reglab/housing_qa huggingface dataset:
815 ILCS 175/15-80
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-80. Persons exempt from registration and other duties; burden of  proof thereof.(a) The following persons are exempt from the  requirements of Sections 15-10, 15-15, 15-20, 15-25, 15-30, 15-35, 15-40, and  15-75 of this Act:(1) Any attorney while engaging in the practice of     law.(2) Any certified public accountant licensed to     practice in Illinois, while engaged in practice as a certified public accountant and whose service in relation to procurement of a loan is incidental to his or her practice.(3) Any person licensed to engage in business as a     real estate broker or salesperson in Illinois while rendering services in the ordinary course of a transaction in which a license as a real estate broker or salesperson is required.(4) Any dealer, salesperson or investment adviser     registered under the Illinois Securities Law of 1953, or an investment advisor, representative, or any person who is regularly engaged in the business of offering or selling securities in a transaction exempted under subsection C, H, M, R, Q, or S of Section 4 of the Illinois Securities Law of 1953 or subsection G of Section 4 of the Illinois Securities Law of 1953 provided that such person is registered under the federal securities law.(4.1) An associated person described in subdivision     (h)(2) of Section 15 of the Federal 1934 Act.(4.2) An investment adviser registered pursuant to     Section 203 of the Federal 1940 Investment Advisers Act.(4.3) A person described in subdivision (a)(11) of     Section 202 of the Federal 1940 Investment Advisers Act.(5) Any person whose fee is wholly contingent on the     successful procurement of a loan from a third party and to whom no fee, other than a bona fide third party fee, is paid before the procurement.(6) Any person who is a creditor, or proposed to be      a creditor, for any loan.(7) (Blank).(8) Any person regulated by the Department of     Financial Institutions or the Office of Banks and Real Estate, or any insurance producer or company authorized to do business in this State.(b) As used in this Section, "bona fide third party fee"  includes fees for:(1) Credit reports, appraisals and investigations.(2) If the loan is to be secured by real property,     title examinations, an abstract of title, title insurance, a property survey and similar purposes.(c) As used in this Section, "successful procurement of a  loan" means that a binding commitment from a creditor to advance  money has been received and accepted by the borrower.(d) The burden of proof of any exemption provided in this Act  shall be on the party claiming the exemption.  (Source: P.A. 100-201, eff. 8-18-17.)
815 ILCS 175/15-85
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-85.     Fraudulent and prohibited acts.(a) A loan broker shall not, in  connection with a contract for the services of a loan broker,  either directly or indirectly, do any of the following:(1) Employ any device, scheme or article to defraud.(2) Make any untrue statements of a material fact or     omit to state a material fact necessary in order to make the statements made, in the light of circumstances under which they are made, not misleading.(3) Engage in any act, practice or course of business     that operates or would operate as a fraud or deceit upon any person.(b) A loan broker shall not either directly or indirectly do any of the  following:(1) act as a loan broker without registration under     this Act unless exempt under the Act;(2) fail to file with the Secretary of State any     application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act, or fail to comply with the terms of any order issued pursuant to this Act or any  rules made by the Secretary of State;(3) fail to keep or maintain any records as required     under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act.   (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-90
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-90.     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 175/15-95
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-95.     Service of process.(a) A person acting as a loan 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 lawful  attorney for the person upon whom may be served all lawful process in any  action or proceeding against the person, arising out of his or her activities  as a loan broker.(b) Service of process under this Section shall be made by serving a copy  upon the Secretary of State or any employee in his or her Office designated  by  the Secretary of State to accept such service for him or her, provided notice  and a copy of the  process are, within 10 days of receipt, sent by registered mail or certified  mail, return receipt requested, by the plaintiff to the defendant, at the last  known address of the defendant.  The filing fee for service of  process under  this Section is non-refundable and is the amount established in Section 15-25  of this Act.  The Secretary of State shall keep a record of all such processes  that shall show the day of the service.    (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-100
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

(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 authority.    (Source: P.A. 90-70, eff. 7-8-97.)
815 ILCS 175/Art. 80 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 80 - (Amendatory Provisions; Text Omitted)

(815 ILCS 175/Art. 80 heading) ARTICLE 80  (Amendatory provisions; text omitted)
815 ILCS 175/Art. 99 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 99

 ARTICLE 99
815 ILCS 175/99-1
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 99

(815 ILCS 175/99-1)Sec. 99-1.     Effective date.     This Act takes effect January 1, 1996.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 307/Art. 5 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 5 - (This Article Compiled At 815 ILCS 602/5-1 Et Seq.)

