summary
Introduced
02/09/2024
02/09/2024
In Committee
02/28/2024
02/28/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd General Assembly
Bill Summary
Amends the Cannabis Regulation and Tax Act. Provides that the Cannabis Business Development Fund may be used to provide financial assistance that supports lending to or private investment in qualified Social Equity Applicants and Social Equity Lottery Licensees or facilitates access to the facilities needed to commence operations on a cannabis business establishment. Provides that the Department of Commerce and Economic Opportunity may enter into financial agreements to facilitate lending to or investment in qualified Social Equity Applicants or Social Equity Lottery Licensees, or their subsidiaries or affiliates, to ensure the availability of facilities necessary to operate a cannabis business establishment. Provides that notwithstanding anything in the confidentiality provisions of the Act to the contrary, the Department of Financial and Professional Regulation and the Department of Agriculture may share licensee information with the Department of Commerce and Economic Opportunity necessary to support the administration of Social Equity programming.
AI Summary
This bill amends the Cannabis Regulation and Tax Act to allow the Cannabis Business Development Fund to be used to provide financial assistance that supports lending to or private investment in qualified Social Equity Applicants and Social Equity Lottery Licensees, or that facilitates access to the facilities needed to commence operations as a cannabis business establishment. It also allows the Department of Commerce and Economic Opportunity to enter into financial agreements to facilitate lending to or investment in qualified Social Equity Applicants or Social Equity Lottery Licensees, or their subsidiaries or affiliates, to ensure the availability of facilities necessary to operate a cannabis business establishment. Additionally, the bill allows the Department of Financial and Professional Regulation and the Department of Agriculture to share licensee information with the Department of Commerce and Economic Opportunity to support the administration of Social Equity programming, notwithstanding the Act's confidentiality provisions.
Committee Categories
Government Affairs, Health and Social Services
Sponsors (1)
Last Action
Session Sine Die (on 01/07/2025)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Small Business
Civil Rights, Minority Issues, and Civil Liberties
- ‐ Ethnic Minority and Racial Group Discrimination
Government Operations
- ‐ Government Transparency and Open Records
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3785&GAID=17&DocTypeID=SB&SessionID=112&GA=103 | 02/09/2024 |
| BillText | https://www.ilga.gov/legislation/103/SB/10300SB3785.htm | 02/09/2024 |
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