Illinois Compiled Statutes - Full Text

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Illinois Compiled Statutes - Full Text

Illinois Compiled Statutes (ILCS)

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410 ILCS 705/15-50

    (410 ILCS 705/15-50)
    Sec. 15-50. Disclosure of ownership and control.
    (a) Each dispensing organization applicant and licensee shall file and maintain a Table of Organization, Ownership and Control with the Department. The Table of Organization, Ownership and Control shall contain the information required by this Section in sufficient detail to identify all owners, directors, and principal officers, and the title of each principal officer or business entity that, through direct or indirect means, manages, owns, or controls the applicant or licensee.
    (b) The Table of Organization, Ownership and Control shall identify the following information:
        (1) The management structure, ownership, and control
    
of the applicant or license holder including the name of each principal officer or business entity, the office or position held, and the percentage ownership interest, if any. If the business entity has a parent company, the name of each owner, board member, and officer of the parent company and his or her percentage ownership interest in the parent company and the dispensing organization.
        (2) If the applicant or licensee is a business entity
    
with publicly traded stock, the identification of ownership shall be provided as required in subsection (c).
    (c) If a business entity identified in subsection (b) is a publicly traded company, the following information shall be provided in the Table of Organization, Ownership and Control:
        (1) The name and percentage of ownership interest of
    
each individual or business entity with ownership of more than 5% of the voting shares of the entity, to the extent such information is known or contained in 13D or 13G Securities and Exchange Commission filings.
        (2) To the extent known, the names and percentage of
    
interest of ownership of persons who are relatives of one another and who together exercise control over or own more than 10% of the voting shares of the entity.
    (d) A dispensing organization with a parent company or companies, or partially owned or controlled by another entity must disclose to the Department the relationship and all owners, board members, officers, or individuals with control or management of those entities. A dispensing organization shall not shield its ownership or control from the Department.
    (e) All principal officers must submit a complete online application with the Department within 14 days of the dispensing organization being licensed by the Department or within 14 days of Department notice of approval as a new principal officer.
    (f) A principal officer may not allow his or her registration to expire.
    (g) A dispensing organization separating with a principal officer must do so under this Act. The principal officer must communicate the separation to the Department within 5 business days.
    (h) A principal officer not in compliance with the requirements of this Act shall be removed from his or her position with the dispensing organization or shall otherwise terminate his or her affiliation. Failure to do so may subject the dispensing organization to discipline, suspension, or revocation of its license by the Department.
    (i) It is the responsibility of the dispensing organization and its principal officers to promptly notify the Department of any change of the principal place of business address, hours of operation, change in ownership or control, or a change of the dispensing organization's primary or secondary contact information. Any changes must be made to the Department in writing.
(Source: P.A. 101-27, eff. 6-25-19.)