reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1127 - Corrections to the Transcript

Current through Register Vol. 48, No. 28, July 12, 2024
Suggested corrections to the transcript of record may be
				  offered within ten days after the transcript is made available to the parties
				  in the proceeding, unless the hearing officer permits suggested corrections to
				  be offered thereafter. Suggested corrections shall be served upon, or brought
				  to the attention of, each party or attorney therefor whose appearance is of
				  record, the official shorthand reporter, and the hearing officer. If suggested
				  corrections are not objected to, the hearing officer shall direct the
				  corrections to be made and the manner of making them. In case the parties
				  disagree on suggested corrections, they may be heard by the hearing officer,
				  who shall then determine the manner in which the record shall be changed, if at
				  all.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1128 - Imposition of Fines

Current through Register Vol. 48, No. 28, July 12, 2024
a) The fines
				allowed by Section 11(E)(4) of the Act may be imposed in cases where the
				imposition of a suspension or revocation of the registration of any securities
				registered under Sections 5, 6 or 7 of the Act or of a respondent's
				registration under Section 8 of the Act would create an undue burden on the
				respondent in light of the nature of the violation or violations; where the
				respondent has been enriched unjustly; when the violation or violations of the
				respondent are egregious or repetitive or involve many people.
b) The imposition of fines is not limited to
				the above described situations.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1129 - Application for Hearing to Present Newly Discovered Evidence

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any party who
				receives a final order of the Secretary may within ten days after receipt of
				the final order file an application in writing with the Secretary or his or her
				designee requesting that a hearing be granted to present newly discovered
				evidence. The application shall be supported by affidavit specifying the reason
				such evidence was unavailable at the time of hearing.
b) Any application by a party for a hearing
				to present newly discovered evidence shall only stay the effective date of the
				Order entered by the Secretary for the purpose of filing for an administrative
				review under the Administrative Review Law.
c) If a timely application for a hearing to
				present newly discovered evidence is made, the time for filing an
				administrative review complaint shall begin to run upon the issuance of the
				Secretary's Order disposing of the respondent's application.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1130 - Failure to Comply With Order or Rules

Current through Register Vol. 48, No. 28, July 12, 2024
If a party, or any person at the instance of or in collusion
				  with a party, unreasonably refuses to comply with any provision of Section
				  130.1115 of this Part
				  after being ordered by the Hearing Officer to comply, or fails to comply with
				  any order entered pursuant to this Part, the Hearing Officer, on motion, may
				  enter such orders as are just, including among others, the following:
a) That further proceedings be stayed until
				the order or rule is complied with;
b) That the offending party be debarred from
				filing any other pleading relating to any issue to which the refusal or failure
				relates;
c) That a witness be
				barred from testifying concerning that issue;
d) That, as to the claims or defense asserted
				to which that issue is material, a recommendation for a final order by default
				be entered against the offending party or that his action be dismissed with or
				without prejudice; or
e) That any
				portion of his pleadings relating to that issue be stricken and, if thereby
				made appropriate, Findings of Fact and Conclusions of Law be entered as to that
				issue.
In lieu of or in addition to the foregoing, the Hearing
				  Officer may order that the offending party pay the reasonable expenses
				  including attorney's fees incurred by any party as a result of the
				  misconduct.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1131 - Application to Vacate an Order Issued Due to Default

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any party who receives an order, based on
				a failure to answer or otherwise plead, or a failure to appear at the hearing,
				may within ten days after receipt of the order file an application in writing
				with the Secretary of State or his designee requesting that the order be
				vacated. The application shall be supported by an affidavit specifying the
				reason the party was unable to file an answer, otherwise plead, or appear at
				the hearing.
b) Upon good cause
				shown, the Secretary of State may issue an order vacating the default order,
				granting an extension to file an answer, and setting a date for a new hearing
				or supplemental hearing. If a supplemental hearing is ordered, the Secretary of
				State may order that the evidence presented at the previous hearing, including
				testimony of witnesses, may be considered by the Hearing Officer without the
				need for presenting the evidence at the supplemental hearing.
c) Any application by a party to vacate an
				order issued due to default shall only stay the effective date of the order
				entered by the Secretary of State for the purpose of filing an administrative
				review under the Administrative Review Law [735 ILCS 5 /Art. III]. If the
				party's application to vacate is denied by the Secretary, the Order of Default
				shall be considered the final order for purposes of the Administrative Review
				Law.
d) If a timely application to
				vacate an order issued due to default is made, the time for filing an
				administrative review complaint shall begin to run upon the issuance of the
				Secretary's order disposing of the application to vacate an order issued due to
				default.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1132 - Disqualification of a Hearing Officer

