815 ILCS 602/5-15
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 602/ - Business Opportunity Sales Law of 1995.|Article 5

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 without appropriate prior notice to  all interested parties, opportunity for hearing, and written  findings of fact and conclusions of law.(b) If the public interest or the protection of purchasers  so requires, the Secretary of State may by summary order deny or  revoke any of the specified exemptions pending final  determination of any proceedings under this Section. Upon the  entry of the order, the Secretary of State shall promptly notify  all interested parties that it has been entered and of the  reasons therefor and that  the matter will be set for hearing upon written request filed with the  Secretary of State  within 30 days after the receipt of  the request by the respondent. If no  hearing is requested and none is ordered by the Secretary of  State, the order will remain in effect until it is modified or  vacated by the Secretary of State. If a hearing is requested and  none is ordered by the Secretary of State, the order will 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 an opportunity for hearing to all  interested  persons, may modify or vacate the order or extend it  until final determination.(c) No order under this Section may operate retroactively.(d) No person may be considered to have violated Section 5-25  by reason of any offer or sale effected after the entry of an  order under paragraph (1) of Section 5-65 of this Law if he or she sustains the  burden of proof that he or she did not know, and in the exercise  of reasonable care could not have known, of the order.(e) Notwithstanding any provision to the contrary, this Law shall not  apply to (i) any dealer, salesperson, or investment adviser registered  under the  Illinois Securities Law of 1953 or any investment adviser  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,  (ii) an associated person described in subdivision (h)(2) of Section 15 of  the Federal 1934 Act, (iii) an investment adviser registered under  Section 203 of the Federal 1940 Investment Advisers Act, or (iv) a person  described in subdivision (a)(11) of Section 202 of the Federal 1940 Investment Advisers   Act.(f) This Law shall not be deemed to apply in any manner, directly or  indirectly, to: (i) a State bank or national bank, as those terms are defined  in the Illinois Banking Act, or any subsidiary of a State bank or national  bank;  (ii) a bank holding company, as that term is defined in the Illinois Bank  Holding Company Act of 1957, or any subsidiary of a bank holding company; (iii)  a foreign banking corporation, as that term is defined in the Foreign Banking  Office Act, or any subsidiary of a foreign banking corporation; (iv) a  representative  office, as that term is defined in the Foreign Bank  Representative Office Act, (v) a corporate fiduciary, as that term is defined  in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;  (vi) a savings bank organized under the Savings Bank Act, or a federal savings  bank organized under federal law, or any subsidiary of a savings bank or  federal savings bank; (vii) a savings bank holding company organized under the  Savings Bank Act, or any subsidiary of a savings bank holding company; (viii)  an association or federal association, as those terms are defined in the  Illinois Savings and Loan Act of 1985, or any subsidiary of an association or  federal association; (ix) a foreign savings and loan association or foreign  savings bank subject to the Illinois Savings and Loan Act of 1985, or any  subsidiary of a foreign savings and loan association or foreign savings bank;  or (x) a savings and loan association holding company, as that term is defined  in the Illinois Savings and Loan Act of 1985, or any subsidiary of a savings  and loan association holding company.  (Source: P.A. 100-201, eff. 8-18-17.)