reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2143 - Information Unknown or Not Reasonably Available

Current through Register Vol. 48, No. 28, July 12, 2024
Information required need be given only insofar as it is
				  known or reasonably available to the applicant. If any required information is
				  unknown and not reasonably available to the applicant, either due to
				  unreasonable effort or expense, or because it rests within the knowledge of
				  another person not affiliated with the applicant, the information may be
				  omitted, subject to the following conditions:
a) The applicant shall give such information
				on the subject as it possesses or can acquire without unreasonable effort or
				expense, together with the sources thereof.
b) The applicant shall include a statement
				either showing that unreasonable effort or expense would be involved or
				indicating the absence of any affiliation with the person within whose
				knowledge the information rests and stating the result of a request made to the
				person for the information.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2144 - Requirements as to Paper, Printing and Language

Current through Register Vol. 48, No. 28, July 12, 2024
a) Application for registration shall be
				filed on good quality, unglazed, white paper, 81/2 by 11 inches in size,
				insofar as practicable. However, tables, charts, maps and financial statements
				may be on larger paper, if folded to that size, and the disclosure statement
				may be on smaller paper but not less than 71/2 by 9 inches in size.
b) The application for registration, and all
				papers and documents filed as a part thereof, shall be printed, lithographed,
				mimeographed or typewritten. However, the application or any portion thereof
				may be prepared by any similar process which, in the opinion of the Secretary
				of State, produces copies suitable for permanent record. All copies of the
				material shall be clear, easily readable and suitable for repeated
				photocopying. Debits in credit categories and credits in debit categories shall
				be designated to be clearly distinguishable as such on photocopies.
c) The application for registration shall be
				in the English language. If any exhibit or other paper or document filed with
				the application for registration is in a foreign language, it shall be
				accompanied by a translation into the English language.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2145 - Number of Copies - Signatures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				One copy of the completed application for registration, manually signed by the
				applicant, including exhibits and all other papers and documents filed as a
				part of the application, shall be filed with the Secretary of State.
b) If any name is signed to the application
				for registration pursuant to a power of attorney, copies of the power of
				attorney shall be filed with the application for registration. In addition, in
				the case of a corporate applicant, if the name of any officer signing on behalf
				of the applicant, or attesting to the applicant's seal, is signed pursuant to a
				power of attorney, copies of a resolution of the applicant's board of directors
				authorizing the signature shall be filed with the application for
				registration.
Illinois Administrative Code › Title 14 - COMMERCE › Part 135 - REGULATIONS UNDER THE BUSINESS OPPORTUNITY SALES LAW OF 1995 › Subpart I - RULES OF GENERAL APPLICATION › Section 135.2190 - Provisions for Granting of Variance from Rules

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary of State or his or her designee may grant
				  variances from this Part in individual cases where he determines that:
a) the provision from which the variance is
				granted is not statutorily mandated;
b) no party will be injured by granting the
				variance; and
c) the Section from
				which the variance is granted would, in the particular case, be unnecessarily
				burdensome.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.100 - Procedures for Registration as a Business Broker Under Section 10-10 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
No person shall be registered as a business broker unless
				  such person submits a completed application as set forth in this
				  Section.
a) Each applicant for
				registration as a business broker shall file with the Secretary of State
				Securities Department a completed and current application on Illinois Form BB01
				and pay to the Securities Department all appropriate fees as specified in
				Section
				140.2110 of this
				Part. The application shall be accompanied by the following:
1) A Consent to Service of Process for the
				applicant on Illinois Form BB10, unless the applicant is a corporation
				organized or authorized to transact business under the laws of this
				State;
2) The disclosure document
				required under Section 10-30(b) of the Act or Section 10-30(b)(1) of the Act
				and Section
				140.302
				or
				140.303
				of this Part (provided however a contract does not need to accompany the
				disclosure document);
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.120 - Procedures for Withdrawal of Pending Application or Termination of Registration as a Business Broker

Current through Register Vol. 48, No. 28, July 12, 2024
If a business broker elects to withdraw its pending
				  application prior to registration in this State, or if a registered business
				  broker 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.130 - Procedure with Respect to Abandoning Incomplete Applications for Registration as a Business Broker

