Illinois Administrative Code
Title 14 - COMMERCE
Part 200 - FRANCHISE DISCLOSURE ACT
Subpart A - DEFINITIONS
Section 200.116 - Franchise Broker
Universal Citation: 14 IL Admin Code ยง 200.116
Current through Register Vol. 48, No. 38, September 20, 2024
A person shall be deemed to be a franchise broker engaged in the business of representing a franchisor in offering for sale or selling a franchise within the meaning of Section 3(21) of the Act, unless otherwise exempt, if such person provides a prospective franchisee with information about specific franchises other than the franchisor's name, address and phone number. The expectation or acceptance of a fee contingent upon a franchise sale shall be considered as evidence of franchise broker status unless such fee results from an isolated transaction as defined in Section 200.202.
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