Illinois General Assembly - Full Text of SB1285
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Full Text of SB1285  96th General Assembly



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1     AN ACT concerning business.
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4     Section 5. The General Not For Profit Corporation Act of
5 1986 is amended by changing Section 107.50 as follows:
6     (805 ILCS 105/107.50)  (from Ch. 32, par. 107.50)
7     Sec. 107.50. Proxies. A member entitled to vote may vote in
8 person or, unless the articles of incorporation or the bylaws
9 otherwise provide, by proxy executed in writing by the member
10 or by that member's duly authorized attorney-in-fact. No proxy
11 shall be valid after 11 months from the date of its execution,
12 unless otherwise provided in the proxy. Where directors, or
13 officers, or representatives are to be elected by members, the
14 bylaws may provide that such elections may be conducted by
15 mail, email, or other electronic means.
16 (Source: P.A. 84-1423.)
17     Section 10. The Illinois Business Brokers Act of 1995 is
18 amended by changing Section 10-80 as follows:
19     (815 ILCS 307/10-80)
20     Sec. 10-80. Persons exempt from registration and other
21 duties under law; burden of proof thereof.



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1     (a) The following persons are exempt from the requirements
2 of this Act:
3         (1) Any attorney who is licensed to practice in this
4     State, while engaged in the practice of law and whose
5     service in relation to the business broker transaction is
6     incidental to the attorney's practice.
7         (2) Any person licensed as a real estate broker or
8     salesperson under the Illinois Real Estate License Act of
9     2000 who is primarily engaged in business activities for
10     which a license is required under that Act and who, on an
11     incidental basis, acts as a business broker.
12         (3) Any dealer, salesperson, or investment adviser
13     registered pursuant to the Illinois Securities Law of 1953
14     or any investment adviser representative, or any person who
15     is regularly engaged in the business of offering or selling
16     securities in a transaction exempted under subsection C, H,
17     M, R, Q, or S of Section 4 of the Illinois Securities Law
18     of 1953 or subsection G of Section 4 of the Illinois
19     Securities Law of 1953 provided that such person is
20     registered pursuant to federal securities law.
21         (4) An associated person described in subdivision
22     (h)(2) of Section 15 of the Federal 1934 Act.
23         (5) An investment adviser registered pursuant to
24     Section 203 of the Federal 1940 Investment Advisors Act.
25         (6) A person described in subdivision (a)(11) of
26     Section 202 of the Federal 1940 Investment Advisors Act.



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1         (7) Any person who is selling a business owned or
2     operated (in whole or in part) by that person in a one time
3     transaction.
4     (b) This Act shall not be deemed to apply in any manner,
5 directly or indirectly, to: (i) a State bank or national bank,
6 as those terms are defined in the Illinois Banking Act, or any
7 subsidiary of a State bank or national bank; (ii) a bank
8 holding company, as that term is defined in the Illinois Bank
9 Holding Company Act of 1957, or any subsidiary of a bank
10 holding company; (iii) a foreign banking corporation, as that
11 term is defined in the Foreign Banking Office Act, or any
12 subsidiary of a foreign banking corporation; (iv) a
13 representative office, as that term is defined in the Foreign
14 Bank Representative Office Act; (v) a corporate fiduciary, as
15 that term is defined in the Corporate Fiduciary Act, or any
16 subsidiary of a corporate fiduciary; (vi) a savings bank
17 organized under the Savings Bank Act, or a federal savings bank
18 organized under federal law, or any subsidiary of a savings
19 bank or federal savings bank; (vii) a savings bank holding
20 company organized under the Savings Bank Act, or any subsidiary
21 of a savings bank holding company; (viii) an association or
22 federal association, as those terms are defined in the Illinois
23 Savings and Loan Act of 1985, or any subsidiary of an
24 association or federal association; (ix) a foreign savings and
25 loan association or foreign savings bank subject to the
26 Illinois Savings and Loan Act of 1985, or any subsidiary of a



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1 foreign savings and loan association or foreign savings bank;
2 or (x) a savings and loan association holding company, as that
3 term is defined in the Illinois Savings and Loan Act of 1985,
4 or any subsidiary of a savings and loan association holding
5 company.
6     (b-1) Any franchise seller as defined in the Federal Trade
7 Commission rule entitled Disclosure Requirements and
8 Prohibitions Concerning Franchising, 16 C.F.R. Part 436, as it
9 may be amended, is exempt from the requirements of this Act.
10 Persons registered under the Illinois Franchise Disclosure Act
11 of 1987 (and their employees) are exempt from the requirements
12 of this Act as to: offers and sales in connection with
13 franchising activities; or assisting any of their franchisees
14 in the offer or sale of a franchise by any such franchisee for
15 the franchisee's own account regardless of whether the sale is
16 effected by or through the registered persons.
17     (b-2) Any certified public accountant licensed to practice
18 in Illinois, while engaged in the practice as a certified
19 public accountant and whose service in relation to the business
20 broker transaction is incidental to his or her practice, is
21 exempt from the requirements of this Act.
22     (b-3) Any publisher, or regular employee of such publisher,
23 of a bona fide newspaper or news magazine of regular and
24 established paid circulation who, in the routine course of
25 selling advertising, advertises businesses for sale and in
26 which no other related services are provided is exempt from the



