Illinois § 10-75 Account numbers; retention and maintenance of records

Illinois Statutes

§ 10-75 — Account numbers; retention and maintenance of records

Illinois § 10-75

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 815BUSINESS TRANSACTIONS

Act 815 ILCS 307/Illinois Business Brokers Act of 1995.

Art.Article 10 -

This text of Illinois § 10-75 (Account numbers; retention and maintenance of records) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

815 Ill. Comp. Stat. 10-75 (2026).

Text

(a)Each business broker agreement shall be given an account number and all instruments executed in connection with that agreement must bear this number, except as provided in Section 10-35 of this Act. Each business broker shall keep and maintain the following records or their equivalent:

(1)A business agreement register that consists of a chronological listing of all business broker agreements that have been entered into. For each business broker agreement the register shall contain the following:

(A)The account number.

(B)The date of the agreement.

(C)The name of the client.

(D)The amount of any fees charged.

(E)The cost and type of any insurance required.

(2)A record for each client shall contain the following:

(A)The name and address of the client.

(B)A copy of the signed bus

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(a) Each business broker agreement shall be given an account number and all instruments executed in connection with that agreement must bear this number, except as provided in Section 10-35 of this Act. Each business broker shall keep and maintain the following records or their equivalent: (1) A business agreement register that consists of a chronological listing of all business broker agreements that have been entered into. For each business broker agreement the register shall contain the following: (A) The account number. (B) The date of the agreement. (C) The name of the client. (D) The amount of any fees charged. (E) The cost and type of any insurance required. (2) A record for each client shall contain the following: (A) The name and address of the client. (B) A copy of the signed business broker agreement. (C) A copy of any other papers or instruments used in connection with the business broker agreement and signed by the client, including a copy of the disclosure document required by Section 10-30 of this Act, that contains an acknowledged receipt by the client. (D) The amount of the business broker's fee that the client has paid. If there is an unpaid balance, the status of any collection efforts. (3) All receipts from or for the account of clients and all disbursements to or for the account of clients, recorded so that the transactions are readily identifiable. (4) (Blank). (5) A copy of: (A) All advertisements, pamphlets, circulars, letters, articles or communications published in any newspaper, magazine or periodical. (B) Scripts of any recording, radio or television announcement. (C) Any sales kits or literature to be used in solicitation of clients. (b) The records listed in subsection (a) of this Section shall be kept for a period of 6 years in the business broker's principal office and must be separate or readily identifiable from the records of any other business that is conducted in the office of the business broker. After a period of 2 years, a copy of this information may be retained on magnetic, digital, or other electronic medium in a form that may be readily retrieved. (c) The records listed in subsection (a) of this Section need not be kept for a client where no fee, expense reimbursement, retainer, or other charge was incurred and no transaction was consummated.