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
Universal Citation: 14 IL Admin Code ยง 140.302
Current through Register Vol. 48, No. 38, September 20, 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.
b) On the following pages, the information as set forth in Section 10-30(b) of the Act shall be provided including (an example is set forth in Section 140.303):
1) The name and form of organization of the
business broker, the names under which the business broker has done, is doing,
or intends to do business, and the name of any parent organization or affiliate
of the broker;
2) The names,
addresses, and titles of the business broker's officers, directors, trustees,
general partners, general managers, principal executives, and any other person
performing similar duties;
3) A
full and detailed description of the actual services that the business broker
undertakes to perform for the proposed client; and
4) 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.
c) The information in subsections (b)(3) and (b)(4) of this Section need not be set out on the disclosure statement if the business broker's contract is provided with the disclosure statement.
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