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Hearing Officer assigned to a hearing
				may, upon written request to and approval of the Secretary of State, recuse
				himself or herself.
b) Whenever any
				party believes a Hearing Officer for any reason should be disqualified from
				conducting, or continuing to conduct, a proceeding assigned to him or her, such
				party may file a motion to disqualify the Hearing Officer, setting forth by
				affidavit the alleged grounds for disqualification. The Hearing Officer shall
				have seven business days after filing of the motion within which to enter a
				written ruling. A copy of the ruling shall be served upon all parties. The
				Secretary of State may, on his or her own motion, review rulings denying or
				granting a motion for disqualification.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart O - EVIDENTIARY MATTERS AND NON-BINDING STATEMENTS › Section 130.1520 - Request for Non-Binding Statements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Required information and format.
1) All requests for non-binding statements
				shall be in writing and be accompanied by the fee set forth in Section
				130.110 of this
				Part. The request shall be filed with the Securities Department and shall
				contain the following:
A) A brief summary of
				the Sections of the Act and of the Rules to which the request
				pertains;
B) A detailed factual
				representation concerning every relevant aspect of the proposed transactions,
				such as names of affected parties, type and description of securities, details
				regarding the transactions, each claim of exemption, if any, and reasoning in
				support of each such claim. Requests should be limited to the particular
				situation, and should not attempt to include every possible type of situation
				which may arise in the future;
C) A
				discussion of current statutes, rules and legal principles relevant to the
				facts set forth;
D) A statement
				setting forth the person's own opinion in the matter and the basis for such
				opinion; and
E) A representation
				that the transaction in question has not been commenced and will not commence
				for at least 30 days.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart P - SAVINGS PROVISIONS › Section 130.1661 - Investors Syndicate of America, Inc

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Secretary of State recognizes that the
				face amount certificate contracts registered prior to January 1, 1984, under
				The Illinois Securities Law of 1953 by Investors Syndicate of America, Inc. are
				defined by the issuer as "Face Amount Certificates" and the issuer thereof is
				qualified as a registered investment company under the Investment Company Act
				of 1940 and maintains, under the rules and regulations of the Federal
				Securities and Exchange Commission, a deposit of securities with a qualified
				institution which deposit would be applicable to all contract liability
				established and accruing on such "Face Amount Certificates" outstanding with
				persons residing in Illinois. Accordingly, the Secretary of State recognizes
				the Central Deposit established and maintained by Investors Syndicate of
				America, Inc. pursuant to the rules and regulations of the Federal Securities
				and Exchange Commission in lieu of and in substitution for the deposit
				presently being maintained with the Secretary of State under Section 6 of The
				Illinois Securities Loan of 1953 as in effect at the time of registration and
				hereby authorizes the transfer of all securities, except the minimum deposit of
				$50,000 as prescribed under Section 6 of the Act as in effect at the time of
				registration, to the Central Deposit.
b) Investors Syndicate of America, Inc. is to
				continue to furnish to the Secretary of State all reports and statements
				required by Section 6 of the Act as in effect at the time of registration and
				is directed to furnish to the Secretary of State an annual statement prepared
				and certified by an independent certified public accountant, showing all
				deposits required to be maintained for the benefit of holders of contracts
				issued by Investors Syndicate of America, Inc., the amounts of such deposits,
				the contract liability applicable to each state of the United States, including
				the State of Illinois, against which such deposits are maintained in the
				Central Deposit and various state depositories, if applicable.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart P - SAVINGS PROVISIONS › Section 130.1662 - State Bond and Mortgage Company

