reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 110 - HIGH TECHNOLOGY SCHOOL-TO-WORK PROGRAM › Subpart B - HIGH TECHNOLOGY SCHOOL-TO-WORK GRANT PROGRAM › Section 110.160 - Proposal Content

Current through Register Vol. 48, No. 28, July 12, 2024
Subject to appropriations, the Department shall issue
				  instructions and formats to eligible applicants for the submittal of grant
				  proposals in advance of each funding cycle. The proposal shall contain
				  sufficient information to clearly explain the nature and potential benefits of
				  the proposed project. The proposal will generally include the following
				  sections:
a) an executive
				summary;
b) a description of the
				targeted industries, occupations and skills that demonstrate that they are high
				technology in nature as required by Section
				110.20 of this
				Part;
c) a description of the local
				partnership, including the roles of the employers or employer-associations and
				the schools in establishing, coordinating, and administering the High
				Technology School-to-Work project;
d) a detailed description of the secondary
				and postsecondary students who will be recruited to participate in the High
				Technology School-to-Work project, including:
1) a description of who will be responsible
				for recruiting students to participate in the High Technology School-to-Work
				project;
2) a description of how
				the students will be chosen to participate in the High Technology
				School-to-Work project;
3) a
				description of the applicant's plan to recruit women and minority students to
				participate in the High Technology School-to-Work project;
Illinois Administrative Code › Title 14 - COMMERCE › Part 110 - HIGH TECHNOLOGY SCHOOL-TO-WORK PROGRAM › Subpart B - HIGH TECHNOLOGY SCHOOL-TO-WORK GRANT PROGRAM › Section 110.170 - Review Criteria and Negotiation Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
Grant proposals shall be reviewed using the criteria outlined
				  in this Section. Based on the review, applicants shall be selected to enter
				  into negotiations with the Department for a grant. The purpose of negotiations
				  shall be to arrive at mutually acceptable grant provisions, which will be
				  reflected in the Grant Agreement, including general, budgetary, and
				  scope-of-work provisions. The final decision to make a grant award will be made
				  by the Director of the Department. The Department shall use the following
				  criteria when reviewing grant proposals and making awards:
a) the appropriateness of the targeted
				industries and occupations;
b) the
				appropriateness of the targeted student population;
c) the efforts to recruit female and minority
				students into the project;
d) the
				strength of the local partnership and private sector involvement;
e) the related experience and qualifications
				of the project staff;
f) the
				quality of the project work plan;
g) the proposed project costs in relationship
				to planned outcomes;
h) the
				relationship of the project to the Department's economic development plans and
				initiatives;
i) the geographic
				distribution of grant awards throughout the State; and
j) the quality of presentations made to the
				Department, if the Department requests information. (Section 45 of the
				Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 110 - HIGH TECHNOLOGY SCHOOL-TO-WORK PROGRAM › Subpart B - HIGH TECHNOLOGY SCHOOL-TO-WORK GRANT PROGRAM › Section 110.180 - Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
Grants are subject to the following limitations:
a) Grant funds may not be used for stipends
				or wages paid to students during the work-based project activities.
b) Grant funds may not be used to pay the
				wages of teachers working in short-term, part-time, internship, or similar work
				experience arrangements with private employers designed to provide teachers
				with experience in an industry. (Section 35 of the Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 110 - HIGH TECHNOLOGY SCHOOL-TO-WORK PROGRAM › Subpart B - HIGH TECHNOLOGY SCHOOL-TO-WORK GRANT PROGRAM › Section 110.190 - Reporting