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1 requirements of this Act.
2     (c) The burden of proof of any exemption or classification
3 provided in this Act shall be on the party claiming the
4 exemption or classification.
5 (Source: P.A. 90-70, eff. 7-8-97; 91-245, eff. 12-31-99.)
6     Section 15. The Business Opportunity Sales Law of 1995 is
7 amended by changing Sections 5-10, 5-30 and 5-35 as follows:
8     (815 ILCS 602/5-10)
9     Sec. 5-10. Exemptions. Registration pursuant to Section
10 5-30 shall not apply to any of the following:
11     (a) Any offer or sale of a business opportunity for which
12 the immediate cash payment made by the purchaser for any
13 business opportunity is at least $25,000 if the immediate cash
14 payment does not exceed 20% of the purchaser's net worth as
15 determined exclusive of principal residence, furnishings
16 therein, and automobiles; provided, however, the Secretary of
17 State may by rule or regulation withdraw or further condition
18 the availability of this exemption.
19     (b) Any offer or sale of a business opportunity which the
20 seller does not advertise, solicit, or sell for an initial
21 payment to the seller or a person recommended by the seller
22 exceeding $500.
23     (c) Any offer or sale of a business opportunity where the
24 seller has a net worth of not less than $1,000,000 as



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1 determined on the basis of the seller's most recent audited
2 financial statement, prepared within 13 months of the first
3 offer in this State. Net worth may be determined on a
4 consolidated basis where the seller is at least 80% owned by
5 one person and that person expressly guarantees the obligations
6 of the seller with regard to the offer or sale of any business
7 opportunity claimed to be exempt under this subsection. The
8 Secretary of State may by rule or regulation withdraw or
9 further condition the availability of this exemption.
10     (d) Any offer or sale of a business opportunity where the
11 purchaser has a net worth of not less than $250,000. Net worth
12 shall be determined exclusive of principal residence,
13 furnishings therein, and automobiles. The Secretary of State
14 may by rule or regulation withdraw or further condition the
15 availability of this exemption.
16     (e) Any offer or sale of a business opportunity where the
17 purchaser is a bank, savings and loan association, trust
18 company, insurance company, credit union, or investment
19 company as defined by the federal Investment Company Act of
20 1940, pension or profit sharing trust, or other financial
21 institution or institutional buyer, or a dealer registered
22 under the Illinois Securities Law of 1953, where the purchaser
23 is acting for itself or in a fiduciary capacity.
24     (f) Any offer or sale of a business opportunity which is
25 defined as a franchise under the Franchise Disclosure Act of
26 1987 provided that the seller delivers to each purchaser 14 at



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1 the earlier of the first personal meeting, or 10 business days
2 prior to the earlier of the execution by a purchaser of any
3 contract or agreement imposing a binding legal obligation on
4 the purchaser or the payment by a purchaser of any
5 consideration in connection with the offer or sale of the
6 business opportunity, a disclosure document prepared in
7 accordance with the requirements of Section 16 of the Illinois
8 Franchise Disclosure Act of 1987, as it may be amended. one of
9 the following disclosure documents:
10         (1) The Franchise Offering Circular provided for under
11     the Franchise Disclosure Act of 1987 which the Secretary of
12     State may adopt by rule or regulation; or
13         (2) A disclosure document prepared pursuant to the
14     Federal Trade Commission rule entitled Disclosure
15     Requirements and Prohibitions Concerning Franchising and
16     Business Opportunity Ventures, 16 C.F.R. Sec. 436 (1979).
17     For the purposes of this subsection, a personal meeting
18     shall mean a face-to-face meeting between the purchaser and
19     the seller or their representatives, which is held for the
20     purpose of discussing the offer or sale of a business
21     opportunity.
22     (g) Any offer or sale of a business opportunity for which
23 the cash payment required to be made by a purchaser for any
24 business opportunity does not exceed $500 and the payment is
25 made for the not-for-profit sale of sales demonstration
26 equipment, material, or samples or the payment is made for