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Secretary of State recognizes that the
				face amount certificate contracts registered prior to January 1, 1984, under
				The Illinois Securities Law of 1953 by State Bond and Mortgage Company are
				defined by the issuer as "Face Amount Certificates" and the issuer thereof is
				qualified as a registered investment company under the Investment Company Act
				of 1940 and maintains, under the rules and regulations of the Federal
				Securities and Exchange Commission, a deposit of securities with a qualified
				institution which deposit would be applicable to all contract liability
				established and accruing on such "Face Amount Certificates" outstanding with
				persons residing in Illinois. Accordingly, the Secretary of State recognizes
				the Central Deposit established and maintained by State Bond and Mortgage
				Company pursuant to the rules and regulations of the Federal Securities and
				Exchange Commission in lieu of, and in substitution for, the deposit presently
				being maintained with the Secretary of State under Section 6 of the Act as in
				effect at the time of registration, and hereby authorizes the transfer of all
				securities, except the minimum deposit of $50,000 as prescribed under Section 6
				as in effect at the time of registration, to the Central Deposit.
b) State Bond and Mortgage Company is to
				continue to furnish to the Secretary of State all reports and statements
				required by Section 6 of the Act as in effect at the time of registration and
				is directed to furnish to the Secretary of State an annual statement, prepared
				and certified by an independent certified public accountant, showing all
				deposits required to be maintained for the benefit of holders of contracts
				issued by State Bond and Mortgage Company, the amounts of such deposits, the
				contract liability applicable to each state of the United States, including the
				State of Illinois, against which such deposits are maintained in the Central
				Deposit and various state depositories, if applicable.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart Q - PUBLIC INFORMATION › Section 130.1701 - Inspection of Applications

Current through Register Vol. 48, No. 28, July 12, 2024
All applications for which exemption from registration under
				  Section 4.F(2) of the Act have been approved and for which registration under
				  Sections 5, 6 and 7 of the Act have been granted are available for public
				  inspection during business hours at the Springfield or Chicago offices of the
				  Securities Department of the Secretary of State upon advance written
				  request.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart Q - PUBLIC INFORMATION › Section 130.1702 - Inspection of Dealer, Salesperson and Investment Adviser Records

Current through Register Vol. 48, No. 28, July 12, 2024
Records of all registered dealers, salespersons and
				  investment advisers are available for public inspection during the business
				  hours at the Springfield or Chicago offices of the Securities Department of the
				  Secretary of State upon advance written request.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart Q - PUBLIC INFORMATION › Section 130.1703 - Non-Public Distribution of Information

Current through Register Vol. 48, No. 28, July 12, 2024
a) Information or documents obtained by
				employees of the Secretary of State in the course of any examination or
				investigation pursuant to Section 11 of the Act shall, unless made a matter of
				public record, be deemed confidential. Employees are hereby prohibited from
				making such confidential information or documents or any other non-public
				records of the Secretary of State available to anyone other than an employee of
				the Secretary of State, or other governmental agency, unless the Secretary of
				State authorizes the disclosure of such information or the production of such
				documents as not being contrary to the public interest.
b) Information contained in the single
				automated system, referred to as the Central Registration Depository,
				concerning dealers and salespersons registered with any State, other than the
				State of Illinois, shall not be deemed to be filed with the Secretary of
				State.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart Q - PUBLIC INFORMATION › Appendix A - Uniform Consent to Service of Process

