§ 5-70 — Rules, forms, orders and hearings

Illinois § 5-70

• 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) The Secretary of State may amend, modify, vacate, and expunge orders and may make, amend and rescind rules and forms as are necessary to carry out the provisions of this Law including rules and forms governing disclosure documents, applications and reports, and defining any terms, whether or not used in this Law insofar as the definitions are not inconsistent with the provisions of this Law. For the purpose of rules and forms, the Secretary of State may classify business opportunities, persons, and matters within his or her jurisdiction, and prescribe different requirements for different classes. (b) No rule, form, or order may be made, amended, or rescinded unless the Secretary of State finds that the action is necessary or appropriate in the public interest or for the protection of the purchaser. In prescribing rules and forms the Secretary of State may cooperate with the administrators of other jurisdictions with a view to effectuating the policy of this Law to achieve maximum uniformity in the form and content of disclosure statements, applications, and reports whenever practicable. (c) No provision of this Law imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, or order of the Secretary of State, notwithstanding that the rule, form, or order may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.

Legislative History

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