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1 product inventory sold to the purchaser at a bona fide
2 wholesale price.
3     (h) Any offer or sale of a business opportunity which the
4 Secretary of State exempts by order or a class of business
5 opportunities which the Secretary of State exempts by rule or
6 regulation upon the finding that such exemption would not be
7 contrary to public interest and that registration would not be
8 necessary or appropriate for the protection of purchasers.
9 (Source: P.A. 91-809, eff. 1-1-01.)
10     (815 ILCS 602/5-30)
11     Sec. 5-30. Registration.
12     (a) In order to register a business opportunity, the seller
13 shall file with the Secretary of State one of the following
14 disclosure documents with the appropriate cover sheet as
15 required by subsection (b) of Section 5-35 of this Law, a
16 consent to service of process as specified in subsection (b) of
17 this Section, and the appropriate fee as required by subsection
18 (c) of this Section which is not returnable in any event:
19         (1) The Business Opportunity Disclosure Document
20     Franchise Offering Circular which the Secretary of State
21     may prescribe by rule or regulation; or
22         (2) A disclosure document prepared pursuant to the
23     Federal Trade Commission rule entitled Disclosure
24     Requirements and Prohibitions Concerning Franchising, 16
25     C.F.R. Part 436, or the Federal Trade Commission rule



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1     entitled Disclosure Requirements and Prohibitions
2     Concerning Business Opportunities, 16 C.F.R. Part 437, as
3     they may be amended and Business Opportunity Venture, 16
4     C.F.R. Sec. 436 (1979). The Secretary of State may by rule
5     or regulation adopt any amendment to the disclosure
6     document prepared pursuant to 16 C.F.R. Sec. 436 (1979),
7     that has been adopted by the Federal Trade Commission; or
8         (3) A disclosure document prepared pursuant to
9     subsection (b) of Section 5-35 of this Law.
10     (b) Every seller shall file, in the form as the Secretary
11 of State may prescribe, an irrevocable consent appointing the
12 Secretary of State or the successor in office to be the
13 seller's attorney to receive service of any lawful process in
14 any noncriminal suit, action or proceeding against the seller
15 or the seller's successor, executor or administrator which
16 arises under this Law after the consent has been filed, with
17 the same force and validity as if served personally on the
18 person filing the consent. Service may be made by delivering a
19 copy of the process in the office of the Secretary of State,
20 but is not effective unless the plaintiff or petitioner in a
21 suit, action or proceeding, forthwith sends notice of the
22 service and a copy of the process by registered or certified
23 mail, return receipt requested, to the defendant's or
24 respondent's most current address on file with the Secretary of
25 State, and the plaintiff's affidavit of compliance with this
26 subsection is filed in the case on or before the return date of



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1 the process, if any, or within such further time as the court
2 allows.
3     (c)(1) The Secretary of State shall by rule or regulation
4     impose and shall collect fees necessary for the
5     administration of this Law including, but not limited to,
6     fees for the following purposes:
7             (A) filing a disclosure document and renewal fee;
8             (B) interpretive opinion fee;
9             (C) acceptance of service of process pursuant to
10         subsection (b) of Section 5-145;
11             (D) issuance of certification pursuant to Section
12         5-20; or
13             (E) late registration fee pursuant to Section
14         5-30(g).
15         (2) The Secretary of State may, by rule or regulation,
16     raise or lower any fee imposed by, and which he or she is
17     authorized by law to collect under this Law.
18     (d) A registration automatically becomes effective upon
19 the expiration of the 10th full business day after a complete
20 filing, provided that no order has been issued or proceeding
21 pending under Section 5-45 of this Law. The Secretary of State
22 may by order waive or reduce the time period prior to
23 effectiveness, provided that a complete filing has been made.
24 The Secretary of State may by order defer the effective date
25 until the expiration of the 10th full business day after the
26 filing of any amendment.



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1     (e) The registration is effective for one year commencing
2 on the date of effectiveness and may be renewed annually upon
3 the filing of a current disclosure document accompanied by any
4 documents or information that the Secretary of State may by
5 rule or regulation or order require. The annual renewal fee
6 shall be in the same amount as the initial registration fee as
7 established under subsection (c) of Section 5-30 of this Law
8 which shall not be returnable in any event. Failure to renew
9 upon the close of the one year period of effectiveness will
10 result in expiration of the registration. The Secretary of
11 State may by rule or regulation or order require the filing of
12 a sales report.
13     (f) The Secretary of State may by rule or regulation or
14 order require the filing of all proposed literature or
15 advertising prior to its use.
16     (g) Notwithstanding the foregoing, applications for
17 renewal of registration of business opportunities may be filed
18 within 30 days following the expiration of the registration
19 provided that the applicant pays the annual registration fee
20 together with an additional amount equal to the annual
21 registration fee and files any other information or documents
22 that the Secretary of State may prescribe by rule or order. Any
23 application filed within 30 days following the expiration of
24 the registration shall be automatically effective as of the
25 time of the earlier expiration provided that the proper fee has
26 been paid to the Secretary of State.



