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

Universal Citation: 14 IL Admin Code ยง 140.100

Current through Register Vol. 48, No. 12, March 22, 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);

b) Upon the grant of registration of a business broker, the Securities Department shall issue to the business broker proof of registration as evidence of such registration;

c) The application and documents on file with the Securities Department with respect to the business broker shall be amended whenever a change occurs which renders the information contained therein not accurate in any material respect. Such amendment shall be filed with the Securities Department within ten business days after the occurrence of the change; and

d) An applicant may request that certain information in its application be kept confidential. The Securities Department shall honor such request if the information is personal in nature or if public access to the information is not reasonably necessary to further the purposes of the Act.

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