TITLE 14: COMMERCE
SUBTITLE A: REGULATION OF BUSINESS
CHAPTER I: SECRETARY OF STATE
PART 140 REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995
SECTION 140.301 PURPOSE OF DISCLOSURE; SUBSTANTIAL COMPLIANCE
Section 140.301 Purpose of Disclosure; Substantial Compliance
a) The Secretary of State has determined that the disclosure statement and waiting period requirements of the Act should be interpreted and enforced so as to further the objective of the Act. That objective is to ensure that clients and proposed clients of business brokers have full disclosure of the material terms in the business broker's contract with the client, have an opportunity to review those terms and, at the client's request, have an attorney review the contract.
b) Where a business broker has reasonably tried to comply with the provisions of this Part, such broker shall be deemed to have complied with Section 10-30 of the Act if the client or proposed client has been provided with all material information required by this Part and has had a reasonable opportunity to review and consider the information, to review the business broker's contract, and to have the business broker's contract reviewed by an attorney.
c) The Secretary of State recommends that business brokers have each client or proposed client sign and date an acknowledgment of receipt when the disclosure statement is provided to clients and proposed clients.