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

Universal Citation: 14 IL Admin Code ยง 140.300

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

b) As used in this Part and in the Act, the term "client" does not include a person who is under no obligation to compensate the business broker under any circumstances.

c) The Secretary of State recommends that business brokers have each client and proposed client sign and date an acknowledgment of receipt when the disclosure statement is provided to clients and proposed clients.

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