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1 (Source: P.A. 92-308, eff. 1-1-02.)
2     (815 ILCS 602/5-35)
3     Sec. 5-35. Disclosure requirements.
4     (a) It shall be unlawful for any person to offer or, sell
5 any business opportunity required to be registered under this
6 Law unless a written disclosure document as filed under
7 subsection (a) of Section 5-30 of this Law is delivered to each
8 purchaser at least 14 10 business days prior to the execution
9 by a purchaser of any contract or agreement imposing a binding
10 legal obligation on the purchaser or the payment by a purchaser
11 of any consideration in connection with the offer or sale of
12 the business opportunity.
13     (b) The disclosure document shall have a cover sheet which
14 is entitled, in at least 10-point bold type, "DISCLOSURE
15 REQUIRED BY THE STATE OF ILLINOIS." Under the title shall
16 appear the statement in at least 10-point bold type that "THE



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1 principal business address, along with the date of the
2 disclosure document shall also be provided on the cover sheet.
3 No other information shall appear on the cover sheet. The
4 disclosure document shall contain the following information
5 unless the seller uses a disclosure document as provided in
6 paragraph (1) or (2) of subsection (a) of Section 5-30 of this
7 Law:
8         (1) The names and residential addresses of those
9     salespersons who will engage in the offer or sale of the
10     business opportunity in this State.
11         (2) The name of the seller, whether the seller is doing
12     business as an individual, partnership or corporation; the
13     names under which the seller has conducted, is conducting
14     or intends to conduct business; and the name of any parent
15     or affiliated company that will engage in business
16     transactions with purchasers or which will take
17     responsibility for statements made by the seller.
18         (3) The names, addresses and titles of the seller's
19     officers, directors, trustees, general managers, principal
20     executives, agents, and any other persons charged with
21     responsibility for the seller's business activities
22     relating to the sale of the business opportunity.
23         (4) Prior business experience of the seller relating to
24     business opportunities including:
25             (A) The name, address, and a description of any
26         business opportunity previously offered by the seller;



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1             (B) The length of time the seller has offered each
2         such business opportunity; and
3             (C) The length of time the seller has conducted the
4         business opportunity currently being offered to the
5         purchaser.
6         (5) With respect to persons identified in item (3) of
7     this subsection:
8             (A) A description of the persons' business
9         experience for the 10 year period preceding the filing
10         date of this disclosure document. The description of
11         business experience shall list principal occupations
12         and employers; and
13             (B) A listing of the persons' educational and
14         professional backgrounds including, the names of
15         schools attended and degrees received, and any other
16         information that will demonstrate sufficient knowledge
17         and experience to perform the services proposed.
18         (6) Whether the seller or any person identified in item
19     (3) of this subsection:
20             (A) Has been convicted of any felony, or pleaded
21         nolo contendere to a felony charge, or has been the
22         subject of any criminal, civil or administrative
23         proceedings alleging the violation of any business
24         opportunity law, securities law, commodities law,
25         franchise law, fraud or deceit, embezzlement,
26         fraudulent conversion, restraint of trade, unfair or



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1         deceptive practices, misappropriation of property or
2         comparable allegations;
3             (B) Has filed in bankruptcy, been adjudged
4         bankrupt, been reorganized due to insolvency, or was an
5         owner, principal officer or general partner or any
6         other person that has so filed or was so adjudged or
7         reorganized during or within the last 7 years.
8         (7) The name of the person identified in item (6) of
9     this subsection, nature of and parties to the action or
10     proceeding, court or other forum, date of the institution
11     of the action, docket references to the action, current
12     status of the action or proceeding, terms and conditions or
13     any order or decree, the penalties or damages assessed and
14     terms of settlement.
15         (8) The initial payment required, or when the exact
16     amount cannot be determined, a detailed estimate of the
17     amount of the initial payment to be made to the seller.
18         (9) A detailed description of the actual services the
19     seller agrees to perform for the purchaser.
20         (10) A detailed description of any training the seller
21     agrees to provide for the purchaser.
22         (11) A detailed description of services the seller
23     agrees to perform in connection with the placement of
24     equipment, products or supplies at a location, as well as
25     any agreement necessary in order to locate or operate
26     equipment, products or supplies on a premises neither owned