Current through Register Vol. 48, No. 28, July 12, 2024
a) When an
				incomplete application for registration as a business broker 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.200 - Procedures for Renewal of Registration as a Business Broker Under Section 10-20 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a registered
				business broker wishes to renew its registration, it shall file with the
				Securities Department the preprinted Illinois Form BB04 together with the
				renewal filing and examination fee and branch office fee, if any, as specified
				in Section
				140.2110 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 broker applied for registration.
c) Any application for renewal of
				registration of a business broker filed with or fees paid to the Securities
				Department within 29 days or less prior to the date upon which the registration
				or renewal would expire shall pay an additional fee set forth in Section
				140.2110 of this
				Part.
d) Upon receipt of the
				renewal fees the Securities Department shall issue to the business broker proof
				of renewal as evidence of such registration.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.300 - When Disclosure Statement Must Be Provided

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except as provided in Section 10-30.5 of
				the Act, a business broker shall provide a disclosure statement, pursuant to
				Section 10-30 of the Act, which shall be consistent in all material respects
				with this Section, to any client or proposed client at least seven days before
				the earlier of:
1) The time such client or
				proposed client signs a contract for the services of the business broker;
				or
2) The time the business broker
				receives any consideration for the contract.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.301 - Purpose of Disclosure; Substantial Compliance

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Secretary of State has determined that
				the disclosure statement and waiting period requirements of the Act should be
				interpreted and enforced so as to further the objective of the Act. That
				objective is to ensure that clients and proposed clients of business brokers
				have full disclosure of the material terms in the business broker's contract
				with the client, have an opportunity to review those terms and, at the client's
				request, have an attorney review the contract.
b) Where a business broker has reasonably
				tried to comply with the provisions of this Part, such broker shall be deemed
				to have complied with Section 10-30 of the Act if the client or proposed client
				has been provided with all material information required by this Part and has
				had a reasonable opportunity to review and consider the information, to review
				the business broker's contract, and to have the business broker's contract
				reviewed by an attorney.
c) The
				Secretary of State recommends that business brokers have each client or
				proposed client sign and date an acknowledgment of receipt when the disclosure
				statement is provided to clients and proposed clients.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.302 - Contents of Disclosure Statement

Current through Register Vol. 48, No. 28, July 12, 2024
The disclosure statement shall contain the following
				  information:
a) Nothing except the
				following language in at least 10-point boldface capital letters shall appear
				on the cover page (an example is set forth in Section
				140.303
				):
1) DISCLOSURES REQUIRED BY LAW;
2) 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; AND
3) IF
				YOU HAVE ANY QUESTIONS, SEE AN ATTORNEY BEFORE YOU SIGN A CONTRACT OR
				AGREEMENT.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF BUSINESS BROKERS › Section 140.303 - Providing the Contract With the Disclosure Statement

Current through Register Vol. 48, No. 28, July 12, 2024
a) Because the purpose of the disclosure
				statement is to provide full information about the material terms of the
				business broker's contract with the client, the Secretary of State encourages
				business brokers to include a copy of the contract with the disclosure
				statement. When the contract is provided to the client with the disclosure
				statement, the disclosure statement need not contain either:
1) the full and detailed description of the
				actual services that the business broker undertakes to perform; or
2) 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 has entered into a
				contract.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart C - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 140.400 - 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart D - RECORDS › Section 140.750 - Records Required of Business Brokers

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each business broker agreement or contract
				shall be given a unique identifying account number and all instruments or
				documents relating to that agreement or contract must bear this number. Every
				business broker registered by the Secretary of State shall keep and maintain
				for a period of six years from the date of its agreement or contract with the
				client in the business broker's principal office in this State the following
				records:
1) A business broker agreement or
				contract register that consists of a chronological listing of all business
				broker agreements or contracts that have been entered into. For each business
				broker agreement or contract the register shall contain the following:
A) The account number;
B) The date of the agreement or
				contract;
C) The name of the client
				or proposed client;
D) The amount
				of fees charged, if any; and
E) The
				cost and type of insurance required, if any.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 140.801 - Burden of Proof

