(815 ILCS 602/5-95)
Fraudulent and prohibited practices.
(a) It is unlawful for any
person, in connection with the offer or sale of any business
opportunity in this State
or any offer or sale pursuant to the exemptions granted under subdivisions
5-10(a), (c), (d), or (h), directly or indirectly:
(1) to employ any device, scheme or artifice to
(2) to make any untrue statement of a material fact
or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(3) to engage in any act, practice or course of
business which operates or would operate as a fraud or deceit upon any person.
(b) No person shall, either directly or indirectly, do any of the
(1) offer or sell any business opportunity without
registration under this Act unless the person offering or selling the opportunity is exempt under the Act;
(2) fail to file with the Secretary of State any
application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act or fail to comply with the terms of any order issued pursuant to this Act or any rules adopted by the Secretary of State; or
(3) fail to keep or maintain any records as is
required under the provisions of this Act or any rule adopted by the Secretary of State pursuant to this Act.
(Source: P.A. 92-308, eff. 1-1-02.)