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1     nor leased by the purchaser or seller.
2         (12) A detailed description of any license or permit
3     that will be necessary in order for the purchaser to engage
4     in or operate the business opportunity.
5         (13) The business opportunity seller that is required
6     to secure a bond under Section 5-50 of this Law, shall
7     state in the disclosure document "As required by the State
8     of Illinois, the seller has secured a bond issued by
9     (insert name and address of surety company), a surety
10     company, authorized to do business in this State. Before
11     signing a contract or agreement to purchase this business
12     opportunity, you should check with the surety company to
13     determine the bond's current status.".
14         (14) Any representations made by the seller to the
15     purchaser concerning sales or earnings that may be made
16     from this business opportunity, including, but not limited
17     to:
18             (A) The bases or assumptions for any actual,
19         average, projected or forecasted sales, profits,
20         income or earnings;
21             (B) The total number of purchasers who, within a
22         period of 3 years of the date of the disclosure
23         document, purchased a business opportunity involving
24         the product, equipment, supplies or services being
25         offered to the purchaser; and
26             (C) The total number of purchasers who, within 3



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1         years of the date of the disclosure document, purchased
2         a business opportunity involving the product,
3         equipment, supplies or services being offered to the
4         purchaser who, to the seller's knowledge, have
5         actually received earnings in the amount or range
6         specified.
7         (15) Any seller who makes a guarantee to a purchaser
8     shall give a detailed description of the elements of the
9     guarantee. Such description shall include, but shall not be
10     limited to, the duration, terms, scope, conditions and
11     limitations of the guarantee.
12         (16) A statement of:
13             (A) The total number of business opportunities
14         that are the same or similar in nature to those that
15         have been sold or organized by the seller;
16             (B) The names and addresses of purchasers who have
17         requested a refund or rescission from the seller within
18         the last 12 months and the number of those who have
19         received the refund or rescission; and
20             (C) The total number of business opportunities the
21         seller intends to sell in this State within the next 12
22         months.
23         (17) A statement describing any contractual
24     restrictions, prohibitions or limitations on the
25     purchaser's conduct. Attach a copy of all business
26     opportunity and other contracts or agreements proposed for



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1     use or in use in this State including, without limitation,
2     all lease agreements, option agreements, and purchase
3     agreements.
4         (18) The rights and obligations of the seller and the
5     purchaser regarding termination of the business
6     opportunity contract or agreement.
7         (19) A statement accurately describing the grounds
8     upon which the purchaser may initiate legal action to
9     terminate the business opportunity contract or agreement.
10         (20) A copy of the most recent audited financial
11     statement of the seller, prepared within 13 months of the
12     first offer in this State, together with a statement of any
13     material changes in the financial condition of the seller
14     from that date. The Secretary of State may accept the
15     filing of a reviewed financial statement in lieu of an
16     audited financial statement.
17         (21) A list of the states in which this business
18     opportunity is registered.
19         (22) A list of the states in which this disclosure
20     document is on file.
21         (23) A list of the states which have denied, suspended
22     or revoked the registration of this business opportunity.
23         (24) A section entitled "Risk Factors" containing a
24     series of short concise statements summarizing the
25     principal factors which make this business opportunity a
26     high risk or one of a speculative nature. Each statement



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1     shall include a cross-reference to the page on which
2     further information regarding that risk factor can be found
3     in the disclosure document.
4         (25) Any additional information as the Secretary of
5     State may require by rule, regulation, or order.
6 (Source: P.A. 92-308, eff. 1-1-02.)
7     Section 20. The Franchise Disclosure Act of 1987 is amended
8 by changing Sections 3, 7, 8, 10, 11, 15, 16, 21, 22, 26, 29,
9 31, and 40 as follows:
10     (815 ILCS 705/3)  (from Ch. 121 1/2, par. 1703)
11     Sec. 3. Definitions. As used in this Act:
12     (1) "Franchise" means a contract or agreement, either
13 expressed or implied, whether oral or written, between two or
14 more persons by which:
15         (a) a franchisee is granted the right to engage in the
16     business of offering, selling, or distributing goods or
17     services, under a marketing plan or system prescribed or
18     suggested in substantial part by a franchisor; and
19         (b) the operation of the franchisee's business
20     pursuant to such plan or system is substantially associated
21     with the franchisor's trademark, service mark, trade name,
22     logotype, advertising, or other commercial symbol
23     designating the franchisor or its affiliate; and
24         (c) the person granted the right to engage in such



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1     business is required to pay to the franchisor or an
2     affiliate of the franchisor, directly or indirectly, a
3     franchise fee of $500 or more;
4     Provided that this Act shall not apply to any of the
5 following persons, entities or relationships which may involve
6 or acquire a franchise or any interest in a franchise:
7             (i) any franchised business which is operated by
8         the franchisee on the premises of the franchisor or
9         subfranchisor as long as such franchised business is
10         incidental to the business conducted by the franchisor
11         or subfranchisor at such premises, including, without
12         limitation, leased departments and concessions; or
13             (ii) a fractional franchise. A "fractional
14         franchise" means any relationship in which the person
15         described therein as a franchisee, or any of the
16         current directors or executive officers thereof, has
17         been in the type of business represented by the
18         franchise relationship for more than 2 years and the
19         parties anticipated, or should have anticipated, at
20         the time the agreement establishing the franchise
21         relationship was reached, that the sales arising from
22         the relationship would represent no more than 20% of
23         the sales in dollar volume of the franchisee for a
24         period of at least one year after the franchisee begins
25         selling the goods or services involved in the
26         franchise; or