Current through Register Vol. 48, No. 28, July 12, 2024
An entity receiving a grant shall report financial and
				  programmatic data to the Department on a regular basis using the format
				  provided by the Department. The Department shall require quarterly reporting of
				  expenditures and program achievements at a level of detail sufficient to
				  provide for program accountability.
a)
				Expenditures: Unless otherwise specified in the Grant Agreement, an entity
				receiving a grant shall report actual expenditures using the expenditure report
				format supplied by the Department. Expenditure summaries are to be submitted to
				the Department by the 15th day following the end of
				each fiscal quarter in which any expenditure of grant funds is made.
b) Program Report: Unless otherwise specified
				in the Grant Agreement, an entity receiving a grant shall submit a program
				report in a format provided by the Department. The program report shall include
				a narrative describing the entity's progress towards achieving objectives and
				activities as specified in the Grant Agreement. Program reports shall be
				submitted to the Department by the 15th day
				following the end of each fiscal quarter.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart A - ADMINISTRATIVE REQUIREMENTS › Section 120.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
It is the intent of the General Assembly that
				  Illinois should lead the nation in production of semiconductors and microchips
				  as they become even more prevalent in everyday life. The General Assembly finds
				  that, through investments in semiconductors and microchips, Illinois will be on
				  the forefront of reshoring semiconductor and microchip production that fuels
				  modern technologies that are essential to the operation of computers, phones,
				  vehicles and any electric product that have become essential to modern life.
				  This Act will create good paying jobs, and generate long-term economic
				  investment in the Illinois business economy, in addition to ensuring a vital
				  product is made in the United States. Illinois must aggressively adopt new
				  business development investment tools so that Illinois can compete with
				  domestic and foreign competitors for semiconductor and chip
				  manufacturing.
[35 ILCS
				  45/110-5 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.30 - Eligibility Determination

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
taxpayer that:
1)
operates a business in Illinois as a semiconductor manufacturer, a
				microchip manufacturer, or a manufacturer of semiconductor or microchip
				component parts; or
2)
is planning to locate a business within the State of Illinois as a
				semiconductor manufacturer, a microchip manufacturer, or a manufacturer of
				semiconductor or microchip component parts.
[35 ILCS
				45/110-10 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.50 - Application Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to
				substantive evaluation of an application, the Department shall screen all
				applications to determine that all requirements of the application package, as
				described in Section 120.40, have been addressed.
				Applicants will be notified of deficiencies in applications and given an
				opportunity to correct those deficiencies through submission of additional
				documentation.
b) In evaluating
				applications, the Department shall evaluate and confirm if all of the criteria
				in subsections (b)(1) through (4) of this Section are met. If the applicant
				demonstrates that all criteria are met, the Department will notify the
				applicant by electronic mail that the application was accepted. If the
				applicant cannot demonstrate that all four conditions exist, the application
				will be denied and notification to the applicant provided in accordance with
				Section 120.60.
1)
the applicant intends to make the
				required investment in the State and intends to hire the required number of
				full-time employees;
2)
the applicant's project is economically sound and will benefit the
				people of the State by increasing opportunities for employment and strengthen
				the economy of the State;
3)
awarding the credit will result in
				an overall positive fiscal impact to the State, as certified by the Department
				using the best available data; and
4)
the credit is not prohibited
				under
the Act
.
[35 ILCS
				45/110-25 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.60 - Application Denial/Approval

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Applicants shall be notified in writing as to the Department's evaluation of
				all completed applications. If the Department denies an application for the
				credit, it will specify the reasons for the denial in writing and allow the
				applicant 30 days to amend and resubmit its application for evaluation. If the
				applicant disagrees with the Department's decision it may seek relief through
				the process afforded in the Department's Administrative Hearing Rules set forth
				at 56 Ill. Adm. Code 2605.
b) For
				applications accepted by the Department, the Department will send a
				notification by e-mail to the applicant. The Department will proceed to
				negotiate a formal agreement with the applicants determined to be eligible for
				award of a credit.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.70 - Tax Credit Award

Current through Register Vol. 48, No. 28, July 12, 2024
Subject to the conditions set forth in the Act, a taxpayer is
				  entitled to a credit against the tax imposed pursuant to subsections (a) and
				  (b) of Section 201 of the Illinois Income Tax Act [35 ILCS 5/201
				  ]
for a
taxable
year beginning on or after January 1,
				  2025 if the taxpayer is awarded a credit by the Department in accordance with
				  an agreement under
the Act
. The Department has authority to
				  award credits under
the Act
on and after January 1,
				  2023.
[35 ILCS 45/110-30 ]
a) MICRO Illinois Credit
1)
A taxpayer may receive a tax
				credit against the tax imposed under subsections (a) and (b) of Section 201 of
				the Illinois Income Tax Act, not to exceed the sum of:
A)
75% of the incremental income tax
				attributable to new employees at the applicant's project;
				and
B)
10% of
				training costs of the new employees.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.80 - Determination of Amount and Term of the Credit

