BUS BROKRS-LIENS-REAL PROPERTY
Synopsis of Bill as introduced:
Amends the Illinois Business Brokers Act of 1995. In provisions
requiring a plaintiff suing to enforce a business broker lien to name
as defendants all persons whom the plaintiff has knowledge are
interested parties, provides that the knowledge be actual or
constructive knowledge. In provisions authorizing the imposition of
liens on the proceeds of a sale of a business for amounts due a
business broker, provides that no lien shall attach to any real
property asset of a business until a notice of lien is filed with the
recorder of the county in which the real property asset is located.
Provides that a copy of that notice of lien shall be filed with the
Secretary of State and requires the Secretary of State to collect a
fee for the filing. Effective immediately.
FISCAL NOTE (Secretary of State)
This legislation will have no fiscal impact on this Department.
Last action on Bill: PUBLIC ACT.............................. 91-0194
Last action date: 99-07-20
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status