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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4763 Introduced 2/18/2020, by Rep. Martin J. Moylan SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | HB4763 | | LRB101 17830 CPF 67264 b |
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| 1 | | AN ACT concerning health.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Cannabis Regulation and Tax Act is amended |
| 5 | | by changing Section 55-95 as follows:
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| 6 | | (410 ILCS 705/55-95)
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| 7 | | Sec. 55-95. Conflict of interest. A person is ineligible to |
| 8 | | apply for, hold, or own financial or voting interest in or |
| 9 | | accept employment at an entity with a , other than a passive |
| 10 | | interest in a publicly traded company, in any cannabis business |
| 11 | | license under this Act if, within a 2-year period from the |
| 12 | | effective date of this Act, the person or his or her spouse or |
| 13 | | immediate family member was a member of the General Assembly or |
| 14 | | a State employee at an agency that regulates cannabis business |
| 15 | | establishment license holders who participated personally and |
| 16 | | substantially in the award of licenses under this Act. A person |
| 17 | | who violates this Section shall be guilty under subsection (b) |
| 18 | | of Section 50-5 of the State Officials and Employees Ethics |
| 19 | | Act.
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| 20 | | (Source: P.A. 101-27, eff. 6-25-19; 101-593, eff. 12-4-19.)
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