Current through Register Vol. 48, No. 28, July 12, 2024
In any administrative, civil or criminal proceeding related
				  to the Act, the burden of proving an exemption, an exception from a definition
				  or an exclusion from the Act is upon the person claiming it.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 140.803 - Exemptions from Waiting Period and Disclosure Requirements Pursuant to Section 10-30 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
A business broker shall be entitled to rely upon a statement
				  executed by the client that:
a) the
				client is in one of the categories enumerated in Section 10-30.5(a)(1) through
				(5) of the Act. Illinois Form BB02 may be utilized by the business broker for
				this purpose; or
b) the client had
				an attorney review the business broker's contract with the client. Illinois
				Form BB03 may be utilized by the business broker for this purpose.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 140.808 - Exemption for Real Estate Brokers and Real Estate Salespersons - Services Incidental to a Real Estate Brokerage Agreement (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 140.810 - Exemption for Loan Broker Agreements or Contracts from the Business Brokers Act of 1995

Current through Register Vol. 48, No. 28, July 12, 2024
A loan broker agreement or contract, made pursuant to and in
				  compliance with the Illinois Loan Brokers Act of 1995 [815 ILCS 175 ] between a
				  client and a registered loan broker, which contains a promise by, or obligation
				  of, a loan broker to procure or assist in procuring a loan for business
				  financing or the purchase of a business for the client, is exempt from this
				  Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart F - SERVICE OF PROCESS › Section 140.1000 - 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 as follows:
1) Service upon any person who has filed a
				consent to service of process upon the Secretary of State;
2) Service upon any person who, by virtue of
				acting as a business broker 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; and
3) Service of a copy of a complaint in a
				private civil action.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart G - PROCEDURES FOR BUSINESS BROKER LIENS › Section 140.1150 - Procedures for Filing a Notice of Lien or Amendment to a Notice of Lien Under Section 10-115 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				A business broker who is filing a notice of lien must file Form UCC 1,
				Financing Statement, with the Uniform Commercial Code Division, together with
				the filing fee, as specified by 810 ILCS 5/9-403 through 9 -406. The form must
				contain the following information:
1) Name of
				business broker, business broker file number and address in the section marked
				as secured party;
2) Name of
				purchaser and address labeled "Name of purchaser and address" in the section
				marked as "debtor" if the lien is against the purchaser, otherwise in the
				section marked as "secured party";
3) Name of seller and address labeled "Name
				of seller and address" in the section marked as "debtor" if the lien is against
				the seller, otherwise in the section marked as "secured party";
4) In the section marked as "this financing
				statement covers the following types (or items) of property:"
A) A legend in bold capital letters stating
				as follows: "NOTICE OF BUSINESS BROKER LIEN";
B) Name of business and address;
C) Description of business;
D) Total dollar amount claimed; and
E) A detailed description of business assets
				to which the lien applies that reasonably identifies those assets. The
				description may include, but is not limited to, addresses, legal descriptions,
				inventory and serial numbers. Failure to describe an asset(s) shall not affect
				the validity of a lien.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart G - PROCEDURES FOR BUSINESS BROKER LIENS › Section 140.1152 - Procedures to Terminate a Notice of Lien Prior to the Two Year Expiration