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The Department shall determine the
				amount and duration of the
MICRO Illinois
credit awarded under
				the Act.
b)
The
				credit may be stated as a percentage of the incremental income tax and training
				costs attributable to the applicant's project and may include a fixed dollar
				limitation.
c)
For
the credit term
, a project that qualified under
				paragraph (1), (2), or (4) of subsection (c) of Section 110-20
of the
				Act
, the duration of the credit may not exceed 15 taxable
				years,
unless the agreement is renewed
.
d)
For project that qualified under
				paragraph (3) of subsection (c) of Section 110-20
of the Act,
the duration of the credit may not exceed 10 taxable year
s,
				unless the agreement is renewed. [35 ILCS 45/110-40 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.90 - Tax Credit Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
The Department and each taxpayer whom the Department
				  determines qualifies for a credit under the Act shall enter into an agreement
				  that specifies terms and conditions regarding the provision of the credit and
				  defines the rights and responsibilities of the taxpayer and the Department.
				  Provisions that the taxpayer will be contractually bound to comply with
				  include, but are not limited to, the following:
a)
A detailed description of the
				project that is the subject of the agreement, including the location and amount
				of the investment and jobs created or retained.
b)
The duration of the credit, the
				first taxable year for which the credit may be awarded, and the first taxable
				year in which the credit may be used by the taxpayer.
c)
The credit amount that will be
				allowed for each taxable year.
d)
For a project qualified under
				paragraphs (1), (2), or (4) of subsection (c) of Section 110-20
of the
				Act
, a requirement that the taxpayer shall maintain operations at the
				project location a minimum number of years not to exceed 15. For project
				qualified under paragraph (3) of subsection (c) of Section 110-20
of
				the Act
, a requirement that the taxpayer shall maintain operations at
				the project location a minimum number of years not to exceed
				10.
e)
A specific
				method for determining the number of new employees and if applicable, retained
				employees, employed during a taxable year.
The agreement will specify
				that an employee of the taxpayer who was previously employed in Illinois by the
				taxpayer and whose employment was shifted to the project after the taxpayer
				entered into the tax credit agreement are not considered new employees.
1) An employee may be considered a new
				employee under the agreement if the employee performs a job that was previously
				performed by an employee who was:
A) treated
				under the agreement as a new employee; and
B) promoted by the taxpayer to another
				job.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.100 - Certification of Verification

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				taxpayer shall notify the Department on forms provided by the Department when
				the minimum eligible capital improvement investments have been placed in
				service and the minimum new full-time employee jobs have been created and that
				retained employees remain employed by the taxpayer.
b) The taxpayer shall provide, for land
				and/or building acquisition, a copy of the purchase agreement; for building
				construction or renovation, a contractor's or architect's cost certification;
				for space rental, a rental/lease agreement.
c)
For a taxpayer to be eligible for
				a certificate of verification, the taxpayer shall provide proof as required by
				the Department prior to the end of each calendar year, including, but not
				limited to, attestation by that
project:
1)
has achieved the level of new
				employee jobs specified in the agreement;
2)
has achieved the level of annual
				payroll in Illinois specified in the agreement;
3)
has achieved the level of capital
				investment in Illinois specified in the agreement;
4) has maintained the statewide baseline
				employment specified in the agreement; and
5) the taxpayer has materially complied with
				the terms of the agreement and is not otherwise in violation of any provision
				of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.110 - Noncompliance with the Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If the Director determines that a taxpayer who has received a credit
				under
the Act
is not complying with the requirements of the
				agreement or all of the provisions of the Act, the Director shall provide
				notice to the taxpayer of the alleged noncompliance and allow the taxpayer a
				hearing under the provisions of the Illinois Administrative Procedure Act. If,
				after notice and any hearing, the Director determines that a noncompliance
				exists, the Director shall issue to the Department of Revenue notice to that
				effect, stating the noncompliance date.
[35 ILCS
				45/110-70 ] Alleged noncompliance shall include, but
				not be limited to:
1) a demonstration that the
				taxpayer failed materially to comply with the terms and conditions of the
				agreement;
2) a determination upon
				investigation that the taxpayer or any of its agents or representative provided
				false or misleading information to the Department; or
3) a failure to submit the annual report
				required by Section 30(f) of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart B - TAX CREDITS › Section 120.120 - Recapture and Reallocation of Recaptured Amounts

