Section 3000.140   Duty to Disclose Changes in Information

a)         Board licensees and applicants for licenses issued by the Board shall have a continuing duty to disclose promptly any material changes in information provided to the Board.  The duty to disclose changes in information shall continue throughout any period of licensure granted by the Board.  Board licensees or applicants for licenses must maintain current release of information forms as originally submitted to the Board.

b)         In addition to and without limiting disclosure of changes of information required under subsection (a), licensees and applicants for licensure shall periodically disclose changes in or new agreements, whether oral or written, relating to:

1)         Lobbying, legal services, financial consulting services, and management consulting services;

2)         Accounting, data processing and other financial and administrative services;

3)         Construction contracts;

4)         Installation, accounting or operation of Voucher Systems;

5)         Installation, accounting or operation of Computer Monitoring Systems;

6)         Agreements with or involving Key Persons and relatives of Key Persons;

7)         Agreements to sell, grant, gift, pledge, hypothecate or otherwise transfer or share an ownership interest or interests in a holder of an Owner's License; and

8)         Agreements to sell, grant, gift, pledge, hypothecate or otherwise transfer or share stock options, warrants, stock appreciation rights, or agreements in lieu thereof, relating to an ownership interest or interests or benefits of such ownership interest or interests in a holder of an Owner's License.

c)         The failure to meet the requirements of subsection (a) or (b) may result in discipline up to and including revocation of a license.

(Source:  Amended at 27 Ill. Reg. 15793, effective September 29, 2003)