Current through Register Vol. 48, No. 28, July 12, 2024
a) A business
				broker may terminate a Notice of Lien that was filed prior to January 1, 2001
				with the Securities Department or after January 1, 2001 with the Uniform
				Commercial Code Division prior to the two year termination by filing Form UCC 3
				with the Uniform Commercial Code Division. This form must contain the following
				information:
1) Name of business broker and
				business broker file number;
2)
				Name of purchaser;
3) Name of
				seller;
4) Name of
				business;
5) Date Notice of Lien
				was filed with the Illinois Securities Department or Uniform Commercial Code
				Division; and
6) Reason for release
				and date of such occurrence.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart H - EVIDENTIARY MATTERS AND NON-BINDING STATEMENTS › Section 140.1200 - 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
				140.2110 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 the Rules 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, 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart I - PUBLIC INFORMATION › Section 140.1400 - Inspection of Business Broker Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) Records of all registered business brokers
				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.
b) Each
				request for information on file with the Securities Department regarding a
				registered business broker shall be made in writing and delivered to the
				Springfield or Chicago office of the Securities Department of the Secretary of
				State. The request may be delivered by United States mail, private courier,
				hand, facsimile or electronic transmission or any similar type of delivery or
				transmission.
c) The request shall
				include the name, address and telephone number of the person making the
				request, and a statement setting forth the reason that the person is initiating
				the request. The Secretary of State or his or her designee shall maintain for
				six calendar years each written request for disclosure of
				information.
d) The Securities
				Department shall notify each registered business broker in writing within seven
				calendar days after its receipt of a request for disclosure of information on
				file.
e) No information on file
				with the Securities Department regarding any social security number, contract
				with a client or any terms of a contract, the name or address of any
				contracting client or the address or telephone number of any office of the
				business broker (except the principal office) shall be made available to the
				public.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart I - PUBLIC INFORMATION › Section 140.1401 - 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 10-45 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2100 - 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2101 - 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2120 - Place of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
All applications for registration or exemption from
				  registration and other papers, except Notices of Liens under Section 10-115 of
				  the Act, 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2130 - 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, except Notices of Liens under
				Section 10-115 of the Act, 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
				140.2120 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2140 - Requirements as to Proper Form

Current through Register Vol. 48, No. 28, July 12, 2024
Any document, except Notices of Liens under Section 10-115 of
				  the Act, 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 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2141 - 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.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2142 - Additional Exhibits

Current through Register Vol. 48, No. 28, July 12, 2024
The applicant may file exhibits in addition to those required
				  by the appropriate form, except Notices of Liens pursuant to Section 10-115 of
				  the Act. The exhibits shall be marked to indicate the subject matters to which
				  they refer.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2143 - Information Unknown or Not Reasonably Available

Current through Register Vol. 48, No. 28, July 12, 2024
Information required need be given only insofar as it is
				  known or reasonably available to the applicant. If any required information is
				  unknown and not reasonably available to the applicant, either due to
				  unreasonable effort or expense, or because it rests within the knowledge of
				  another person not affiliated with the applicant, the information may be
				  omitted, subject to the following conditions:
a) The applicant shall give such information
				on the subject as it possesses or can acquire without unreasonable effort or
				expense, together with the sources thereof.
b) The applicant shall include a statement
				either showing that unreasonable effort or expense would be involved or
				indicating the absence of any affiliation with the person within whose
				knowledge the information rests and stating the result of a request made to the
				person for the information.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2144 - Requirements as to Paper, Printing and Language

Current through Register Vol. 48, No. 28, July 12, 2024
a) Application for registration shall be
				filed on good quality, unglazed, white paper, 81/2 by 11 inches in size,
				insofar as practicable.
b) The
				application for registration, and all papers and documents filed as a part
				thereof, shall be printed, lithographed, mimeographed or typewritten. However,
				the application or any portion thereof may be prepared by any similar process
				which, in the opinion of the Secretary of State, produces copies suitable for
				permanent record. All copies of the material shall be clear, easily readable
				and suitable for repeated photocopying. Debits in credit categories and credits
				in debit categories shall be designated to be clearly distinguishable as such
				on photocopies.
c) The application
				for registration shall be in the English language. If any exhibit or other
				paper or document filed with the application for registration is in a foreign
				language, it shall be accompanied by a translation into the English
				language.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2145 - Number of Copies - Signatures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				One copy of the completed application for registration, manually signed by the
				applicant, including exhibits and all other papers and documents filed as a
				part of the application, shall be filed with the Secretary of State.
b) If any name is signed to the application
				for registration pursuant to a power of attorney, copies of the power of
				attorney shall be filed with the application for registration. In addition, in
				the case of corporate applicant, if the name of any officer signing on behalf
				of the applicant, or attesting to the applicant's seal, is signed pursuant to a
				power of attorney, copies of a resolution of the applicant's board of directors
				authorizing the signature shall be filed with the application for
				registration.
Illinois Administrative Code › Title 14 - COMMERCE › Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995 › Subpart J - RULES OF GENERAL APPLICATION › Section 140.2190 - Provisions for Granting of Variance from Rules