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If, during the term of an
				agreement, the taxpayer ceases
principal
operations at a
				project location that is the subject of that agreement with the intent to
				terminate operations in the State, the Department and the Department of Revenue
				shall recapture from the taxpayer the entire credit amount awarded under the
				agreement prior to the date the taxpayer ceases operations.
[35 ILCS
				45/110-70 ]
1) If the
				Department determines that a
taxpayer ceases
principal
operations at a project location that is the subject of that agreement
				with the intent to terminate operations in the State,
the Director
				shall provide notice to the taxpayer of that determination and allow the
				taxpayer a hearing under the Illinois Administrative Procedure Act [5 ILCS
				100]. Example of activities that evidence a cessation of operation at a project
				location with an intent to terminate operations in the State include, but are
				not limited to, WARN (Worker Adjustment and Retraining Notification) notices
				reflecting layoffs in excess of 65% of the full-time employees located at the
				project site, and public announcements or other media reflecting an intent to
				relocate operations outside the State.
2) The Department shall notify a taxpayer in
				writing that the MICRO construction jobs credit and/or the MICRO credit is
				subject to recapture. The notice shall include the reason for revocation of the
				certification of verification and the date and location of a hearing to be held
				pursuant to 56 Ill. Adm. Code 2605 (Administrative Hearing Rules).
3) Following a determination that credits
				received pursuant to an agreement are subject to recapture, the Department will
				contact the Director of the Illinois Department of Revenue requesting
				proceedings begin to determine the amounts to be reallocated by the Department
				pursuant to Section 110-70 of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart C - UTILITY TAX EXEMPTION › Section 120.130 - Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A
				taxpayer with a credit for a project that meets the qualifications under
				paragraphs (1), (2), and (4) of subsection (c) of Section 110-20
[35 ILCS
				45/110-95 ]
, subject to an agreement
				under
the Act
,
may be certified by the Department to
				receive an exemption from
:
1)
the tax imposed at the project
				site by Section 2-4 of the Electricity Excise Tax Law,
and/or
2)
any additional
				charges added to the taxpayer's utility bills at the project site as a pass-on
				of State utility taxes under Section 9-222 of the Public Utilities
				Act.
[35 ILCS 45/110-95 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart C - UTILITY TAX EXEMPTION › Section 120.140 - Form of Application

Current through Register Vol. 48, No. 28, July 12, 2024
An application for the Utilities Tax Exemption shall be
				  submitted on the standard application form provided by the Department. An
				  application shall include:
a)
				Taxpayer's fully executed MICRO Illinois credit agreement with the
				Department;
b) Name, address, and
				Federal Employer Identification Number of the taxpayer; and
c) The applicant will attest that it is
registered to self-assess
the utility
tax.
[35 ILCS
				45/110-95 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT › Subpart C - UTILITY TAX EXEMPTION › Section 120.150 - Application Approval Process

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Application Approval Requirements. Applications shall be submitted to the
				Department and approved or denied in writing within 90 days after receipt. The
				Department will issue a certification of exemption to the Illinois Department
				of Revenue for approved applicants, with a copy to the approved applicant. The
				application shall be approved if it meets the following requirements:
1) The applicant has an executed MICRO
				Illinois agreement; and
2) The
				applicant eligibility criteria outlined in Section
				120.130 are met.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.100 - Business Hours of the Securities Department

Current through Register Vol. 48, No. 28, July 12, 2024
a) An office of the Securities Department at
				421 East Capitol Street, Springfield IL 62701 is open each day, except
				Saturdays, Sundays and holidays, from 8:00 a.m. to 4:30 p.m.
b) An office of the Securities Department at
				69 West Washington Street, Suite 1220, Chicago, Illinois 60602 is open each
				day, except Saturdays, Sundays and holidays, from 8:30 a.m. to 5:00
				p.m.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.101 - Computation of Time

