815 ILCS 307/10-10
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 307/ - Illinois Business Brokers Act of 1995.|Article 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 behalf of other persons who  are registered under this Act need not register separately;  provided that such  non-registered employed or contracted persons working for a business broker  have been identified in the registration submitted and proper fees, if any,  are paid.(a) In order to be registered under this Act, a  business broker shall file an application for registration  with the Secretary of State.  The application for  registration shall contain, to the extent reasonably available to the  applicant:(1) the disclosure document required under subsection     (b) of Section 10-30 of this Act and the form of disclosure statement proposed to be used under subsection (b)(1) of Section 10-30 of this Act;(2) consent to service of process under subsection     (d) of this Section;(3) a fee in the amount as provided for in subsection     (a) of Section 10-25 of this Act, and shall not be returnable in any event; and(4) any other information deemed necessary by the     Secretary of State as prescribed by rule or regulation.(b) Whenever the provisions of this Act have been  complied with, the Secretary of State shall issue a  certificate of registration to the applicant, authorizing  the applicant to engage in the business of business  brokering.(c) An application for registration becomes effective  30 days after it is filed, unless an order of the Secretary  of State establishes an earlier effective date.  Every  registration is effective until January 1 of the year after  it goes into effect.(d) Every applicant for registration shall file with  the Secretary of State, in such form as the Secretary of  State may prescribe by rule or regulation, an irrevocable  consent appointing the Secretary of State to be the  applicant's agent to receive service of any process in any  noncriminal suit, action, or proceeding against the  applicant arising from the violation of any provision of  this Act.(e) The Secretary of State shall maintain a record, which shall be open  for public inspection, upon which shall be entered the name and address of each  business broker and all orders of the Secretary of State denying, suspending,  or revoking registration.  The Secretary of State may designate by rule  or order any statements, information, or reports submitted to  or filed with him or her pursuant to this Act which the Secretary of State  determines are of a sensitive nature and therefore should be exempt  from public disclosure.  Any statement, information, or reports determined  by the Secretary of State to be of a sensitive nature shall not be disclosed to  the public except upon consent of the person filing or submitting the  statement, information, or reports or by order of a court or in court  proceedings.    (Source: P.A. 90-70, eff. 7-8-97; 91-357, eff. 7-29-99.)