Illinois § 5-95 Fraudulent and prohibited practices

Illinois Statutes

§ 5-95 — Fraudulent and prohibited practices

Illinois § 5-95

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 815BUSINESS TRANSACTIONS

Act 815 ILCS 602/Business Opportunity Sales Law of 1995.

Art.Article 5 -

This text of Illinois § 5-95 (Fraudulent and prohibited practices) 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. 5-95 (2026).

Text

(a)It is unlawful for any person, in connection with the offer or sale of any business opportunity in this State or any offer or sale pursuant to the exemptions granted under subdivisions 5-10(a), (c), (d), or (h), directly or indirectly:

(1)to employ any device, scheme or artifice to defraud;

(2)to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or (3) to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person.

(b)No person shall, either directly or indirectly, do any of the following:

(1)offer or sell any business opportunity without registration under this Act unle

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(a) It is unlawful for any person, in connection with the offer or sale of any business opportunity in this State or any offer or sale pursuant to the exemptions granted under subdivisions 5-10(a), (c), (d), or (h), directly or indirectly: (1) to employ any device, scheme or artifice to defraud; (2) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or (3) to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person. (b) No person shall, either directly or indirectly, do any of the following: (1) offer or sell any business opportunity without registration under this Act unless the person offering or selling the opportunity is 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 any rules adopted by the Secretary of State; or (3) fail to keep or maintain any records as is required under the provisions of this Act or any rule adopted by the Secretary of State pursuant to this Act.