Current through Register Vol. 48, No. 28, July 12, 2024
The time within which an act under the Illinois Securities
				  Law of 1953, (Ill. Rev. Stat. 1985, ch. 1211/2, par. 137.1 et seq.) (the "Act")
				  shall be done shall be computed by excluding the first day and including the
				  last, unless the last day is a Saturday, Sunday or holiday as defined or fixed
				  in any statute now or hereafter in force in this state, and then it shall also
				  be excluded. If the day succeeding such Saturday, Sunday or holiday is also a
				  Saturday, Sunday or holiday, then such succeeding day shall also be
				  excluded.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.120 - Place of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
All applications for registration or exemption from
				  registration and other papers filed with the Securities Department or the
				  Secretary pursuant to Section 4, 5, 6, 7, 8, 9, 13 or 15a of the Act shall be
				  filed at Springfield or Chicago, Illinois. Such material may be filed by
				  delivery to the Securities Department, through the mails or otherwise. In
				  addition, such material may be filed electronically or by facsimile with the
				  Securities Department. All other papers filed with the Securities Department or
				  the Secretary pursuant to the Act may be filed at the office of the Securities
				  Department in Springfield or Chicago, Illinois.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.130 - Date of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except as
				otherwise specified in Section 4, 5, 6, 7 or 8 of the Act, the date of filing
				of any document required to be filed with the Securities Department shall be
				the date of delivery of the document and any required fee to the Securities
				Department in Springfield or Chicago, Illinois, as specified in Section
				130.120 of this
				Part, or:
1) if transmitted through the
				United States mail, shall be deemed filed with the Secretary on the date shown
				by the post office cancellation mark stamped upon the envelope or other wrapper
				containing the document or fee;
2)
				if mailed but not received by the Secretary, or if received but without a
				cancellation mark or with the cancellation mark illegible or erroneous, shall
				be deemed filed with the Secretary on the date it was mailed, but only if the
				sender establishes by competent evidence that the document or fee was
				deposited, properly addressed, in the United States mail on or before the date
				on which it was required or was due. In cases in which the document or fee was
				mailed but not received, the sender must also submit, or pay to, the Secretary
				a duplicate document or fee, or both, as the case may be, within 30 days after
				written notification of nonreceipt of the document or fee is given by the
				Secretary to the person claiming to have sent the document or fee;
3) if a document or fee is sent by United
				States registered mail, certified mail or certificate of mailing, a record
				authenticated by the United States Postal Service of such registration,
				certification or certificate shall be considered competent evidence that the
				document or fee was mailed on the date shown on the record;
4) if transmitted electronically, it shall be
				deemed filed with the Secretary on the date the information that is inscribed
				or stored electronically becomes retrievable in perceivable form to the
				Securities Department.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.135 - Registration of Securities under Section 5 or 7 of the Act Utilizing the SRD

Current through Register Vol. 48, No. 28, July 12, 2024
For the purpose of this Section and to implement a
				  supplemental registration procedure known as the SRD, a computer based
				  registration system for the registration and renewal of registration of
				  securities, investment fund shares and unit investment trusts registered under
				  the Federal 1933 Act and the Federal 1940 Investment Company Act, the term
				  "with the Secretary of State" as used in Sections 5(A), 5(B), 5(E), 7(A), 7(B)
				  and 7(G) of the Act or this Part shall include a filing made with the
				  SRD.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.140 - Requirements as to Proper Form

Current through Register Vol. 48, No. 28, July 12, 2024
Any document filed with the Secretary pursuant to the Act
				  shall be prepared in accordance with the form, if any, prescribed therefor by
				  the Secretary as in effect on the date of filing. Any such document shall be
				  deemed to be filed on the proper form unless objection to the form is made by
				  the Securities Department.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.141 - Additional Information

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the information expressly required to be
				  included in a document filed under Section 4, 5, 6, 7 or 8 of the Act, there
				  shall be added such further material information, if any, as may be necessary
				  to make the required statements, in the light of the circumstances under which
				  they are made, not misleading.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.143 - Information Unknown or Not Reasonably Available

Current through Register Vol. 48, No. 28, July 12, 2024
Information required need be given only insofar as it is
				  known or reasonably available to the registrant. If any required information is
				  unknown and not reasonably available to the registrant, either because the
				  obtaining thereof would involve unreasonable effort or expense, or because it
				  rests peculiarly within the knowledge of another person not affiliated with the
				  registrant, the information may be omitted, subject to the following
				  conditions:
a) The registrant shall
				give such information on the subject as it possesses or can acquire without
				unreasonable effort or expense, together with the sources thereof.
b) The registrant shall include a statement
				either showing that unreasonable effort or expense would be involved or
				indicating the absence of any affiliation with the person within whose
				knowledge the information rests and stating the result of a request made to the
				person for the information.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.144 - Requirements as to Paper, Printing, and Language