Current through Register Vol. 48, No. 28, July 12, 2024
FORM U-2-UNIFORM CONSENT TO SERVICE OF
				  PROCESS
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned, _____________________________ , (a
				  corporation Organized under the laws of the State of _______________________)
				  (a partnership) (an individual) (other ______________________ ) for the purpose
				  of complying with the laws of the State of ___________________relating to
				  either the registration or sale of securities, hereby irrevocably appoints
				  __________________________, and the successors in such office, its attorney in
				  the State of _________________ upon whom may be served any notice, process or
				  pleading in any action or proceeding against it arising out of or in connection
				  with the sale of securities or out of violation of the aforesaid laws of said
				  State; and the undersigned does hereby consent that any such action or
				  proceeding against is may be commenced in any court of competent jurisdiction
				  and proper venue within said State by service of process upon said officer with
				  the same effect as if the undersigned was organized or created under the laws
				  of said State and had lawfully been served with process in said State.
It is requested that a copy of any notice, process or
				  pleading served hereunder be mailed to:
____________________________________________________________
(Name and Address)
Dated _______________________, 19____.
__________________________
By: _______________________
Title ______________________
By: _______________________
Title ______________________
CORPORATE ACKNOWLEDGEMENT
STATE OF
)
ss.
COUNTY OF
)
On this _________ day of __________________, 19_____, before
				  me __________________ the undersigned officer, personally appeared
				  __________________and __________________, known personally to me to be the
				  ____________________________ President and __________________________
				  Secretary, respectively, of the above named corporation, and that they, as such
				  officers, being authorized so to do, executed the foregoing instrument for the
				  purposes therein contained, by signing the name of the corporation by
				  themselves as such officers.
__________________________
Notary Public
My Commission expires: _________
(NOTARIAL SEAL)
INDIVIDUAL OR PARTNERSHIP
				  ACKNOWLEDGEMENT
STATE OF
)
ss.
COUNTY OF
)
On this ______ day of_________________, 19_____, before me,
				  _________________, the undersigned officer, personally appeared
				  ________________ to me personally known and known to me to be the same
				  person(s) whose name(s) is (are) signed to the foregoing instrument, and
				  acknowledged the execution thereof for the uses and purposes therein set
				  forth.
IN WITNESS WHEREOF I have hereunto set my hand and official
				  seal.
__________________________
Notary Public
My Commission expires: _________
(NOTARIAL SEAL)
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart Q - PUBLIC INFORMATION › Appendix C - Uniform Application for Broker-Dealer Registration

Current through Register Vol. 48, No. 28, July 12, 2024
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Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart B - EXEMPTIONS › Section 135.100 - Exemption by Order

Current through Register Vol. 48, No. 28, July 12, 2024
a) Pursuant to
				Section 5-10(h) of the Act, the Secretary of State may by Order exempt the sale
				of business opportunities from the requirements of the Act. The Secretary of
				State will consider whether to issue such an Order upon receipt of the
				following submissions:
1) a cover letter
				describing the basis for the exemption by referencing to this Section and to
				Section 5-10(h) of the Act;
2) a
				description and business history of the applicant, the amount and form of
				payment and any additional fees, costs or charges relating to the business
				opportunity for which an exemption is being sought;
3) a description of the applicant's
				litigation history as stated in Section 5-35(b)(6)(A) and (7) of the
				Act;
4) a description of any
				bankruptcy petition filed by or against the applicant, its officers, directors
				or predecessors within the last ten years;
5) a copy of the contract or agreement of
				sale relating to the business opportunity which is sought to be subject to the
				order of exemption;
6) copies of
				any promotional materials relating to the business opportunity for which an
				exemption is being sought;
7) a
				list of all sales and advertisements in Illinois for the past five
				years;
8) a list of administrative
				agencies which have issued or denied exemptions, along with copies of the
				exemptions and any opinions relating thereto;
9) a statement of the number of units sold,
				in the prior twelve month period, as business opportunities by the applicant in
				the United States and in Illinois;
10) a statement of the number of business
				opportunities the applicant intends to offer for sale in Illinois in the
				following 12 month period;
11) a
				copy of any prospectus or other offering circular used by the applicant in the
				offer or sale of the subject business opportunity; and
12) a certification of facts.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.300 - Complete Filing

Current through Register Vol. 48, No. 28, July 12, 2024
A complete filing within the meaning of Section 5-30(d)(2) of
				  the Act is a filing which includes:
a)
				a completed and current application on IL BSOP Form 5-25 and payment to the
				Securities Department of all appropriate fees as specified in Section
				135.2110 of this
				Part. The application shall be accompanied by the following:
1) a disclosure document with a current
				financial statement, without any material deficiencies or material omissions in
				disclosure. The applicant may utilize IL BSOP Form 5-35(b) and IL BSOP Form
				5-35;
2) a consent to service of
				process for the applicant on Illinois Form BO05, unless the applicant is a
				corporation organized or authorized to transact business under the laws of this
				State; and
3) a surety bond in the
				amount of $25,000, if required. The applicant may utilize IL BSOP Form
				5-50.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.301 - Procedures for Withdrawal of Pending Application or Termination of Registration of a Business Opportunity

