Bill Text: IL HB4763 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB4763 Detail]
Download: Illinois-2019-HB4763-Introduced.html
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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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