Current through Register Vol. 48, No. 28, July 12, 2024
a) Application for registration shall be
				filed on good quality, unglazed, white paper 81/2 by 11, inches in size,
				insofar as practicable. However, tables, charts, maps, and financial statements
				may be on larger paper, if folded to that size, and the prospectus may be on
				smaller paper, if the registrant so desires, but not less than 71/2 by 9 inches
				in size.
b) The application for
				registration and, insofar as practicable, all papers and documents filed as a
				part thereof, shall be printed, lithographed, mimeographed, or typewritten.
				However, the application or any portion thereof may be prepared by any similar
				process which in the opinion of the Secretary of State produces copies suitable
				for permanent record. Irrespective of the process used, all copies of the
				material shall be clear, easily readable and suitable for repeated
				photocopying. Debits in credit categories and credits in debit categories shall
				be designated so as to be clearly distinguishable as such on
				photocopies.
c) The application for
				registration shall be in the English language. If any exhibit or other paper or
				document filed with the application for registration is in a foreign language,
				it shall be accompanied by a translation into the English language.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.145 - Number of Copies - Signatures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				One copy of the completed application for registration, manually signed by the
				applicant, including exhibits and all other papers and documents filed as a
				part of the application, shall be filed with the Secretary of State.
b) If any name is signed to the application
				for registration pursuant to a power of attorney, copies of the power of
				attorney shall be filed with the application for registration. In addition, if
				the name of any officer signing on behalf of the applicant, or attesting the
				applicant's seal, is signed pursuant to a power of attorney, certified copies
				of a resolution of the applicant's board of directors authorizing the signature
				shall also be filed with the application for registration.
c) Signatures to or within any electronic
				submission shall be in printed or typed form rather than manual format. A
				manually signed signature page or other document authenticating, acknowledging
				or otherwise adopting the signatures that appear in printed or typed form
				within an electronic filing shall be executed before or at the time the
				electronic filing is made and shall be retained by the filer for a period of
				six years from the date of expiration or termination of the registration of the
				security, salesperson, dealer, investment adviser or investment adviser
				representative. A signature on a document filed by facsimile is prima facie
				evidence for all purposes that the document actually was signed by the person
				whose signature appears on the facsimile.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart A - RULES OF GENERAL APPLICATION › Section 130.190 - Provisions for Granting of Variance from Rules

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary of State or his or her designee may grant
				  variances from this Part in individual cases where he or she determines
				  that:
a) the provision from which the
				variance is granted is not statutorily mandated;
b) no party will be injured by granting the
				variance; and
c) the Rule from
				which the variance is granted would, in the particular case, be unnecessarily
				burdensome.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.201 - Definition of the Term "Investment Contract", as Used in Section 2.1 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "investment contract" shall include, but not be
				  limited to:
a) any interest or
				participation in a contract, transaction, scheme, common enterprise, or
				profit-seeking venture whereby the investor transfers capital to the promoter
				or promoters thereof or invests therein and looks to the promoter or promoters
				for the success of the venture;
b)
				any interest as a limited partner in a limited partnership;
c) any investment with regard to completion
				costs of any oil, gas, or other mineral lease, right or royalty; and
d) any enterprise or venture whereby the
				investor is solicited to transfer initial capital to an enterprise on the
				promise or inducement that a value or benefit will accrue to the investor from
				the enterprise where the investor's capital is placed at risk by the enterprise
				and the investor asserts no managerial or operational control over the
				enterprise.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.202 - Definition of the Term "Fractional Undivided Interest", as Used in Section 2.1 of the Act with Reference to Oil and/or Gas Leases, Rights or Royalties

