House Sponsors: WAIT-SCOTT. Short description: BUSINESS BROKER LIENS Synopsis of Bill as introduced: Amends the Illinois Business Brokers Act of 1995. Makes the Act applicable when the person engaged or sought to be engaged as (now, by) the business broker is domiciled in Illinois. Provides that a business broker lien is enforceable only against tangible property located in this State. Requires that a notice of lien be filed with the Secretary of State, as to personal property, and with the recorder of the county in which the property is located, as to real property (now, all notices of lien must be filed with the Secretary of State). Makes other changes concerning business broker liens. STATE MANDATES NOTE (Dept. of Commerce and Community Affairs) Does not create a State mandate. FISCAL NOTE (Secretary of State) There would be no fiscal impact to the SoS. HOUSE AMENDMENT NO. 1. Provides that the Illinois Business Brokers Act of 1995 applies only when the person engaging or seeking to engage the business broker (rather than the person engaged or sought to be engaged as the business broker) is domiciled in this State. Provides that it is the purchaser's or seller's assets "of the business" against which a lien must be filed in provisions concerning a release or satisfaction of the lien. Provides that a prior recorded lien having priority over a broker's lien includes a prior recorded lien perfected under the Uniform Commercial Code. Makes other changes. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status