Chapter 815, BUSINESS TRANSACTIONS

(815 ILCS 602/5-145) Sec. 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, shall constitute an appointment of the Secretary of State, or his or her successors in office, by the …

(815 ILCS 445/5-15) Sec. 5-15. Sentence. A person who sells a yo-yo waterball in this State is guilty of a business offense punishable by a fine of $1,001 for each violation. Each sale of a yo-yo waterball in violation of this Act is a separate violation. (Source: P.A. 97-1109, e…

(815 ILCS 602/5-15) Sec. 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 Law with respect to a particular offering of one or more business opportunities. No such order may be entered …

(815 ILCS 602/5-20) Sec. 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, an exception from a definition or an exclusion from this Law is upon the person claiming it. (…

(815 ILCS 602/5-25) Sec. 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 under this Law or is exempt under Section 5-10 of this Law. (Source: P.A. 89-209, eff. 1-1-…

(815 ILCS 602/5-30) Sec. 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 the appropriate cover sheet as required by subsection (b) of Section 5-35 of this Law, a …

(815 ILCS 602/5-35) Sec. 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 a written disclosure document as filed under subsection (a) of Section 5-30 of this Law is de…

(815 ILCS 602/5-40) Sec. 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 business opportunity contract or agreement is in writing and a copy of the contract or agreement is gi…

(815 ILCS 602/5-45) Sec. 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 of, a registration if the Secretary of State finds that the order is in the public…

(815 ILCS 445/5-5) Sec. 5-5. Definition. In this Act, "yo-yo waterball" means a water yo-yo or a soft, rubber-like ball that is filled with a liquid and is attached to an elastic cord. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 602/5-5) Sec. 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. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 602/5-5.05) Sec. 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 means used in connection with an offer or sale of an…

(815 ILCS 602/5-5.10) Sec. 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 is agreed that the seller or a person recommended by the seller shall provide to…

(815 ILCS 602/5-5.15) Sec. 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 to the sale of any enterprise, product, equipment, supplies or services and the adv…

(815 ILCS 602/5-5.20) Sec. 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 an offer to purchase a business opportunity. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 602/5-5.25) Sec. 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 location, has been open for business to the general public and has substantially all of the equipme…

(815 ILCS 602/5-5.30) Sec. 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 other entity. (Source: P.A. 92-308, eff. 1-…

(815 ILCS 602/5-5.35) Sec. 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 an offer to sell a business opportunity is directed. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 602/5-5.40) Sec. 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 a business opportunity for value. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 602/5-5.45) Sec. 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 on behalf of such person. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 602/5-5.50) Sec. 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.)

(815 ILCS 602/5-50) Sec. 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 any of the representations set forth in Section 5-5.10(a)(4) and Section 5-5.10(a)(5) of this Law unless the seller …

(815 ILCS 602/5-55) Sec. 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 or any of his or her officers or employees to use for personal benefit any information which is filed with or obt…

(815 ILCS 602/5-60) Sec. 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 Secretary of State deems necessary to determine whether any person has violated or is about to violat…

(815 ILCS 602/5-65) Sec. 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 practice constituting a violation of any provision of this Law or any rule, regulation, or order under this Law, the Secretary…

(815 ILCS 602/5-70) Sec. 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 and forms as are necessary to carry out the provisions of this Law including rules and forms governing …

(815 ILCS 602/5-75) Sec. 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 have been complied with and the required fee has been paid. (b) The Secretary of State shall keep records…

(815 ILCS 602/5-80) Sec. 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 or offer to sell when: (1) An offer to sell is made in this State; (2) An offer to purchase is made and accepted in th…

(815 ILCS 602/5-85) Sec. 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 it. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 602/5-90) Sec. 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 provision or application does not affect other provisions or applications of this Law that can be given…

(815 ILCS 602/5-95) Sec. 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 State or any offer or sale pursuant to the exemptions granted under subdivisions 5-10(a), (c), (d), or (…

(815 ILCS 307/10-1) Sec. 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 this Article. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 307/10-10) Sec. 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 pursuant to the provisions of this Act. Persons employed, contracted by, or working on beha…

(815 ILCS 307/10-100) Sec. 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 of this Act, incur any official or personal liability while acting in accordance with their official duties or a…

(815 ILCS 307/10-105) Sec. 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 State or when the company or business sought to be sold has its principal place of business in this State. Notwith…

(815 ILCS 307/10-110) Sec. 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 clients or proposed clients which do not comply with the Act, if entered i…

(815 ILCS 307/10-115) Sec. 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 the subject of a business broker's written contract in the amount due to the broker under the written contract. …

(815 ILCS 307/10-125) Sec. 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 Secretary of State, or his or her successors in Office, by the person to be the true and lawfu…

(815 ILCS 307/10-20) Sec. 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. A business broker shall renew the registration by filing with the Secretary of Sta…

(815 ILCS 307/10-25) Sec. 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 shall be deposited with the State Treasurer who shall deposit them in the Securities Audit and Enforcement Fund. (a…

(815 ILCS 307/10-30) Sec. 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 in subsection (b) of this Section to a client at the time or before the client signs a co…

(815 ILCS 307/10-30.5) Sec. 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 person who has, or is reasonably believed by the business broker relying upon this Section to …

(815 ILCS 307/10-35) Sec. 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 be in writing and signed by all contracting parties. The client shall have the right to retain a copy o…

(815 ILCS 307/10-40) Sec. 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 broker if the business broker: (1) Is insolvent. (2) Has violated any provision of this Act…

(815 ILCS 307/10-45) Sec. 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 regulations to implement this Act. (2) Conduct investigations and examinations: (…

(815 ILCS 307/10-5) Sec. 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 preceding Section 10-6 have the meanings therein ascribed. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 307/10-5.10) Sec. 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, commission, or other compensation: (1) promises to procure a business for any person or assists any perso…

(815 ILCS 307/10-5.15) Sec. 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 is not a securities transaction involving securities subject to the Illinois S…

(815 ILCS 307/10-5.16) Sec. 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 compensation. (Source: P.A. 90-70, eff. 7-8-97.)

(815 ILCS 307/10-5.17) Sec. 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, eff. 7-8-97.)