Current through Register Vol. 48, No. 28, July 12, 2024
The term "fractional undivided interest" as used with
				  reference to oil and/or gas leases, rights or royalties includes landowner's
				  royalty interests, overriding interests, working interests, participating
				  interests, and oil or gas payments, as the terms are hereinafter defined in
				  this section:
a) The term "landowner's
				royalty interests" means fractional undivided interests in the royalty reserved
				by a landowner or fee owner upon the creation of an oil or gas lease.
b) The term "overriding royalty interests"
				means fractional, undivided interests or rights of participation in the oil or
				gas, or in the proceeds from the sale of the oil or gas, produced from a
				specified tract or tracts, which are limited in duration to the terms of an
				existing lease and which are not subject to any portion of the expense of
				development, operation or maintenance.
c) The term "working interests" means
				fractional, undivided interests in an oil or gas leasehold which are subject to
				any portion of the expense of development, operation or maintenance and the
				costs of which include leasehold acquisition and drilling costs and any
				promotional expenses.
d) The term
				"participating interests" means fractional, undivided interests or rights of
				participation in the oil or gas, or in the proceeds from the sale of oil or
				gas, produced from a specified tract(s) or well(s), which are limited in
				duration to the terms of an existing lease and which are subject to any portion
				of the expense of development, operation or maintenance.
e) The term "oil or gas payments" means
				fractional, undivided interests or rights of participation in the oil or gas,
				or in the proceeds from the sale of oil or gas, produced from a specified
				tract(s) or well(s) and which are limited to a maximum amount fixed in barrels
				of oil, cubic feet of gas, or dollars.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.205 - Definition of the Term "Issuer" as Used in Section 2.2 of the Act as Applied to Fractional Interests in Oil, Gas and Other Mineral Leases, Rights or Royalties

Current through Register Vol. 48, No. 28, July 12, 2024
The term "issuer" when applied to fractional interests in
				  oil, gas or other mineral leases, rights or royalties means the person who
				  first divides the interest sold into the fractional interests and each
				  fractional interest holder who subsequently divides and conveys the
				  interest.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.210 - Definition of Acts Not Constituting a "Sale" or "Offer" as Used in Section 2.5 or 2.5a of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				transmitting, sending or giving to any person or publishing an identifying
				statement, circular or preliminary prospectus, notice, advertisement, letter or
				other communication shall not constitute an "offer" or "sale" as used in
				Section 2.5 or 2.5a of the Act, provided that the identifying statement,
				circular or preliminary prospectus, notice, advertisement, letter, or other
				communication is used in connection with a security which is the subject of a
				pending application for registration which is on file with the Securities
				Department of the Office of the Secretary of State under Section 5 of the Act
				and substantially complies with the provisions of subsection (b).
b) For the purpose of this Part, the terms:
1) "identifying statement" and "circular"
				mean a written communication or advertisement or radio or television
				advertisement meeting the requirements of
				17 CFR
				230.134 (Rule 134) (May 31, 2011) under the
				Federal 1933 Act; and
2)
				"preliminary prospectus" means a document which contains substantially the
				information required by the Act to be included in a prospectus meeting the
				requirements of Section 5 of the Act for the securities being registered, or
				contains substantially that information except for the omission of information
				with respect to the offering price, underwriting discounts or commissions,
				discounts or commissions to dealers, amounts of proceeds, conversion rates,
				call prices, or other matters dependent upon the offering price.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.215 - Definition of "Commission From an Underwriter or Dealer Not in Excess of the Usual and Customary Distributors' or Sellers' Commissions", as Used in Section 2.6 of the Act for Certain Transactions

Current through Register Vol. 48, No. 28, July 12, 2024
a) The term "commission" in Section 2.6 of
				the Act includes such remuneration, commonly known as a "spread", as may be
				received by a distributor or dealer as a consequence of reselling securities
				bought from an underwriter or dealer at a price below the offering price of
				such securities, where such resales afford the distributor or dealer a margin
				of profit not in excess of what is usual and customary in such
				transactions.
b) The term
				"commission from an underwriter or dealer" in Section 2.6 of the Act includes
				commissions paid by an underwriter or dealer directly or indirectly controlling
				or controlled by or under direct or indirect common control with the
				issuer.
c) The term "usual and
				customary distributors' or sellers' commission" in Section 2.6 of the Act means
				a commission or remuneration, commonly known as a "spread", paid to or received
				by any person selling securities, either for his own account or for the account
				of others, which is not in excess of the amount usual and customary in the
				distribution of the particular issue but such term does not include amounts
				paid to any person whose function is the management of the distribution of all
				or a substantial part of the particular issue or who performs the functions
				normally performed by an underwriter or underwriting syndicate.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.216 - Definition of "Participates" and "Participation", as Used in Section 2.6 of the Act in Relation to Certain Transactions

