Ill. Admin. Code tit. 11, § 402.90 - Disclosure Statements, of Whom Required

On or before the date an application for an occupation license is required to be filed, all officers, directors, creditors and substantial owners of any beneficial interest in any concessionaire desiring to operate at any race track within the State of Illinois shall make written disclosure, on forms prescribed by the Board, for approval of their participation in racing in the State of Illinois. These forms shall be submitted under oath as prescribed in the form and shall be considered as part of the application for occupation license to operate as a concessionaire. A person owning 5% or more of the equity of an applicant to operate as a concessionaire shall be considered a substantial owner for the purpose of this Section. A person extending credit for more than one year or extending credit in excess of $10,000 for less than one year but more than 30 days shall be considered a creditor for the purposes of this Section.

Notes

Ill. Admin. Code tit. 11, § 402.90

Amended at 37 Ill. Reg. 832, effective January 14, 2013