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1             (iii) a franchise agreement for the use of a
2         trademark, service mark, trade name, logotype,
3         advertising, or other commercial symbol designating a
4         person who offers on a general basis, for a fee or
5         otherwise, a bona fide service for the evaluation,
6         testing, or certification of goods, commodities, or
7         services; or .
8             (iv) a franchise relationship covered by the
9         Petroleum Marketing Practices Act, 15 U.S.C. 2801.
10     (2) "Franchisee" means a person to whom a franchise is
11 granted and includes, unless stated otherwise in this Act: (a)
12 a subfranchisor with regard to its relationship with a
13 franchisor and (b) a subfranchisee with regard to its
14 relationship with a subfranchisor.
15     (3) "Franchisor" means a person who grants a franchise and
16 includes a subfranchisor with regard to its relationship with a
17 franchisee, unless stated otherwise in this Act.
18     (4) "Subfranchise" means any contract or agreement between
19 a franchisor and a subfranchisor whereby the subfranchisor is
20 granted the right, in consideration of the payment of a
21 franchise fee in whole or in part for such right, to service
22 franchises or to sell or negotiate the sale of franchises.
23 Where used in this Act, unless specifically stated otherwise,
24 "franchise" includes "subfranchise."
25     (5) "Subfranchisor" means a person to whom the right to
26 sell or negotiate the sale of subfranchises is granted.



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1     (6) "Order" means a consent, authorization, approval,
2 prohibition, or requirement applicable to a specific case
3 issued by the Attorney General Administrator.
4     (7) "Person" means an individual, a corporation, a
5 partnership, a joint venture, an association, a joint stock
6 company, a trust, or an unincorporated organization.
7     (8) "Rule" means any published regulation or standard of
8 general application issued by the Administrator.
9     (9) "Sale" or "sell" includes every contract or agreement
10 of sale of, contract to sell, or disposition of, a franchise or
11 interest in a franchise for value.
12     (10) "State" means the State of Illinois.
13     (11) "Fraud" and "deceit" are not limited to common law
14 fraud or deceit.
15     (12) "Offer" or "offer to sell" includes every attempt to
16 offer to dispose of, or solicitation of an offer to buy, a
17 franchise, any interest in a franchise or an option to acquire
18 a franchise for value.
19     (13) "Publish" means publicly to issue or circulate by
20 newspaper, mail, radio, or television, or otherwise to
21 disseminate to the public.
22     (14) "Franchise fee" means any fee or charge that a
23 franchisee is required to pay directly or indirectly for the
24 right to enter into a business or sell, resell, or distribute
25 goods, services or franchises under an agreement, including,
26 but not limited to, any such payment for goods or services,



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1 provided that the Administrator may by rule define what
2 constitutes an indirect franchise fee, and provided further
3 that the following shall not be considered the payment of a
4 franchise fee: (a) the payment of a reasonable service charge
5 to the issuer of a credit card by an establishment accepting or
6 honoring such credit card; (b) amounts paid to a trading stamp
7 company by a person issuing trading stamps in connection with
8 the retail sale of merchandise or services; (c) the purchase or
9 agreement to purchase goods for which there is an established
10 market at a bona fide wholesale price; (d) the payment for
11 fixtures necessary to operate the business; (e) the payment of
12 rent which reflects payment for the economic value of the
13 property; or (f) the purchase or agreement to purchase goods
14 for which there is an established market at a bona fide retail
15 price subject to a bona fide commission or compensation plan.
16 The Administrator may by rule define what shall constitute an
17 established market.
18     (15) "Disclosure statement" means the document provided
19 for in Section 16 of this Act and all amendments to such
20 document.
21     (16) "Write" or "written" shall include printed,
22 lithographed or any other means of graphic communication.
23     (17) (Blank).
24     (18) "Marketing plan or system" means a plan or system
25 relating to some aspect of the conduct of a party to a contract
26 in conducting business, including but not limited to (a)



