(815 ILCS 602/5-130)
(a) No action shall be maintained under Section 5-120 of this
Law unless commenced before 3 years after the act or transaction
constituting the violation.
(a-5) No administrative action shall be brought by the Secretary of State
this Law after the earlier to occur of (i) 3 years from the date upon which the
Secretary of State had notice of facts which in the exercise of reasonable
would lead to actual knowledge of the alleged violation of the Act, or (ii) 5
from the date on which the alleged violation occurred.
(b) The rights and remedies under this Law are in addition to any
other rights or remedies that may exist at law or in equity.
(c) Any condition, stipulation or provision binding any
purchaser of a business opportunity to waive compliance with or
relieving a person from any duty or liability imposed by or any
right provided by this Law or any rule, regulation or order
issued pursuant to this Law is void.
(Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)