91st General Assembly
Summary of SB0749
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House Sponsors:

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.             
        SENATE 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.                              
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          815 ILCS 307/10-25                                                   
        Deletes everything.  Amends the Illinois Business Brokers Act  of      
   1995.    Makes  the  same  amendatory  changes  as the engrossed bill,      
   except: (1) adds requirement that the Secretary of  State  impose  and      
   collect  fees  for filing a notice of lien with the Secretary of State      
   under the Act; (2) changes provisions concerning attachment of a lien,      
   and provides that a lien does not attach unless and until the business      
   broker is otherwise entitled to a fee or commission  under  a  written      
   contract and files a notice of lien; and (3) makes other changes.           
Last action on Bill: PUBLIC ACT.............................. 91-0534

   Last action date: 99-08-13

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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