HB3418ham001 99TH GENERAL ASSEMBLY

Rep. Arthur Turner

Filed: 3/18/2015

09900HB3418ham001 LRB099 10040 MLM 32566 a

AMENDMENT TO HOUSE BILL 3418

AMENDMENT NO. ______. Amend House Bill 3418 as follows:

on page 7, line 14, after "corporation.", by inserting: "In the course of conducting background investigations authorized under this Section, the Board has the discretion to determine whether to conduct a background investigation of a person or entity who holds an indirect interest in the person seeking licensure who: (1) holds such interest for investment purposes only; (2) does not exercise any control over the activities of the person seeking and possessing a license; and (3) is a limited partner in a partnership whose general partner is controlled, directly or indirectly, by an investment adviser registered under the federal Investment Advisers Act of 1940."; and

on page 8, line 9, after "limited.", by inserting: "The Board has discretion to determine whether to apply the disclosure requirement of this subsection (c) as it relates to the beneficiaries, stock holders, directors, members, or partners of an entity who holds an interest in a current or potential licensee if the entity: (1) holds an interest for investment purposes only; (2) does not exercise any control over the activities of the person seeking and possessing a license; and (3) is a limited partner in a partnership whose general partner is controlled by an investment adviser registered under the federal Investment Advisers Act of 1940.".