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

Universal Citation: 14 IL Admin Code ยง 140.1150

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

b) The form shall be signed by the business broker or a person authorized to sign on behalf of the business broker.

c) A business broker may file an amendment to an existing Notice of Lien by filing Form UCC 3, together with the Amendment to Notice of Lien fee in the amount specified by 810 ILCS 5/9-403 through 9 -406.

d) A Notice of Lien may not be filed by a business broker who is unregistered or whose registration has been denied, suspended or revoked. A Notice of Lien filed by a business broker whose registration currently or subsequently is denied, suspended or revoked is immediately terminated.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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