(815 ILCS 307/Art. 5 heading) ARTICLE 5  (This Article compiled at 815 ILCS 602/5-1 et seq.)
815 ILCS 307/Art. 10 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

 ARTICLE 10
815 ILCS 307/10-1
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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 307/10-5
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 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 person in procuring a business from any third person;(2) negotiates, offers, attempts or agrees to     negotiate the sale, exchange, or purchase of a business;(3) buys, sells, offers to buy or sell or otherwise     deals in options on businesses;(4) advertises or represents himself as a business     broker;(5) assists or directs in the procuring of prospects     intended to result in the purchase, sale, or exchange of a business;(6) offers, promotes, lists or agrees to offer,     promote, or list a business for sale, lease, or exchange.   (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
815 ILCS 307/10-5.15
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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 Securities Law of 1953, and wherein the sale  or  exchange of real estate is not the dominant element of the  transaction.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 307/10-5.16
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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.)
815 ILCS 307/10-5.18
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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 consider important.    (Source: P.A. 90-70, eff. 7-8-97.)
815 ILCS 307/10-5.20
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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.A. 92-308, eff. 1-1-02.)
815 ILCS 307/10-5.25
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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. 90-70, eff. 7-8-97.)
815 ILCS 307/10-20
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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  State, at least 30 days before the expiration of the  registration, an application containing any information the  Secretary of State may require to indicate any material  change from the information contained in the applicant's  original application or any previous application.(b) An application for renewal must be accompanied by  a filing fee in the amount specified in subsection (a) of Section 10-25 of  this Act, and shall not be returnable in any event.(c) Notwithstanding the foregoing, applications for renewal of  registration of business brokers may be filed within 30 days following the  expiration of the registration provided that the applicant pays the annual  registration fee together with an additional amount equal to the annual  registration fee and files any other information or documents that the  Secretary of State may prescribe by rule or order.  Any application filed  within 30 days following the expiration of the registration shall be  automatically effective as of the time of the earlier expiration provided that  the proper fee has been paid to the Secretary of State.    (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 307/10-25
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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) The Secretary of State shall, by rule or  regulation, impose and collect fees necessary for the  administration of this Act, including but not limited to,  fees for the following purposes:(1) filing an application pursuant to Section 10-10     of this Act;(2) examining an application pursuant to Sections     10-10 and 10-20 of this Act;(3) registering a business broker under Section 10-10     of this Act;(4) renewing registration of a business broker     pursuant to Section 10-20 of this Act;(5) failure to file or file timely any document or     information required under this Act;(6) (blank);(7) acceptance of service of process pursuant to     Section 10-125;(8) issuance of certification pursuant to Section     10-50; and(9) late registration fee pursuant to Section     10-20(c).(b) The Secretary of State may, by rule or  regulation, raise or lower any fee imposed by, and which he  or she is authorized by law to collect under, this Act.    (Source: P.A. 91-194, eff. 7-20-99; 91-534, eff.  1-1-00; 91-809, eff. 1-1-01; 92-308, eff. 1-1-02.)
815 ILCS 307/10-30
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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 contract for the services of a  business broker  or at the time or before the business broker receives any consideration upon  the  contract.  Any person who signs a contract for the services of a business  broker shall have 7 days from the date of signing of the contract to  rescind the contract and receive a refund of all payments, if any, made by that  person.(b) A written disclosure document shall contain the  following information:(1) A disclosure statement which shall be the cover     sheet and shall be entitled, in at least 10-point boldface capital letters "DISCLOSURES REQUIRED BY LAW".  Under this title shall appear the statement, in at least 10 point type that "THE SECRETARY OF STATE HAS NOT REVIEWED AND DOES NOT APPROVE, RECOMMEND, ENDORSE, OR SPONSOR ANY BUSINESS BROKERAGE CONTRACT. THE INFORMATION CONTAINED IN THIS DISCLOSURE HAS NOT BEEN VERIFIED BY THE SECRETARY OF STATE.  IF YOU HAVE ANY QUESTIONS, SEE AN ATTORNEY BEFORE YOU SIGN A CONTRACT OR AGREEMENT."  Nothing except the title and the required statement shall appear on the cover sheet, except that the name of the business broker, address, telephone number, facsimile number, and any other information as authorized by the Secretary of State by rule may appear on the cover sheet.(2) The name and form of organization of the business     broker, the names under which the business broker has done or is doing business, and the name of any parent organization or affiliate of the business broker.(3) The names, addresses, and titles of the business     broker's officers, directors, trustees, general partners, general managers, principal executives, and any other person performing similar duties.(4) A full and detailed description of the actual     services that the business broker undertakes to perform for the client.(5) A specific statement of the circumstances under     which the business broker will be entitled to obtain or retain consideration from the party with whom the business broker contracts.(6) Any other information the Secretary of State may     require by rule or regulation.(c) A business broker shall amend the disclosure  document required by subsection (b) of this Section  whenever necessary to prevent it from containing any false  or misleading statement of a material fact and shall  deliver a copy of the amended disclosure document to the  Secretary of State on or before the date of the amendment.(d) The information in subdivisions (b)(4) and (b)(5) of this Section need  not be set out on the disclosure document if the business broker's contract  contains the information required in subdivisions (b)(4) and (b)(5) of this  Section and is provided with the disclosure document.    (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
815 ILCS 307/10-30.5
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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 have, a net worth or joint net worth with that person's spouse in excess of $1,000,000 at the time of the execution of the business broker agreement or contract;(2) a natural person who has, or is reasonably     believed by the business broker relying upon this Section to have, an income or joint income with that person's spouse in excess of $200,000 in the most recent fiscal year;(3) a company, business, or other non-natural person     that has, or is reasonably believed by the business broker relying upon this Section to have, a total asset value in excess of $1,000,000 and has been in existence for at least nine months and was not formed for the purpose of the subject transaction;(4) a company, business, or other non-natural person     that has, or is reasonably believed by the business broker relying upon this Section to have, gross revenues or gross sales in excess of $200,000 in the most recent fiscal year and has been in existence for at least nine months and was not formed for the purposes of the subject transaction; or(5) a company, business, or other non-natural person     in which at least 90% of the equity interest is owned, or is reasonably believed by the business broker relying upon this Section to be owned, by persons who meet any of the tests set forth in subdivisions (a)(1), (a)(2), (a)(3), (a)(4), or (a)(5) of this Section; or(b) the client to be represented by the business broker has had an attorney  review  the business broker's contract for the client.    (Source: P.A. 90-70, eff. 7-8-97.)
815 ILCS 307/10-35
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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 of the signed contract  for the services of a business broker.  The client's copy of the contract  shall be provided to the client when the contract is signed, if that is  reasonably feasible and the client so requests.  Otherwise, the contract shall  be mailed or otherwise sent to the client within one week of execution.  No  account number, as referred to in Section 10-75 of this Act, is required on the  client's copy of the contract.    (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
815 ILCS 307/10-40
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 10

