HB 5226

Abstract

Amends the Toll Highway Act. Provides that, if a privately held corporation with more than 400 shareholders holds a beneficial interest in land intended to be used or acquired for toll highway purposes, only those persons or entities holding a beneficial interest in excess of 5% must be disclosed. Provides that disclosure must be made by a written statement filed with the Illinois State Toll Highway Authority prior to (rather than contemporaneously with) its execution of the agreement or understanding for the use or acquisition of the property. Provides that the Authority must file the written statement of disclosure for recordation prior to its execution of the agreement or understanding or within 15 business days after the statement is filed with the Authority, whichever is earlier (rather than providing that the statement must be filed for recordation within 3 business days of its filing with the Authority). Effective immediately.