Current through Register Vol. 48, No. 28, July 12, 2024
If the seller of a business opportunity elects to withdraw
				  its pending application prior to registration in this State, or if the seller
				  of a registered business opportunity wishes to terminate its registration in
				  this State, it shall provide written notice to the Securities Department
				  indicating such intent. Any fees paid shall not be returnable in any
				  event.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.302 - Procedure with Respect to Abandoning Incomplete Applications for Registration of a Business Opportunity

Current through Register Vol. 48, No. 28, July 12, 2024
a) When an
				incomplete application for registration of a business opportunity has been on
				file with the Secretary of State for a period of six months, the Secretary of
				State may, in his or her discretion, proceed in the following manner to
				determine whether the application for registration has been abandoned by the
				applicant.
b) A notice will be sent
				to the applicant named in the application for registration, by certified mail,
				return receipt requested, addressed to the most recent address reflected in the
				application for registration. The notice will inform the applicant that the
				application for registration is incomplete and one of the following must be
				done within 30 days after the date of the Notice:
1) the deficiencies must be corrected and
				filed; or
2) written intent to
				complete, within a specified period, must be filed to comply with the
				applicable requirements of the Act; or
3) a request must be filed for withdrawal of
				the pending application.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.303 - Procedures for Renewal of Registration of a Business Opportunity Under Section 5-30(e) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the seller of
				a registered business opportunity wishes to renew its registration, it shall
				file with the Securities Department a completed and current IL BSOP Form 5-25
				together with the renewal application filing fee as specified in Section
				135.2110 of this
				Part.
b) Any amendment(s) shall
				also be filed with the Securities Department within ten business days if any
				material change occurs in the information that was filed with the Securities
				Department when the business opportunity applied for registration.
c) Any application for renewal of
				registration of a business opportunity filed with or fees paid to the
				Securities Department within 9 business days or less prior to the date upon
				which the registration or renewal would expire shall pay an additional fee set
				forth in Section
				135.2110 of this
				Part.
d) Upon receipt of the
				renewal fees the Securities Department shall issue to the seller of the
				business opportunity the proof of renewal as evidence of such
				registration.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.350 - Disclosure Document

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary of State deems the following disclosure formats
				  to be in full compliance with the disclosure requirements of Section 5-35 of
				  the Act. No format other than the following or the format described in Section
				  5-35(b) of the Act shall be utilized. The different permissible formats may not
				  be intermingled.
a) The Uniform
				Franchise Offering Circular (UFOC) in accordance with the Federal Trade
				Commission Regulation Rule, entitled "Disclosure Requirements and Prohibitions
				Concerning Franchising and Business Opportunity Ventures" ( 16 CFR 436 ) as in
				effect on January 1, 1996 (no subsequent amendments or editions); or
b) The disclosure requirements of the Federal
				Trade Commission Regulation Rule, entitled "Disclosure Requirements and
				Prohibitions Concerning Franchising and Business Opportunity Ventures" ( 16 CFR
				436 ) as in effect on January 1, 1996 (no subsequent amendments or
				editions).
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.351 - Additional Required Disclosure from Seller-Guarantors

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to filing the information specified in Section
				  5-35(b) of the Act, sellers who guarantee the business opportunity shall be
				  required to provide the following information as an addendum to the disclosure
				  document including a description of the nature of the guarantee, including,
				  without limitation, the source of funds and other obligations and contingent
				  and off-balance sheet obligations, which, if matured or liquidated, could
				  impair the ability of the guarantor to perform.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.352 - Required Amendments to Disclosure Filing

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to filing the most current disclosure document at
				  the time of application for registration or renewal pursuant to Section 5-30 of
				  the Act, or for an exemption by order pursuant to Section
				  135.100 of
				  this Part, sellers shall be required to amend the filing with the following
				  information:
a) the most recent annual
				report of financial condition shall be due no later than the first day of the
				fourth month following the date of the audited financials; and
b) material changes or amendments to the
				information provided in the disclosure document shall be reported to the
				Secretary of State no later than ten business days after the seller should
				reasonably have known of the occurrence of such change or amendment.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.353 - Material Change

