Chapter 815, BUSINESS TRANSACTIONS

(815 ILCS 307/10-5.18) Sec. 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 as to which there is a substantial likelihood that a reasonable person would conside…

(815 ILCS 307/10-5.20) Sec. 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 trust, any unincorporated organization, or any other entity. (Source: P.…

(815 ILCS 307/10-5.25) Sec. 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 offer to sell a business is directed. (Source: P.A. 90-70, eff. 7-8-97.)

(815 ILCS 307/10-5.30) Sec. 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 such person, except that a person acting as a business broker is neither a seller nor purchaser. (Source: P.A. 90-…

(815 ILCS 307/10-50) Sec. 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 Secretary of State, and copies of any records of the Secretary of State, certified to by the Secre…

(815 ILCS 307/10-55) Sec. 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 Act, the Secretary of State may in addition to all other remedies, impose an admin…

(815 ILCS 307/10-60) Sec. 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 with a contract for the services of a business broker, is liable to any client damaged …

(815 ILCS 307/10-65) Sec. 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.)

(815 ILCS 307/10-75) Sec. 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 with that agreement must bear this number, except as provided in Section 10-35 of…

(815 ILCS 307/10-80) Sec. 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: (1) Any attorney who is licensed to practice in this State, while engaged in the practice…

(815 ILCS 307/10-85) Sec. 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 or indirectly, do any of the following: (1) Employ any device, scheme or article to defraud. (2) …

(815 ILCS 307/10-90) Sec. 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.)

(815 ILCS 445/10-900) Sec. 10-900. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-905) Sec. 10-905. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-910) Sec. 10-910. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-915) Sec. 10-915. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-920) Sec. 10-920. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-925) Sec. 10-925. The Criminal Code of 1961 is amended by repealing Section 12-21.7 and Articles 33D and 44. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 445/10-930) Sec. 10-930. The Hazing Act is repealed. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 445/10-935) Sec. 10-935. The Neglected Children Offense Act is repealed. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 445/10-940) Sec. 10-940. The Wrongs to Children Act is amended by repealing Section 4.1. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 445/10-945) Sec. 10-945. The Adoption Compensation Prohibition Act is repealed. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 307/10-95) Sec. 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 equity. (b) Any condition, stipulation, or provision binding any client of a business broker to waive com…

(815 ILCS 445/10-950) Sec. 10-950. The Child Curfew Act is repealed. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 445/10-955) Sec. 10-955. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-960) Sec. 10-960. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 445/10-965) Sec. 10-965. (Amendatory provisions; text omitted). (Source: P.A. 97-1109, eff. 1-1-13; text omitted.)

(815 ILCS 175/15-1) Sec. 15-1. Short title. This Article may be cited as the Illinois Loan Brokers Act of 1995, and references in this Article to "this Act" mean this Article. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-10) Sec. 15-10. Registration required. It shall be unlawful for any person to engage in the business of loan brokering unless registered under this Act. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-100) Sec. 15-100. Immunity for official acts. In no case shall the Secretary of State or any of his or her employees or agents, in the administration of this Act, incur any official or personal liability while acting in accordance with their official duties or au…

(815 ILCS 175/15-15) Sec. 15-15. Application for registration; contents; bond; issuance; effective date; consent to Secretary of State as process agent. (a) In order to be registered under this Act a loan broker shall file an application for registration with the Secretary of Sta…

(815 ILCS 175/15-20) Sec. 15-20. Renewal of registration. (a) A loan broker may not continue engaging in the business of loan brokering unless the broker's registration is renewed annually. A loan broker shall renew the registration by filing with the Secretary of State, at least…

(815 ILCS 175/15-25) Sec. 15-25. Fees and funds; accounting and deposit in Securities Audit and Enforcement Fund. (a) The Secretary of State shall by rule or regulation impose and shall collect fees necessary for the administration of this Act including, but not limited to, fees …

(815 ILCS 175/15-30) Sec. 15-30. Disclosure document to be provided by loan broker. (a) At the time any person signs a contract for the services of a loan broker, or at the time the loan broker receives any consideration upon the contract, whichever occurs first, the loan broker …

(815 ILCS 175/15-30.5) Sec. 15-30.5. Exemption from disclosure requirement. The disclosure requirement of Section 15-30 shall not apply where the borrower to be represented by the loan broker: (a) Is a natural person who has, or is reasonably believed by the loan broker relying u…

(815 ILCS 175/15-35) Sec. 15-35. Contracts required to be in writing; retention of copy by borrowing party. To be enforceable, every contract for the services of a loan broker shall be in writing and signed by all contracting parties. The borrowing party and loan broker shall ret…

(815 ILCS 175/15-40) Sec. 15-40. Denial, suspension or revocation of registration; orders and hearing. (a) The Secretary of State may deny, suspend or revoke the registration of a loan broker if the loan broker: (1) Fails to maintain the bond required under subsection (b) of Sect…

(815 ILCS 175/15-45) Sec. 15-45. 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 regulations to implement this Act. (2) Make investigations and examinations: (A) …

(815 ILCS 175/15-5) Sec. 15-5. Definitions. As used in this Act, the terms defined in the Sections following this Section and preceding Section 15-6 have the meanings ascribed therein. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-5.03) Sec. 15-5.03. Borrower. "Borrower" means any person who has signed an agreement with a loan broker that provides for the services described in Section 15-5.15, for compensation. (Source: P.A. 90-70, eff. 7-8-97.)

(815 ILCS 175/15-5.05) Sec. 15-5.05. Creditor. "Creditor" means any person to whom a loan is initially payable on the face of the note or contract evidencing the loan. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-5.10) Sec. 15-5.10. Loan. "Loan" means any agreement to advance money or property in return for the promise to make payments for the money or property. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-5.15) Sec. 15-5.15. Loan broker. (a) "Loan Broker" means any person who, in return for a fee, commission, or other compensation from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promis…

(815 ILCS 175/15-5.20) Sec. 15-5.20. Person. "Person" means an individual, a corporation, trust, limited liability company, partnership, a joint stock company, limited liability partnership, incorporated or unincorporated association, or any other entity. (Source: P.A. 92-308, ef…

(815 ILCS 175/15-50) Sec. 15-50. Evidentiary matters. (a) Certified copies of documents or records admissible in actions or proceedings under this Act. Copies of any statement or document filed with the Secretary of State, and copies of any records of the Secretary of State, cert…

(815 ILCS 175/15-55) Sec. 15-55. Violations; administrative fines; enforcement. (a) If the Secretary of State determines, after notice and opportunity for a hearing, that a person has violated this Act, the Secretary of State may in addition to all other remedies, impose an admin…

(815 ILCS 175/15-60) Sec. 15-60. Violations; liability of loan broker to damaged parties; rights of prospective borrower. A person who violates this Act, in connection with a contract for the services of a loan broker, is liable to any person damaged by the violation, for the amo…

(815 ILCS 175/15-65) Sec. 15-65. Violation. Any person who willfully violates this Act commits a Class 4 felony. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-70) Sec. 15-70. Rescission of contract under Truth-in-Lending Law; notice to creditor. (a) If a transaction for which a loan broker has charged any fee or collected any costs is rescinded by any person under the provisions of the Truth-in-Lending Law, 15 U.S.C. 1…

(815 ILCS 175/15-75) Sec. 15-75. Account numbers required; retention and maintenance of records. (a) Each loan broker agreement shall be given an account number and all instruments taken in connection with that agreement must bear this number. Each loan broker shall keep and main…