102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0401

 

Introduced 2/8/2021, 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.


LRB102 10828 CPF 16158 b

 

 

A BILL FOR

 

HB0401LRB102 10828 CPF 16158 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
8to apply 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
11business license under this Act if, within a 2-year period
12from the effective date of this Act, the person or his or her
13spouse or immediate family member was a member of the General
14Assembly or a State employee at an agency that regulates
15cannabis business establishment license holders who
16participated personally and substantially in the award of
17licenses under this Act. A person who violates this Section
18shall be guilty under subsection (b) of Section 50-5 of the
19State Officials and Employees Ethics Act.
20(Source: P.A. 101-27, eff. 6-25-19; 101-593, eff. 12-4-19.)