Current through Register Vol. 48, No. 28, July 12, 2024
A change in the information contained in the disclosure
				  document is material within the meaning of Section
				  135.352(b)
				  and
				  135.300(c)
				  of this Part if there is a substantial likelihood that a reasonable prospective
				  purchaser would consider it significant in making a decision to purchase or not
				  purchase the business opportunity. Including, without limitation:
a) any increase or decrease in the initial or
				continuing fees charged by the seller;
b) a change of more than 15 percent in the
				number of requests for refund or rescission or other mode of termination or
				cancellation of business opportunities sold which were received by the seller
				in the most recent quarter since the effective date of the current disclosure
				document;
c) a change in the
				seller's management;
d) a change in
				the seller's or purchaser's obligations under the contract or agreement of sale
				or related agreements;
e) a
				decrease in the seller's income of more than 25% or net worth of more than 25%;
				or
f) additional litigation or a
				significant change in the status of litigation, including, without limitation:
1) the filing of a complaint, or amendment
				thereto, alleging or involving violations of any business opportunity or
				franchise law, fraud, embezzlement, fraudulent conversion, restraint of trade,
				unfair or deceptive practices, misappropriation of property or breach of
				contract;
2) the entry of any
				injunctive or restrictive order relating to any business opportunity; or the
				entry of any injunction under any federal, state, Canadian or Mexican business
				opportunity, franchise, securities, anti-trust trade regulation or trade
				practice law; and
3) the entry of a
				judgment that has or would have any significant financial impact on the seller.
				Such a judgment is considered to have a significant financial impact if it
				equals 15 percent or more of the current assets of the seller and its
				subsidiaries on a consolidated basis.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.356 - Additional Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) The additional
				fee for the failure by a registered business opportunity to file or file timely
				any other post-registration document required under this Part shall be as set
				forth in Section
				135.2110 of this
				Part.
b) The additional fee for the
				second and subsequent failure by a registered business opportunity to file or
				file timely any other post-registration document required under this Part shall
				be as set forth in Section
				135.2110 of this
				Part.
c) The failure by a
				registered business opportunity to file the required document with the
				Securities Department and pay any additional fee or fees set forth in this
				Section within ten business days after written notice by the Securities
				Department shall constitute a fraudulent business practice under Section 15-
				95(3) of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.500 - Minimum Net Worth or Surety Bond Requirement

Current through Register Vol. 48, No. 28, July 12, 2024
a) In lieu of the minimum net worth
				requirement set forth in Section 5-50 of the Act, the seller may post a surety
				bond issued by a surety company authorized to do business in this State. The
				surety bond shall:
1) be in an amount
				equivalent to the aggregate of the amount of outstanding guarantees on sales
				made in this State within the meaning of Section 5-80 of the Act;
2) shall remain in effect for the duration of
				the guarantee(s) or representation(s) giving rise to the surety bond
				requirement; and
3) shall be in
				favor of this State for the benefit of purchasers.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart C - REGISTRATION OF BUSINESS OPPORTUNITIES › Section 135.501 - Report of Sale Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Report of sale subject to seller's guarantee. Sellers who or which make use of
				the representation provided in Section 5-5.10(a)(4) of the Act that the
				purchaser will derive income from the business which exceeds the price paid to
				the seller, and who or which post a surety bond in lieu of the net worth
				requirement, shall file reports of all sales in this State within ten business
				days after consummation of the sale.
b) Consummation of sale, for the purpose of
				subsection (a) of this Section, shall include, without limitation:
1) the execution of a contract of sale which
				binds the purchaser; or
2) the
				payment of the purchase price by the agreed upon method of payment.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart D - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 135.700 - Hearings

Current through Register Vol. 48, No. 28, July 12, 2024
Any hearing required pursuant to the Act or by this Part
				  shall be held pursuant to 14 Ill. Adm. Code 130, Subpart K: Procedures For
				  Administrative Hearings.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart E - SERVICE OF PROCESS › Section 135.800 - Service of Process upon the Secretary of State