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.(3) Has filed with the Secretary of State any     document or statement containing any false representation of a material fact or omitting to state a material fact.(4) Has been convicted, within 10 years before the     date of the application, renewal or review, of any crime involving fraud or deceit.(5) Has been found by any court or agency, within 10     years before the date of the application, renewal, or review, to have engaged in any activity involving fraud or deceit.(b) The Secretary of State may not enter a final  order denying, suspending, or revoking the registration of  a business broker without prior notice to all interested  parties, opportunity for a hearing and written findings of  fact and conclusions of law.  The Secretary of State may by  summary order deny, suspend, or revoke a registration  pending final determination of any proceeding under this  Section.  Upon the entry of a summary order, the Secretary  of State shall promptly notify all interested parties that  it has been entered, of the reasons for the summary order  and, that upon receipt by the Secretary of State of a  written request from a party, the matter will be set for  hearing which shall be conducted in accordance with the  provisions of the Illinois Administrative Procedure Act.  If no hearing is requested within 30 days of the date of entry of the order  and none is ordered by the  Secretary of State, the respondent's failure to request a hearing shall  constitute an admission of any facts alleged therein and shall constitute a  sufficient basis to make the order final and it shall remain  in effect until it is  modified or vacated by the Secretary of State.  If a  hearing is requested or ordered, the Secretary of State,  after notice of the hearing has been given to all  interested persons and the hearing has been held, may  modify or vacate the order or extend it until final  determination.    (Source: P.A. 92-308, eff. 1-1-02.)