Illinois Compiled Statutes 815 Business Transactions: Article 5 -

• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-1
  Short title. This Article shall be known and may be cited as the Business Opportunity Sales Law of 1995. (Source: P.A. 89-209, eff. 1-1-96.)
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5
  Definitions. As used in this Law, the terms defined in the Sections following this Section and preceding Section 5-6 have the meanings ascribed therein....
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.05
  Advertising. "Advertising" means any circular, prospectus, advertisement or other material or any electronic communication including, but not limited to, radio, television, pictures or similar...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.10
  Business opportunity. (a) "Business opportunity" means a contract or agreement, between a seller and purchaser, express or implied, orally or in writing, wherein it...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.15
  Marketing plan. "Marketing plan" means advice or training, provided to the purchaser by the seller or a person recommended by the seller, pertaining specifically...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.20
  Offer or offer to sell. "Offer" or "offer to sell" includes every attempt to dispose of a business opportunity for value or solicitation of...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.25
  Ongoing business. "Ongoing business" means an existing business that, for at least 6 months prior to the offer, has been operated from a specific...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.30
  Person. "Person" means an individual, corporation, trust, partnership, a joint stock company, limited liability partnership, limited liability company, incorporated or unincorporated association or any...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.35
  Purchaser. "Purchaser" means a person who enters into a contract or agreement for the acquisition of a business opportunity or a person to whom...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.40
  Sale or sell. "Sale" or "Sell" means every contract or agreement of sale, contract to sell, disposition of a business opportunity or interest in...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.45
  Seller. "Seller" means a person who sells or offers to sell a business opportunity or any agent or person who directly or indirectly acts...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-5.50
  Secretary of State. "Secretary of State" means the Secretary of State of Illinois. (Source: P.A. 89-209, eff. 1-1-96.)
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-10
  Exemptions. Registration pursuant to Section 5-30 shall not apply to any of the following: (a) Any offer or sale of a business opportunity for which...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-15
  Denial or revocation of exemptions. (a) The Secretary of State may by order deny or revoke any exemption specified in Section 5-10 of this...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-20
  Burden of proof and evidentiary matters. (a) In any administrative, civil, or criminal proceeding related to this Law, the burden of proving an exemption,...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-25
  Registration requirement. It is unlawful for any person to offer or sell any business opportunity in this State unless the business opportunity is registered...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-30
  Registration. (a) In order to register a business opportunity, the seller shall file with the Secretary of State one of the following disclosure documents with...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-35
  Disclosure requirements. (a) It shall be unlawful for any person to offer or, sell any business opportunity required to be registered under this Law unless...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-40
  Contract or agreement provisions. (a) It is unlawful for any person to offer or sell any business opportunity required to be registered unless the...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-45
  Denial, suspension, or revocation of registration. (a) The Secretary of State may issue an order denying effectiveness to, or suspending or revoking the effectiveness...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-50
  Minimum net worth or bond requirement. (a) In connection with the offer or sale of a business opportunity, no seller may make or use...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-55
  Administration of this Law. (a) This Law shall be administered by the Secretary of State. (b) It is unlawful for the Secretary of State...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-60
  Investigations and subpoenas. (a) The Secretary of State: (1) may make such public or private investigations within or outside of this State as the...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-65
  Remedies. Whenever it appears to the Secretary of State that any person has engaged in or is about to engage in any act or...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-70
  Rules, forms, orders and hearings. (a) The Secretary of State may amend, modify, vacate, and expunge orders and may make, amend and rescind rules...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-75
  Administrative files and opinions. (a) A document is filed with the Secretary of State when all requirements of this Law with respect to filing...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-80
  Scope of the Law; service of process. (a) The provisions of this Law concerning sales and offers to sell apply to persons who sell...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-85
  Statutory construction. This Law shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-90
  Severability of provisions. If any provision of this Law or its application to any person or circumstance is held invalid, the invalidity of that...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-95
  Fraudulent and prohibited practices. (a) It is unlawful for any person, in connection with the offer or sale of any business opportunity in this...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-100
  Misleading filings. It is unlawful for any person to make or cause to be made, in any document filed with the Secretary of State...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-105
  Unlawful representations. Neither the fact that an application for registration has been filed nor the fact that a business opportunity is effectively registered constitutes...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-110
  Advertising. It is unlawful for any person, in connection with the offer or sale of any business opportunity in this State, to publish, circulate...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-115
  Criminal penalties. (a) Any person who willfully violates Sections 5-25, 5-50, 5-95, 5-105, 5-110, subsection (a) of Section 5-35, subsection (a) of Section 5-40,...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-120
  Rescission; surety bond. (a) Any person who violates Section 5-25, 5-50, subsection (a) of Section 5-35, or subsection (a) of Section 5-40 of this...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-125
  Persons liable. Every person who directly or indirectly controls a person liable under Section 5-120 or 5-125 of this Law, every partner in a...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-130
  Miscellaneous provisions. (a) No action shall be maintained under Section 5-120 of this Law unless commenced before 3 years after the act or transaction...
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-135
  Deposit of moneys. All moneys received under this Law shall be deposited into the Securities Audit and Enforcement Fund. (Source: P.A. 89-209, eff. 1-1-96.)
• Illinois Business Opportunity Sales Law of 1995. - 815 ILCS 602, Section 5-145
  Service of process. (a) The offer or sale of business opportunities in this State by any person, unless exempt from registration under this Act,...

Last modified: February 18, 2015