(815 ILCS 307/10-30)
Disclosure document to be provided by
(a) A business broker must provide a written disclosure document that
meets the requirements set forth in subsection (b) of this Section to a client
at the time or before the client signs a contract for the services of a
or at the time or before the business broker receives any consideration upon
contract. Any person who signs a contract for the services of a business
broker shall have 7 days from the date of signing of the contract to
rescind the contract and receive a refund of all payments, if any, made by that
(b) A written disclosure document shall contain the
(1) A disclosure statement which shall be the cover
sheet and shall be entitled, in at least 10-point boldface capital letters "DISCLOSURES REQUIRED BY LAW". Under this title shall appear the statement, in at least 10 point type that "THE SECRETARY OF STATE HAS NOT REVIEWED AND DOES NOT APPROVE, RECOMMEND, ENDORSE, OR SPONSOR ANY BUSINESS BROKERAGE CONTRACT. THE INFORMATION CONTAINED IN THIS DISCLOSURE HAS NOT BEEN VERIFIED BY THE SECRETARY OF STATE. IF YOU HAVE ANY QUESTIONS, SEE AN ATTORNEY BEFORE YOU SIGN A CONTRACT OR AGREEMENT." Nothing except the title and the required statement shall appear on the cover sheet, except that the name of the business broker, address, telephone number, facsimile number, and any other information as authorized by the Secretary of State by rule may appear on the cover sheet.
(2) The name and form of organization of the business
broker, the names under which the business broker has done or is doing business, and the name of any parent organization or affiliate of the business broker.
(3) The names, addresses, and titles of the business
broker's officers, directors, trustees, general partners, general managers, principal executives, and any other person performing similar duties.
(4) A full and detailed description of the actual
services that the business broker undertakes to perform for the client.
(5) A specific statement of the circumstances under
which the business broker will be entitled to obtain or retain consideration from the party with whom the business broker contracts.
(6) Any other information the Secretary of State may
require by rule or regulation.
(c) A business broker shall amend the disclosure
document required by subsection (b) of this Section
whenever necessary to prevent it from containing any false
or misleading statement of a material fact and shall
deliver a copy of the amended disclosure document to the
Secretary of State on or before the date of the amendment.
(d) The information in subdivisions (b)(4) and (b)(5) of this Section need
not be set out on the disclosure document if the business broker's contract
contains the information required in subdivisions (b)(4) and (b)(5) of this
Section and is provided with the disclosure document.
(Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)