(625 ILCS 5/5-700) (from Ch. 95 1/2, par. 5-700)
Sec. 5-700.
Definitions.
For the purposes of this Article, the following
phrases have the meanings ascribed to them in this Section:
Place of business for a vehicle auctioneer. This means the place owned
and regularly occupied by a vehicle auctioneer licensee, within or without
the State, for the primary and principal purpose of keeping and maintaining
the books and records required for the conduct of business, with the personnel
available during normal business hours or an automatic telephone answering
service during normal business hours. The additional place of business means
that place within the State where the auction is held, which place of business
shall contain the books and records required for said auction with personnel
available during normal business hours. The Secretary of State shall be
notified of the additional place of business at least 10 days before the
auction.
Auctioning vehicles. This means arranging for and handling the sale of
vehicles, not the property of the auctioneer, by auction
to the highest bidder.
(Source: P.A. 89-663, eff. 8-14-96.)
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