§ 5-130 — Miscellaneous provisions

Illinois § 5-130

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 815: BUSINESS TRANSACTIONS
• Act 815 ILCS 602/: Business Opportunity Sales Law of 1995.
• Art.: Article 5 -

Text

(a) No action shall be maintained under Section 5-120 of this Law unless commenced before 3 years after the act or transaction constituting the violation. (a-5) No administrative action shall be brought by the Secretary of State for relief under this Law after the earlier to occur of (i) 3 years from the date upon which the Secretary of State had notice of facts which in the exercise of reasonable diligence would lead to actual knowledge of the alleged violation of the Act, or (ii) 5 years from the date on which the alleged violation occurred. (b) The rights and remedies under this Law are in addition to any other rights or remedies that may exist at law or in equity. (c) Any condition, stipulation or provision binding any purchaser of a business opportunity to waive compliance with or relieving a person from any duty or liability imposed by or any right provided by this Law or any rule, regulation or order issued pursuant to this Law is void.

Legislative History

(Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)