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any process, notice or demand to be served
				upon the Secretary of State under the Act shall be made by delivering
				personally to the Securities Director, or any employee of the Securities
				Department designated by the Securities Director to accept such service on
				behalf of the Secretary of State, or by sending by registered mail or certified
				mail, return receipt requested, a copy of the process, notice or demand to the
				Securities Department. Procedures for service are specified in the Act in the
				following Sections:
1) Service upon any
				person who has filed a consent to service of process upon the Secretary of
				State under the Act, Section 5-80(e) of the Act;
2) Service upon any person who, by virtue of
				having offered, sold or delivered a business opportunity in this State which is
				neither registered nor covered by an exemption from registration, shall have
				appointed the Secretary of State as agent for service of process, Section
				5-80(e) of the Act; and
3) Service
				of a copy of a complaint in a private civil action.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart F - VIOLATIONS › Section 135.950 - Fraudulent Practices

Current through Register Vol. 48, No. 28, July 12, 2024
It shall be a violation of Section 5-95 of the Act for any
				  person, in connection with the offer or sale of any business opportunity in
				  this State sold pursuant to the exemptions granted under Section 5-10(a), (c)
				  or (d) of the Act, directly or indirectly:
a) to employ any device, scheme or artifice
				to defraud;
b) to make any untrue
				statement of a material fact necessary in order to make the statements made, in
				light of the circumstances under which they were made, not misleading;
				or
c) to engage in any act,
				practice or course of business which operates or would operate as a fraud or
				deceit upon any person.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart G - EVIDENTIARY MATTERS AND NON-BINDING STATEMENTS › Section 135.1300 - Request for Non-Binding Statements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Required Information and Format.
1) All requests for non-binding statements
				shall be in writing and be accompanied by the fee set forth in Section
				135.2110 of this
				Part. The request shall be filed with the Securities Department and shall
				contain the following:
A) A brief summary of
				the Sections of the Act and of this Part to which the request
				pertains;
B) A detailed factual
				representation concerning every relevant aspect of the proposed transaction,
				such as the names of affected parties, type and description of business
				opportunity, details regarding the transactions, each claim of exemption, if
				any, and reasoning in support of each such claim. Requests should be limited to
				the particular situation, and should not attempt to include every possible type
				of situation which may arise in the future;
C) A discussion of current statutes, rules
				and legal principles relevant to the facts set forth;
D) A statement setting forth the person's own
				opinion in the matter and the basis for such opinion; and
E) A representation that the transaction in
				question has not been commenced and will not commence for at least 30
				days.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart H - PUBLIC INFORMATION › Section 135.1400 - Inspection of Business Opportunity Records

Current through Register Vol. 48, No. 28, July 12, 2024
Records of all registered business opportunities are
				  available for public inspection during the business hours at the Springfield or
				  Chicago office of the Securities Department of the Secretary of State upon
				  written request.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart H - PUBLIC INFORMATION › Section 135.1401 - Non-Public Distribution of Information

Current through Register Vol. 48, No. 28, July 12, 2024
Information or documents obtained by employees of the
				  Secretary of State in the course of any examination or investigation pursuant
				  to Section 5-60 of the Act shall, unless made a matter of public record, be
				  deemed confidential. Employees are hereby prohibited from making such
				  confidential information or documents or any other non-public records of the
				  Secretary of State available to anyone other than an employee of the Secretary
				  of State, or other governmental agency, unless the Secretary of State
				  authorizes the disclosure of such information or the production of such
				  documents as not being contrary to the public interest.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2100 - Business Hours of the Securities Department

Current through Register Vol. 48, No. 28, July 12, 2024
a) The principal office of the Securities
				Department at Jefferson Terrace, Suite 300A, 300 W. Jefferson Street,
				Springfield IL 62702 is open each day, except Saturdays, Sundays and holidays,
				from 8:00 a.m. to 4:30 p.m. Central Standard Time or Central Daylight Savings
				Time, whichever is currently in effect in Springfield.
b) An office of the Securities Department at
				69 West Washington Street, Suite 1220, Chicago, Illinois 60602 is open each
				day, except Saturdays, Sundays and holidays, from 8:30 a.m. to 5:00 p.m.
				Central Standard Time or Central Daylight Savings Time, whichever is currently
				in effect in Chicago.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2101 - Computation of Time