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1 specification of price, or special pricing systems or discount
2 plans, (b) use of particular sales or display equipment or
3 merchandising devices, (c) use of specific sales techniques,
4 (d) use of advertising or promotional materials or cooperation
5 in advertising efforts; provided that an agreement is not a
6 marketing plan or system solely because a manufacturer or
7 distributor of goods reserves the right to occasionally require
8 sale at a special reduced price which is advertised on the
9 container or packaging material in which the product is
10 regularly sold, if the reduced price is absorbed by the
11 manufacturer or distributor.
12     (19) "Administrator" means the Illinois Attorney General.
13     (20) (a) An offer to sell a franchise is made in this State
14     when the offer either originates from this State or is
15     directed by the offeror to this State and received at the
16     place to which it is directed. An offer to sell is accepted
17     in this State when acceptance is communicated to the
18     offeror in this State; and acceptance is communicated to
19     the offeror in this State when the offeree directs it to
20     the offeror in this State reasonably believing the offeror
21     to be in this State and it is received at the place to
22     which it is directed.
23         (b) An offer to sell a franchise is not made in this
24     State merely because the franchisor circulates or there is
25     circulated in this State an advertisement in (i) a bona
26     fide newspaper or other publication of general, regular and



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1     paid circulation which has had more than 2/3 of its
2     circulation outside this State during the past 12 months,
3     or (ii) a radio or television program originating outside
4     this State which is received in this State.
5     (21) "Franchise broker" means any person engaged in the
6 business of representing a franchisor in offering for sale or
7 selling a franchise and is not a franchisor, an affiliate of a
8 franchisor or an officer, director or employee of a franchisor
9 or an affiliate of a franchisor with respect to such franchise.
10 A franchisee shall not be a franchise broker merely because it
11 receives a payment from the franchisor in consideration of the
12 referral of a prospective franchisee to the franchisor, if the
13 franchisee does not otherwise participate in the sale of a
14 franchise to the prospective franchisee. A franchisee shall not
15 be deemed to participate in a sale merely because he responds
16 to an inquiry from a prospective franchisee.
17     (22) "Salesperson" means any person employed by or
18 representing a franchise broker, a franchisor or an affiliate
19 of the franchisor in effecting or attempting to effect the
20 offer or sale of a franchise.
21 (Source: P.A. 90-642, eff. 7-24-98.)
22     (815 ILCS 705/7)  (from Ch. 121 1/2, par. 1707)
23     Sec. 7. Sale by franchisee and extension or renewal of
24 existing franchise. There shall be exempted from the provisions
25 of Sections 5, 10, 11, 13 and 15 of this Act the offer or sale



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1 of a franchise by a franchisee for its own account if the sale
2 is not effected by or through a franchisor. A sale is not
3 effected by or through a franchisor merely because a franchisor
4 has a right to approve or disapprove a different franchisee or
5 requires payment of a reasonable transfer fee or requires the
6 new franchisee to execute a franchise agreement on terms not
7 materially different from the existing franchise agreement.
8     There shall be exempted from the provisions of Sections 5,
9 10, 11, 13 and 15 of this Act the extension or renewal of an
10 existing franchise or the exchange or substitution of a
11 modified or amended franchise agreement where there is no
12 interruption in the operation of the franchise business by the
13 franchisee.
14 (Source: P.A. 85-551.)
15     (815 ILCS 705/8)  (from Ch. 121 1/2, par. 1708)
16     Sec. 8. Exemptions.
17     (a) There shall be exempted, from the registration
18 requirements of Section 10 of this Act, the offer and sale of a
19 franchise if:
20         (1) the franchisor has a net worth on a consolidated
21     basis, according to its most recent audited financial
22     statement, of not less than $15,000,000; or the franchisor
23     has a net worth, according to its most recent unaudited
24     financial statement, of not less than $1,000,000 and is at
25     least 80% owned by a corporation which has a net worth on a



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1     consolidated basis, according to its most recent audited
2     financial statement, of not less than $15,000,000;
3         (2) the franchisee (or its parent or any affiliates) is
4     an entity that has been in business for at least 5 years
5     and has a net worth of at least $5,000,000; or
6         (3) one or more purchasers of at least 50% ownership
7     interest in the franchise within 60 days of the sale, has
8     been, for at least 2 years, an officer, director, general
9     partner, individual with management responsibility for the
10     offer and sale of the franchisor's franchises or the
11     administrator of the franchised network; or within 60 days
12     of the sale, has been, for at least 2 years, an owner of at
13     least a 25% interest in the franchisor.
14     Provided, unless exempted by order or rule of the
15 Administrator, the franchisor shall deliver to the prospective
16 franchisee a disclosure statement in accordance with the
17 requirements of Section 5(2) of this Act in connection with any
18 transaction exempted under this Section 8(a).
19     (b) There shall be exempted from the provisions of Sections
20 5, 10, 11, 13 and 15 of this Act the offer and sale of a
21 franchise if the prospective franchisee qualifies as one of the
22 following:
23      any bank as defined in Section 3(a)(2) of the Securities
24 Act of 1933 whether acting in its individual or fiduciary
25 capacity or as an insurance company as defined in Section 2(13)
26 of that Act.



