IL SB2216

Prohibits General Assembly members and their immediate family members from holding non-passive ownership interests in businesses qualified as "qualified purchasers" under the State Prompt Payment Act during the member's term of office.

Prohibits General Assembly employees and employees of individual members from holding non-passive ownership interests in qualified purchaser businesses during their employment.

Prohibits General Assembly members, immediate family members, and employees from receiving any compensation or employment from qualified purchaser businesses during their term of office or employment.

Requires existing holders of prohibited ownership interests to divest within 30 days of the act's effective date.

Defines "immediate family member" as anyone living with a member, or a spouse, child, sibling, or parent of a member regardless of living arrangement, and "qualified purchaser" as entities approved by the Department of Central Management Services for the Vendor Payment Program.