A Class 1 misdemeanor has a penalty range of between six to eighteen months imprisonment, and/or a five hundred dollar to five thousand dollars fine.

Possession is defined in numerous court cases, and typically has the commonsense, dictionary definition. In a case where a thing is not on your person, but you exercise control over it, you still possess it. If you leave the knife at your home, you still possess it, the same way all the other contents of your home, or your gun safe, are your possessions. You need not own something to possess it, but ownership can certainly go to whether or not you possess something.

As to a permit, that reference is for NFA guns. There is no switchblade knife permit.