Current through Register Vol. 48, No. 28, July 12, 2024
The time within which an act under the Act shall be done
				  shall be computed by excluding the first day and including the last, unless the
				  last day is a Saturday, Sunday or holiday as defined or fixed in any statute
				  now or hereafter in force in this State, and then it shall also be excluded. If
				  the day succeeding such Saturday, Sunday or holiday is also a Saturday, Sunday
				  or holiday, then such succeeding day shall also be excluded.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2110 - Payment of Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Fees under
				the Act are as follows:
Section 5-10
Order of Exemption/Filing Fee
$300
Section 5-30
Initial Disclosure Document Filing Fee
$300
Section 5-30(e)
Renewal Filing Fee
$300
Renewal Late Fee
$100*
Fee to Report a Material Change to Required
							 Disclosure pursuant to Section
							 135.352(b)
							 of this Part
$25
Business Opportunity Fee to report a change in its
							 form of organization or change of its name
$20
Fee for the failure to file or file timely any
							 required document or information
$250
Fee for each subsequent failure to file or file
							 timely any required document or information
$500
Section 5-75(d)
Non-Binding Statement
$75
Section 5-80(d)
Service of Process (when served upon the
							 Secretary)
$10
Certificate
$10
Certified Copy of Document
$10 plus
Each Page Certified
$ .50
Duplication of Documents
each Page Duplicated
$ .50
Additional fee for payment of fee returned to the
							 Securities Department due to insufficient funds or for a similar reason
$50
*If the renewal application is filed within 9 business days
				  preceding the expiration of the current registration.
b) All payments of fees, except for payment
				of administrative fines under the Act, as set forth below, shall be made by
				check, money order, certified check, bank cashier's check, or indicia of forms
				of electronic transfer of funds payable to the "Secretary of State". No third
				party check or money order endorsed over to the Secretary of State shall be
				accepted as payment of any fee. All payments for administrative fines under the
				Act, in excess of $500, except for a person registered under Section 5-10 or
				5-30 of the Act, shall be made by money order, certified check or bank
				cashier's check.
c) Any person
				whose payment of fees is returned to the Securities Department due to
				insufficient funds or for a similar reason shall pay to the Secretary of State
				the amount of fee owed plus an additional fee as set forth in this Section for
				each payment returned. This fee shall include the fee required by 5 ILCS
				290/10.
d) The Secretary of State
				shall require any person to make payment of fees in the form of a money order,
				certified check or bank cashier's check if any previous payment of fees has
				been returned to the Securities Department due to insufficient funds or for a
				similar reason.
e) All payment of
				fees under this Act shall be deemed to be filed and the fees paid upon receipt
				by the Securities Department, provided that the fee paid is not less or more
				than five dollars of the amount due.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2120 - Place of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
All applications for registration or exemption from
				  registration and other papers filed with the Securities Department or the
				  Secretary of State pursuant to the Act shall be filed at Lincoln Tower, Suite
				  200, 520 South Second Street, Springfield, Illinois 62701 or 69 West Washington
				  Street, Suite 1220, Chicago, Illinois 60602. Such material may be filed by
				  delivery to the Securities Department, through the mail or
				  otherwise.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2130 - Date of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a) The date of
				filing of any document required to be filed with the Securities Department
				shall be the date of delivery of the document and any required fee to the
				Securities Department in Springfield or Chicago, Illinois, as specified in
				Section
				135.2120 of this
				Part.
b) A document may not be
				deemed to be filed with the Secretary of State unless all requirements of the
				Act and this Part with respect to such filing have been complied with and the
				required fee has been paid.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2140 - Requirements as to Proper Form

Current through Register Vol. 48, No. 28, July 12, 2024
Any document filed with the Securities Department pursuant to
				  the Act shall be prepared in accordance with the form, if any, prescribed by
				  the Securities Department. Any such document shall be deemed to be filed on the
				  proper form unless objection to the form is made by the Securities
				  Department.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2141 - Additional Information

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the information expressly required to be
				  included in an application for registration, the applicant shall include other
				  material information which may be necessary to make the required statements
				  truthful.