Section 140.1152  Procedures to Terminate a Notice of Lien Prior to the Two Year Expiration

a)         A business broker may terminate a Notice of Lien that was filed prior to January 1, 2001 with the Securities Department or after January 1, 2001 with the Uniform Commercial Code Division prior to the two year termination by filing Form UCC 3 with the Uniform Commercial Code Division.  This form must contain the following information:

1)         Name of business broker and business broker file number;

2)         Name of purchaser;

3)         Name of seller;

4)         Name of business;

5)         Date Notice of Lien was filed with the Illinois Securities Department or Uniform Commercial Code Division; and

6)         Reason for release and date of such occurrence.

b)         The form shall be signed by the business broker or a person authorized to sign on the behalf of the business broker.

(Source:  Amended at 25 Ill. Reg. 1779, effective January 10, 2001)