§ 10-85 — Fraudulent and prohibited acts

(a) A business broker shall not, in connection with a contract for the services of a business broker, either directly or indirectly, do any of the following: (1) Employ any device, scheme or article to defraud. (2) Make any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of circumstances under which they are made, not misleading, unless the statement is made in reasonable reliance on information provided by the client. (3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon any person. (b) A business broker shall not either directly or indirectly do the following: (1) Engage in the business of acting as a business broker without registration under this Act unless exempt under the Act. (2) Fail to file with the Secretary of State any application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act or fail to comply with the terms of any order issued pursuant to this Act or rule or made by the Secretary of State. (3) Fail to maintain any records as required under the provisions of this Act or any rule made by Secretary of State pursuant to this Act.

Legislative History

(Source: P.A. 92-308, eff. 1-1-02.)