Bill Text: IL HB0401 | 2021-2022 | 102nd General Assembly | Introduced

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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 1-0)

Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0401 Detail]

Download: Illinois-2021-HB0401-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB0401 Introduced , 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
HB0401 LRB102 10828 CPF 16158 b
AN ACT concerning health.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Cannabis Regulation and Tax Act is amended
by changing Section 55-95 as follows:
(410 ILCS 705/55-95)
Sec. 55-95. Conflict of interest. A person is ineligible
to apply for, hold, or own financial or voting interest in or
accept employment at an entity with a , other than a passive
interest in a publicly traded company, in any cannabis
business license under this Act if, within a 2-year period
from the effective date of this Act, the person or his or her
spouse or immediate family member was a member of the General
Assembly or a State employee at an agency that regulates
cannabis business establishment license holders who
participated personally and substantially in the award of
licenses under this Act. A person who violates this Section
shall be guilty under subsection (b) of Section 50-5 of the
State Officials and Employees Ethics Act.
(Source: P.A. 101-27, eff. 6-25-19; 101-593, eff. 12-4-19.)