CANNABIS REGULATION & TAX ACT

Amends the Pawnbroker Regulation Act. Removes language providing that when a person is found to be the owner of stolen property that has been pawned, the property shall be returned to the owner without payment of money advanced to the pawnbroker or any costs or charges. Provides that stolen property subject to a hold order shall be returned to the owner without the payment. Provides that when a hold order expires, title to the property shall vest in the pawnbroker. Provides that a hold order must specify certain information concerning the criminal investigation and property subject to the hold order. Sets forth the requirements for the contents of the hold order. Provides that a pawnbroker or its representative must sign and date a copy of a hold order as evidence of receipt of the hold order and the beginning of the 90-day hold period. House Committee Amendment No. 1 Deletes reference to: 205 ILCS 510/9 Replaces everything after the enacting clause. Inserts the contents of the introduced bill, but deletes the elimination of the requirement that pawned stolen property be returned to its owner without payment of costs or charges imposed by the pawnbroker or money advanced by the pawnbroker. Deletes provisions regarding the ownership of property upon expiration of hold orders. Adds a provision reiterating the obligations of a pawnbroker with respect to the owner of pawned property. Provides for a 120-day, rather than a 90-day, holding period beginning when a hold order is signed. Senate Floor Amendment No. 2 Deletes reference to: 205 ILCS 510/12 Adds reference to: New Act 5 ILCS 100/5-45 from Ch. 127, par. 1005-45 5 ILCS 140/7.5 20 ILCS 2505/2505-210 was 20 ILCS 2505/39c-1 20 ILCS 2630/5.2 30 ILCS 105/5.891 new 30 ILCS 105/5.892 new 30 ILCS 105/5.893 new 30 ILCS 105/ 5.894 new 30 ILCS 105/6z-107 new 30 ILCS 500/1-10 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 110/9 from Ch. 120, par. 439.39 35 ILCS 115/9 from Ch. 120, par. 439.109 35 ILCS 120/3 from Ch. 120, par. 442 35 ILCS 520/Act rep. 50 ILCS 705/9 from Ch. 85, par. 509 50 ILCS 705/10.12 55 ILCS 5/5-1006.8 new 55 ILCS 5/5-1009 from Ch. 34, par. 5-1009 65 ILCS 5/8-11-6a from Ch. 24, par. 8-11-6a 65 ILCS 5/8-11-22 new 205 ILCS 5/48 205 ILCS 305/8 from Ch. 17, par. 4409 410 ILCS 130/210 625 ILCS 5/2-118.2 625 ILCS 5/11-501.2 from Ch. 95 1/2, par. 11-501.2 625 ILCS 5/11-501.9 625 ILCS 5/11-501.10 new 625 ILCS 5/11-502.1 625 ILCS 5/11-502.15 new 705 ILCS 405/5-401 720 ILCS 550/4 from Ch. 56 1/2, par. 704 720 ILCS 550/5 from Ch. 56 1/2, par. 705 720 ILCS 550/5.1 from Ch. 56 1/2, par. 705.1 720 ILCS 550/5.3 720 ILCS 550/8 from Ch. 56 1/2, par. 708 735 ILCS 5/2-1401 from Ch. 110, par. 2-1401 765 ILCS 605/33 new 820 ILCS 55/5 from Ch. 48, par. 2855 Replaces everything after the enacting clause. Creates the Cannabis Regulation and Tax Act and amends various Acts. Provides that it is lawful for persons 21 years of age or older to possess, use, and purchase limited amounts of cannabis for personal use in accordance with the Act. Authorizes registered qualifying patients to cultivate limited amounts of cannabis for personal use. Provides for the regulation and licensing of various entities and occupations engaged in cultivation, dispensing, processing, transportation, and other activities regarding cannabis for adult use. Sets forth duties of an Illinois Cannabis Regulation Oversight Officer, the Department of State Police, the Department of Agriculture, the Department of Financial and Professional Regulation, the Department of Public Health, the Department of Commerce and Economic Opportunity, the Department of Human Services, the Department of Revenue, the State Treasurer, the Illinois Criminal Justice Information Authority, and other governmental entities. Provides for expungement of minor cannabis violations under specified circumstances. Creates a Restore, Reinvest, and Renew Program and a Restore, Reinvest, and Renew Program Board and contains various provisions regarding a low-interest loan program for social equity applicants, investment in communities that have suffered because of drug policies, and the promotion of cannabis business ownership by individuals who have resided in areas of high poverty and high enforcement of cannabis-related laws. Contains provisions regarding health and safety, packaging, advertising, local ordinances, providing financial services to a cannabis-related legitimate business, and other matters. Creates a Cannabis Cultivation Privilege Tax and a Cannabis Purchaser Excise Tax. Authorizes the imposition of a County Cannabis Retailers' Occupation Tax and a Municipal Cannabis Retailers' Occupation Tax. Provides for allocation of revenues and creates various funds in the State treasury. Repeals the Cannabis and Controlled Substances Tax Act. Contains home rule preemptions. Contains other provisions. Effective immediately.