Current through Register Vol. 48, No. 28, July 12, 2024
a) The terms "participates" and
				"participation" in Section 2.6 of the Act shall not include the interest of a
				person
1) who is not in privity of contract
				with the issuer nor directly or indirectly controlling, controlled by or under
				common control with, the issuer, and
2) who has no association with any principal
				underwriter of the securities being distributed, and
3) whose function in the distribution is
				confined to an undertaking to purchase all or some specified portion of the
				securities remaining unsold after the lapse of some specified period of time,
				and
4) who purchases the securities
				for investment and not with a view to distribution.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.220 - Definition of "Regularly Engaged in Securities Sales Activities", as Used in Section 2.9 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "regularly engaged in securities sales activities"
				  in Section 2.9 of the Act means making more than 10 sales, as defined in
				  Section 2.5 of the Act, within a consecutive 12 month period, or without
				  numerical limitation if no commission, discount or remuneration is paid or
				  given, directly or indirectly, on account of any sale of the securities. For
				  purposes of computing the number of sales, transactions enumerated in Section
				  4, other than subsection F, of the Act shall be excluded.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.221 - Exclusion of Certain Persons from the Definition of Investment Adviser in Section 2.11 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
Any person whose investment advice is limited to providing
				  such advice to his or her employer as part of the employee's regular assigned
				  duties, who receives no special compensation on account of such advice (other
				  than salary and other compensation alternatives generally available to persons
				  at a similar level of responsibility within the employer) and who is not held
				  out to the public as an investment adviser by the employer is hereby designated
				  as a person not within the intent of Section 2.11 of the Act pursuant to
				  Section 2.11(6) thereof.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.225 - Definition of "Investment Fund Shares", as Used in Section 2.15 of the Act in Relation to Certain Issuers

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				term "investment fund shares" in Section 2.15 of the Act shall include
				securities issued by any issuer which:
1) is
				or holds itself out as being engaged primarily, or proposes to engage
				primarily, in the business of investing, reinvesting, owning, holding or
				trading in securities;
2) is or
				will be registered under the Federal Investment Company Act of 1940, except
				that such term shall not include securities issued by such an issuer which are
				designated in the Act as "Face Amount Certificate Contracts" or securities
				issued by such an issuer which is a unit investment trust;
3) is engaged or proposes to engage in the
				business of investing, reinvesting, owning, holding or trading in securities,
				and owns or proposes to acquire investment securities having a value exceeding
				40% of the value of the issuer's total assets (exclusive of Government
				securities or cash items) on an unconsolidated basis. As used in this
				paragraph, "investment securities" includes all securities except Government
				securities, securities issued by employees' securities companies, and
				securities issued by majority-owned subsidiaries of the owner which are not
				investment companies.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.233 - Definition of the Phrase "Promissory Note or Draft, Bill of Exchange or Bankers' Acceptance" as Used in Section 3(L) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The phrase "promissory note or draft, bill of exchange or
				  bankers' acceptance" as used in Section 3(L) of the Act shall mean a negotiable
				  security which is eligible for discounting, pursuant to 12 U.S.C., Sections
				  24(7) and 85, by banks which are members of the Federal Reserve System,
				  pursuant to 12 U.S.C., Sections 222, 282, 321 and 333.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.234 - Definition, For Certain Purposes, of the Terms "Employee Security-Purchase Plan", "Employee Profit-Sharing Trust or Plan", "Employee Pension Trust or Plan", as Used in Section 3.N and Section 3.O of the Act (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.235 - Definition, For Certain Purposes, of the Terms "Employee Profit-Sharing Trust or Plan", "Employee Pension Trust or Plan", as Used in Section 3.O of the Act (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart B - DEFINITIONS › Section 130.241 - Definition of the Term "Institutional Investor" under Sections 4C and 4D of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term institutional investor shall include, but not be
				  limited to:
a) investment companies,
				universities, and other organizations whose primary purpose is to invest its
				own assets or those held in trust by it for others;
b) trust accounts and individual or group
				retirement accounts in which a bank, trust company, insurance company or
				savings and loan institution acts in a fiduciary capacity; and
c) foundations and endowment funds exempt
				from taxation under the Internal Revenue Code, a principal business function of
				which is to invest funds to produce income in order to carry out the purpose of
				the foundation or fund.