a member of the General Assembly or
14a State employee at an agency that regulates cannabis business
15establishment license holders who participated personally and
16substantially in the award of licenses under this Act. A person
17who violates this Section shall be guilty under subsection (b)
18of Section 50-5 of the State Officials and Employees Ethics
19Act.
20(Source: P.A. 101-27, eff. 6-25-19; 101-593, eff. 12-4-19.)