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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0401 Introduced 2/8/2021, 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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| | HB0401 | | LRB102 10828 CPF 16158 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 |
| 8 | | to 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 |
| 11 | | business license under this Act if, within a 2-year period |
| 12 | | from the effective date of this Act, the person or his or her |
| 13 | | spouse or immediate family member was a member of the General |
| 14 | | Assembly or a State employee at an agency that regulates |
| 15 | | cannabis business establishment license holders who |
| 16 | | participated personally and substantially in the award of |
| 17 | | licenses under this Act. A person who violates this Section |
| 18 | | shall be guilty under subsection (b) of Section 50-5 of the |
| 19 | | State Officials and Employees Ethics 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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