Illinois Compiled Statutes 815 Business Transactions: Article 10 -

• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-1
  Short title. This Article may be cited as the Illinois Business Brokers Act of 1995, and references in this Article to "this Act" mean...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5
  Definitions. As used in this Act, unless the context otherwise requires, the terms defined in the Sections of this Act following this Section and...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.10
  Business Broker. "Business Broker" means any person who is required to register under Section 10-10 of this Act and, in return for a fee,...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.15
  Business. "Business" means an existing business, goodwill of an existing business, or any interest therein, or any one or combination thereof, where the transaction...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.16
  Client. "Client" means any person who has signed an agreement with a business broker that provides for the services described in Section 10-5.10 for...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.17
  Insolvency. "Insolvency" means the rendering of a business broker financially unable to perform any contractual obligations of its business brokering duties. (Source: P.A. 90-70,...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.18
  Material. "Material", when used to qualify a requirement for the furnishing of information as to any subject, limits the information required to those matters...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.20
  Person. "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a limited liability company, a limited liability partnership, a...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.25
  Purchaser. "Purchaser" means a person who enters into a contract or agreement for the acquisition of a business or a person to whom an...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-5.30
  Seller. "Seller" means a person who sells or offers to sell a business or any agent who directly or indirectly acts on behalf of...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-10
  Registration of business brokers. Every person engaging in the business of business brokering shall be registered with the Office of the Secretary of State...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-20
  Renewal of registration. (a) A business broker may not continue engaging in the business of business brokering unless the broker's registration is renewed annually....
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-25
  Fees and funds. All fees and funds accruing for the administration of this Act shall be accounted for by the Secretary of State and...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-30
  Disclosure document to be provided by business broker. (a) A business broker must provide a written disclosure document that meets the requirements set forth...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-30.5
  Exemptions from disclosure requirements. Section 10-30 shall not apply if: (a) the client to be represented by the business broker is: (1) a natural...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-35
  Contracts required to be in writing; retention of copy by client. To be enforceable, every contract for the services of a business broker shall...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-40
  Denial, suspension or revocation of registration; orders and hearing. (a) The Secretary of State may deny, suspend or revoke the registration of a business...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-45
  Powers of Secretary of State; privilege against self-incrimination; admissibility into evidence. (a) The Secretary of State may do the following: (1) Adopt rules and...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-50
  Certified copies of documents or records admissible in actions or proceedings under this Act. (a) Copies of any statement or document filed with the...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-55
  Violations; administrative fines; enforcement. (a) If the Secretary of State determines, after notice and opportunity for a hearing, that a person has violated this...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-60
  Violations; liability of business broker to damaged parties; rights of prospective client. A person who commits a material violation of this Act, in connection...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-65
  Willful violation classified as Class 4 felony. Any person who willfully violates this Act commits a Class 4 felony. (Source: P.A. 89-209, eff. 1-1-96.)
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-75
  Account numbers; retention and maintenance of records. (a) Each business broker agreement shall be given an account number and all instruments executed in connection...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-80
  Persons exempt from registration and other duties under law; burden of proof thereof. (a) The following persons are exempt from the requirements of this Act:...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-85
  Fraudulent and prohibited acts. (a) A business broker shall not, in connection with a contract for the services of a business broker, either directly...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-90
  Deposit of moneys. All moneys received under this Act shall be deposited into the Securities Audit and Enforcement Fund. (Source: P.A. 89-209, eff. 1-1-96.)
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-95
  Miscellaneous provisions. (a) The rights and remedies under this Act are in addition to any other rights or remedies that may exist at law or...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-100
  Immunity for official acts. In no case shall the Secretary of State, or any of his or her employees or agents, in the administration...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-105
  Scope of the Act. This Act shall apply only when the person engaging or seeking to engage the business broker is domiciled in this...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-110
  Previous and ongoing agreements or contracts and transactions not affected. All business broker agreements or contracts and transactions between a business broker and its...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-115
  Business broker lien. (a) Any business broker shall have a lien upon the tangible assets of a business located in this State that is...
• Illinois Business Brokers Act of 1995. - 815 ILCS 307, Section 10-125
  Service of process. (a) Any person acting as a business broker, unless exempt from registration under this Act, shall constitute an appointment of the...

Last modified: February 18, 2015