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary of State or his or her designee may grant
				  variances from this Part in individual cases where he or she determines
				  that:
a) The provision from which the
				variance is granted is not statutorily mandated;
b) No party will be injured by granting the
				variance; and
c) The Section from
				which the variance is granted would, in the particular case, be unnecessarily
				burdensome.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart A - DEFINITIONS › Section 145.50 - Scope of the Law

Current through Register Vol. 48, No. 28, July 12, 2024
The Illinois Loan Brokers Act of 1995 [815 ILCS 175 ] shall
				  apply only when the person engaged or sought to be engaged by the loan broker
				  is domiciled in this State or, when the company or business seeking to borrow,
				  has its principal office in this State, or the Loan Broker is located in this
				  State.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.150 - Procedures for Registration as a Loan Broker Under Section 15-15 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
No person shall be registered as a loan broker unless such
				  person submits a completed application as set forth in this Section.
a) Each applicant for registration as a loan
				broker shall file with the Secretary of State Securities Department a completed
				and current application on IL LB Form 15-10 and pay to the Securities
				Department all appropriate fees as specified in Section
				145.2110 of this
				Part. The application shall be accompanied by the following:
1) A Consent to Service of Process for the
				applicant on Illinois Form LB15, unless the applicant is a corporation
				organized or authorized to transact business under the laws of this
				State;
2) The disclosure statement
				required under Section 15-30(b) of the Act or Section 15-30(b)(1) of the Act;
				and
3) Evidence of the bond
				required under Section 15-15(b) of the Act consisting of a certificate from the
				issuing bonding authority.
The Securities Department shall review the application in a
				  timely manner and notify the applicant in writing of any material
				  deficiencies.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.151 - Procedures for Withdrawal of Pending Application or Termination of Registration as a Loan Broker

Current through Register Vol. 48, No. 28, July 12, 2024
If a loan broker elects to withdraw its pending application
				  prior to registration in this State, or if a registered loan broker 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 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.152 - Procedure with Respect to Abandoning Incomplete Applications for Registration as a Loan Broker

Current through Register Vol. 48, No. 28, July 12, 2024
a) When an
				incomplete application for registration as a loan broker 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 refiled; 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 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.200 - Procedures for Renewal of Registration as a Loan Broker Under Section 15-20 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a registered
				loan broker wishes to renew its registration, it shall file with the Securities
				Department a completed and current IL LB Form 15-10 together with the renewal
				application filing fee and examination fee as specified in Section
				145.2110 of this
				Part. The Securities Department shall review the renewal application in a
				timely manner and notify the applicant in writing of any material
				deficiencies.
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 loan broker applied for registration.
c) Any application for renewal of
				registration of a loan broker filed with or fees paid to the Securities
				Department within 29 days or less prior to the date upon which the registration
				or renewal would expire shall pay an additional fee set forth in Section
				145.2110 of this
				Part.
d) Upon receipt of the
				renewal fees the Securities Department shall issue to the loan broker proof of
				renewal as evidence of such registration.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.301 - Purpose of Disclosure; Substantial Compliance

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Secretary of State has determined that
				the disclosure statement and waiting period requirements of the Act should be
				interpreted and enforced so as to further the objective of the Act. That
				objective is to ensure that borrowers of loan brokers have full disclosure of
				the material terms in the loan broker's contract with the borrower, have an
				opportunity to review those terms and, at the borrower's request, have an
				attorney review the contract.
b)
				Where a loan broker has reasonably tried to comply with the provisions of this
				Part, such broker shall be deemed to have complied with Section 15-30 of the
				Act if the borrower has been provided with all material information required by
				this Part and has had a reasonable opportunity to review and consider the
				information, to review the loan broker's contract, and to have the loan
				broker's contract reviewed by an attorney.
c) The Secretary of State recommends that
				loan brokers have each borrower sign and date an acknowledgment of receipt when
				the disclosure statement is provided to the borrower.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.303 - Providing the Contract With the Disclosure Statement

