Ill. Admin. Code tit. 14, § 135.501 – Report of Sale Requirements | Midpage
§ 135.501
Ill. Admin. Code tit. 14, § 135.501
Report of Sale Requirements
AUTHORITY: Implementing and authorized by the Business Opportunity Sales Law of 1995 [815 ILCS 602].SECRETARY OF STATE
a) Report of sale subject to seller's guarantee. Sellers who or which make use of the representation provided in Section 5-5.10(a)(4) of the Act that the purchaser will derive income from the business which exceeds the price paid to the seller, and who or which post a surety bond in lieu of the net worth requirement, shall file reports of all sales in this State within ten business days after consummation of the sale.
b) Consummation of sale, for the purpose of subsection (a) of this Section, shall include, without limitation:
1) the execution of a contract of sale which binds the purchaser; or
2) the payment of the purchase price by the agreed upon method of payment.