Sec. 9. Vendor Payment Program financial backer disclosure.

303 words·~1 min read·/il/chapter-30/act-540/9

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(a)Within 60 days after August 24, 2018 (the effective date of Public Act 100-1089), at the time of application, and annually on August 1 of each year for the previous fiscal year, each qualified purchaser shall submit to the Department and the State Comptroller the following information about each person, director, owner, officer, association, financial backer, partnership, other entity, corporation, or trust with an indirect or direct financial interest in each qualified purchaser:

(1)percent ownership;

(2)type of ownership;

(3)first name, middle name, last name, maiden name (if applicable), including aliases

or former names;

(4)mailing address;

(5)type of business entity, if applicable;

(6)dates and jurisdiction of business formation or incorporation, if applicable;

(7)names of controlling shareholders, class of stock, percentage ownership;

(8)any indirect earnings resulting from the Program; and

(9)any earnings associated with the Program to any parties not previously disclosed.

(b)Within 60 days after August 24, 2018 (the effective date of Public Act 100-1089), at the time of application, and annually on August 1 of each year for the previous fiscal year, each trust associated with the qualified purchaser shall submit to the Department and the State Comptroller the following information:

(1)names, addresses, dates of birth, and percentages of interest of all beneficiaries;

(2)any indirect earnings resulting from the Program; and

(3)any earnings associated with the Program to any parties not previously disclosed.

(c)Each qualified purchaser must submit a statement to the State Comptroller and the Department of Central Management Services disclosing whether such qualified purchaser or any related person, director, owner, officer, or financial backer has previously or currently retained or contracted with any registered lobbyist, lawyer, accountant, or other consultant to prepare the disclosure required under this Section.