IL HB2937

The Authority may not enter into contracts relating to ownership or use of real property unless all owners and beneficiaries with any interest in the property are disclosed in writing under oath.

Entities must disclose all members, shareholders, limited partners, or general partners entitled to receive more than 7.5% of total distributable income that have any interest in the property.

Publicly traded entities with no single individual shareholder holding greater than 7.5% may fulfill disclosure requirements through a sworn statement by a corporate officer or managing agent.

For contracts effective on or after the enactment date, trust beneficiaries must provide trustees with a binding non-revocable letter of direction authorizing the trustee to furnish the Authority with updated disclosures upon request, binding on beneficiaries' heirs and successors during the contract term.

If an entity is wholly or partially owned by another entity, the names of owners at all levels of ownership must be disclosed to identify all actual parties benefiting from transactions involving real property procurement.