(815 ILCS 307/10-75)
Account numbers; retention and maintenance of records.
(a) Each business broker agreement shall be given an
account number and all instruments executed in connection with
that agreement must bear this number, except as provided in Section 10-35 of
this Act. Each business broker
shall keep and maintain the following records or their
(1) A business agreement register that consists of a
chronological listing of all business broker agreements that have been entered into. For each business broker agreement the register shall contain the following:
(A) The account number.
(B) The date of the agreement.
(C) The name of the client.
(D) The amount of any fees charged.
(E) The cost and type of any insurance
(2) A record for each client shall contain the
(A) The name and address of the client.
(B) A copy of the signed business broker
(C) A copy of any other papers or instruments
used in connection with the business broker agreement and signed by the client, including a copy of the disclosure document required by Section 10-30 of this Act, that contains an acknowledged receipt by the client.
(D) The amount of the business broker's fee that
the client has paid. If there is an unpaid balance, the status of any collection efforts.
(3) All receipts from or for the account of clients
and all disbursements to or for the account of clients, recorded so that the transactions are readily identifiable.
(5) A copy of:
(A) All advertisements, pamphlets, circulars,
letters, articles or communications published in any newspaper, magazine or periodical.
(B) Scripts of any recording, radio or television
(C) Any sales kits or literature to be used in
(b) The records listed in subsection (a) of this
Section shall be kept for a period of 6 years in the
business broker's principal office and must be separate or
readily identifiable from the records of any other business
that is conducted in the office of the business broker.
After a period of 2 years, a copy of this information may be retained on
magnetic, digital, or other electronic medium in a form that may be readily
(c) The records listed in subsection (a) of this Section need not be kept
for a client where no fee, expense reimbursement, retainer, or other charge was
incurred and no transaction was consummated.
(Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)