(625 ILCS 5/5-504)
(from Ch. 95 1/2, par. 5-504)
Effect of revoked or denied license - Notification to prospective
buyers - Rescinding of contracts. (a) No license shall be issued to any
person to conduct the business of a new vehicle
dealer, used vehicle
dealer, scrap processor, automotive parts
recycler, repairer, or
rebuilder at a location or at property at which that person or any other
person had his license as a new vehicle dealer, used
scrap processor, automotive parts recycler, repairer, or rebuilder revoked or denied
after a revocation or pending revocation within 2
months after such revocation or denial.
(b) A licensee who has been notified by the Secretary of State that the
Secretary of State may take action to revoke the dealer's license or
licenses of that licensee shall inform in writing any prospective buyer of
his business of such possible action by the Secretary of State.
(c) If any person purchases or contracts to purchase a business
required to be licensed by Section 5-101, 5-102, 5-201 or 5-301 without
being informed in writing by the prior owner or owners that, at the time of
the sale or making of contract to purchase, the prior owner or owners had
been informed by the Secretary of State that the Secretary of State may be
taking action to revoke the license or licenses of the prior owner or
owners, the person who has purchased or contracted to purchase such
business may, within one year after being informed that his application for
a dealer's license at that location had been denied due to the revocation
of the license or licenses of any prior owner or owners, rescind the
purchase or contract to purchase such business or the property, both real
and otherwise, at which the business is located.
(d) Notwithstanding the provisions of subsection (a) of this Section,
the Secretary of State may issue a license to a person applying for a
license as a new vehicle dealer, used vehicle dealer, scrap processor,
automotive parts recycler, repairer or rebuilder if the Secretary of State,
solely in his discretion, determines that a denial of the license under the
circumstances would place extreme undue hardship upon the applicant.
No license shall be issued under this subsection to a person who is a
spouse, offspring, sibling, parent, grandparent, grandchild, uncle or aunt,
nephew or niece, cousin or in-law of the person whose license to do
business at that location had been revoked or denied nor to a person who
was an officer or employee of the business firm in relation to which the
license was revoked or denied.
Notwithstanding the provisions of subsection (e) of Section 2-118 of
this Code, the venue for judicial review of final acts or decisions under
this subsection shall be the Circuit Court of Sangamon County.
(Source: P.A. 84-1302; 84-1304.)