Ill. Admin. Code tit. 11 § 1900.320

Current through Register Vol. 48, No. 49, December 6, 2024

Section 1900.320 - Economic Disassociation

a) Each master sports wagering licensee, management service provider licensee, tier 2 official league data provider licensee, and supplier licensee shall provide a means for the economic disassociation of any key person or holder of an ownership interest 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 key person or a holder of an ownership interest, the Board may enter an order upon a licensee to require the economic disassociation of that person. This includes, but is not limited to, any criteria sufficient for denial of a license under Subpart E.

c) Either the licensee or a person whose economic disassociation has been ordered may contest the order under the provisions of Subpart I. 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. Either party may participate in the administrative hearing regardless of which party requested the hearing.

d) In the event that an order of economic disassociation is contested in an administrative hearing, payments owed to the disassociated individual or entity shall be abated and held in escrow until the Board issues a final Board order.

1) If the final Board order results in an economic disassociation, no further payments may be made to the disassociated individual or entity.

2) If the final Board order does not economically disassociate the individual or entity, then the abated payments shall be paid.

e) A violation of an order of economic disassociation may subject a licensee to discipline under Section 1900.310.

Ill. Admin. Code tit. 11, § 1900.320

Added at 44 Ill. Reg. 10581, effective 6/4/2020.