Illinois § 10-85 Fraudulent and prohibited acts

Illinois Statutes

§ 10-85 — Fraudulent and prohibited acts

Illinois § 10-85

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 815BUSINESS TRANSACTIONS

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

Art.Article 10 -

This text of Illinois § 10-85 (Fraudulent and prohibited acts) 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. 10-85 (2026).

Text

(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 A

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(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.