Current through Register Vol. 48, No. 28, July 12, 2024
a) The purpose of the disclosure statement is
				to provide full information about the material terms of the loan broker's
				contract with the borrower, therefore, the Secretary of State encourages loan
				brokers to include a copy of the contract with the disclosure statement. When
				the contract is provided to the borrower with the disclosure statement, the
				disclosure statement need not contain either:
1) the full and detailed description of the
				actual services that the loan broker undertakes to perform; or
2) a specific statement of the circumstances
				under which the loan broker will be entitled to obtain or retain consideration
				from the party with whom the loan broker has entered into a contract.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart B - REGISTRATION OF LOAN BROKERS › Section 145.304 - Providing the Contract to Borrower

Current through Register Vol. 48, No. 28, July 12, 2024
The borrower shall have the right to retain a copy of the
				  executed contract for the services of a loan broker. The borrower's copy of the
				  contract shall be provided to the borrower when the contract is executed, if
				  feasible and the borrower so requests. Otherwise, the contract shall be mailed
				  or otherwise sent to the borrower within one week after the execution thereof.
				  No account number is required on the borrower's copy of the
				  contract.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart C - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 145.400 - 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 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart D - RECORDS › Section 145.750 - Records Required of Loan Brokers

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each loan broker agreement or contract
				shall be given a unique identifying account number and all instruments or
				documents relating to that agreement or contract must bear this number. Every
				loan broker registered by the Secretary of State shall keep and maintain for a
				period of six years from the date of its agreement or contract with the
				borrower in the loan broker's principal office in this State the following
				records:
1) A loan broker agreement or
				contract register that consists of a chronological listing of all loan broker
				agreements or contracts that have been entered into. For each loan broker
				agreement or contract the register shall contain the following:
A) The account number;
B) The date of the agreement or
				contract;
C) The name of the
				borrower;
D) The amount of fees
				charged, if any; and
E) The cost
				and type of insurance required, if any.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 145.800 - Previous and Ongoing Agreements or Contracts and Transactions Not Affected

Current through Register Vol. 48, No. 28, July 12, 2024
All loan broker agreements or contracts and transactions
				  between a loan broker and its borrowers which do not comply with the Act of
				  this part, if entered into prior to January 1, 1996, shall be deemed to be
				  valid and enforceable, notwithstanding this Part or the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 145.802 - Exemption for Franchises

Current through Register Vol. 48, No. 28, July 12, 2024
Persons registered pursuant to the Illinois Franchise
				  Disclosure Act of 1987 [815 ILCS 705 ] (and their employees) are exempt from
				  the requirements of the Act as to: offers and sales in connection with such
				  franchising activities; or assisting any of their franchisees in the offer or
				  sale of a franchise by any such franchisee for its own account, regardless of
				  whether the sale is effected by or through such registered
				  persons.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 145.803 - Exemptions from Waiting Period and Disclosure Requirements Pursuant to Section 15-30 of the Act (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 145.805 - Exemption for the Designation of Certified Turnaround Professional (CTP)

Current through Register Vol. 48, No. 28, July 12, 2024
Any individual who has the designation of Certified
				  Turnaround Professional (CTP) by the Association for Certified Turnaround
				  Professional, while engaged in the practice of a Certified Turnaround
				  Professional and whose service in relation to the loan broker transaction is
				  incidental to his or her practice, is exempt from the requirements of this
				  Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart E - EXEMPTIONS › Section 145.806 - Exemption for Business Broker Agreements or Contracts from the Loan Brokers Act of 1995

Current through Register Vol. 48, No. 28, July 12, 2024
A business broker agreement or contract, made pursuant to and
				  in compliance with the Illinois Business Brokers Act of 1995 [815 ILCS 307 ]
				  between a client and a registered business broker, which contains a promise by,
				  or obligation of, a business broker to procure or assist in procuring a loan
				  for business financing or the purchase of a business for the client is exempt
				  from this Act.