Ill. Admin. Code tit. 11 § 1800.330

Current through Register Vol. 48, No. 21, May 24, 2024

Section 1800.330 - Economic Disassociation

a) Each applicant or licensee shall provide a means for the economic disassociation of any person who, with respect to that applicant or licensee, is a Person With Significant Influence or Control, a holder of an Ownership Interest, or any licensed sales agent and broker, in the event the economic disassociation is required by an order of the Board.

b) Based upon findings from an investigation into the character, reputation, experience, associations, business probity, and financial integrity of a Person With Significant Influence or Control, a holder of an Ownership Interest, or any licensed sales agent and broker, the Board may enter an order upon a licensee to require the economic disassociation of that person. A person whose economic disassociation has been ordered may contest the order under the provisions of Subpart G. A violation of an order of economic disassociation may result in a complaint against the licensee under Subpart G. Any hearing relating to an order of economic disassociation shall be a hearing on the merits of the Board's determination that economic disassociation is warranted. The licensee shall be considered the party to the hearing.

c) The Board may enter an order of economic disassociation under this Section under any criteria for denial of license set forth in Section 9 of the Illinois Gambling Act [230 ILCS 10 ] or Section 45 of the Video Gaming Act.

d) If an order of economic disassociation is contested under subsection (b) of this Section, all payments owed to or in connection with the subject person shall be suspended until the Board issues its final Board order.

e) If the final Board order under subsection (d) results in economic disassociation, no further payments may be made to the disassociated person other than fair market value consideration for a loss of ownership interest.

f) If the final Board order under subsection (d) does not result in economic disassociation, then any payments suspended pursuant to subsection (d) of this Section may be paid.

g) No licensee shall engage in any economic association with any person who has been subject to any final Board order of economic disassociation.

Ill. Admin. Code tit. 11, § 1800.330

Added at 36 Ill. Reg. 5455, effective March 21, 2012

Amended at 40 Ill. Reg. 2952, effective 1/27/2016

Amended at 47 Ill. Reg. 2682, effective 2/10/2023