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1 (Source: P.A. 85-551.)
2     (815 ILCS 705/10)  (from Ch. 121 1/2, par. 1710)
3     Sec. 10. Registration and Annual Report. No franchisor may
4 sell or offer to sell a franchise in this State if (1) the
5 franchisee is domiciled in this State or (2) the offer of the
6 franchise is made or accepted in this State and the franchise
7 business is or will be located in this State, unless the
8 franchisor has registered the franchise with the Administrator
9 by filing such form of notification and disclosure statement as
10 required under Section 16.
11     The registration of a franchise shall become effective on
12 the 21st day after the date of the filing of the required
13 materials, unless the Administrator has denied registration
14 under subdivision (a)(3) of Section 22.
15     The registration of a franchise shall expire 120 days after
16 the franchisor's fiscal year end. Annually, but not later than
17 one business day before the anniversary date of the
18 registration expires, the franchisor shall file the disclosure
19 statement updated as of the date of the franchisor's prior
20 fiscal year end a date within 120 days of the anniversary date
21 of the registration.
22 (Source: P.A. 90-642, eff. 7-24-98.)
23     (815 ILCS 705/11)  (from Ch. 121 1/2, par. 1711)
24     Sec. 11. Amendments. Within 30 days after the close of each



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1 quarter of its fiscal year, the franchisor shall prepare
2 revisions to its disclosure statement to reflect any material
3 changes to disclosures included, or required to be included, in
4 the 90 days of the occurrence of any material change in any
5 facts required to be disclosed, a franchisor whose franchise is
6 registered under this Act shall amend its disclosure statement.
7 The franchisor and shall deliver the amended disclosure
8 statement in accordance with the requirements of subsection (2)
9 of Section 5 and Section 16 of this Act to any prospective
10 franchisee, including prospective franchisees to whom a
11 disclosure statement was previously delivered if the material
12 change relates to or affects the franchisor or the franchise
13 offered to such prospective franchisees. The amended
14 disclosure statement shall be filed with the Administrator. An
15 amendment shall not be required if the terms of the franchise
16 agreement merely reflect changes from the franchisor's
17 registered franchise made pursuant to negotiations between the
18 franchisee and the franchisor.
19     The fact that the franchise is considered to be registered
20 is not a finding that the amended disclosure statement complies
21 with the standard of disclosure required by this Act.
22 (Source: P.A. 90-642, eff. 7-24-98.)
23     (815 ILCS 705/15)  (from Ch. 121 1/2, par. 1715)
24     Sec. 15. Escrow of franchise fees; surety bonds; franchise
25 fee deferrals. If the Administrator finds that a franchisor has



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1 failed to demonstrate that adequate financial arrangements
2 have been made to fulfill obligations to provide real estate,
3 improvements, equipment, inventory, training, or other items
4 to be included in the establishment and opening of the
5 franchise business being offered, the Administrator may by rule
6 or order require the escrow or impoundment of franchise fees
7 and other funds paid by the franchisee until such obligations
8 have been fulfilled, or, at the option of the franchisor, the
9 furnishing of a surety bond as provided by rule of the
10 Administrator, if he finds that such requirement is necessary
11 and appropriate to protect prospective franchisees, or, at the
12 option of the franchisor, the deferral of payment of the
13 initial fee until the opening of the franchise business.
14 (Source: P.A. 85-551.)
15     (815 ILCS 705/16)  (from Ch. 121 1/2, par. 1716)
16     Sec. 16. Form and contents of disclosure statements. The
17 disclosure statement required under this Act shall be prepared
18 in accordance with the Federal Trade Commission rule entitled
19 Disclosure Requirements and Prohibitions Concerning
20 Franchising, 16 C.F.R. Part 436, as it may be Uniform Franchise
21 Offering Circular Guidelines as adopted and amended, the
22 Guidelines promulgated by the North American Securities
23 Administrators Association, Inc., as they may be amended, and
24 the rules adopted by the Administrator pursuant to Section 32
25 of this Act. Incorporated.



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1     All statements in the disclosure statement shall be free
2 from any false or misleading statement of a material fact,
3 shall not omit to state any material fact required to be stated
4 or necessary to make the statements not misleading, and shall
5 be accurate and complete as of the effective date thereof.
6 (Source: P.A. 90-642, eff. 7-24-98.)
7     (815 ILCS 705/21)  (from Ch. 121 1/2, par. 1721)
8     Sec. 21. Franchise Advisory Board. There is created in the
9 Office of the Administrator a Franchise Advisory Board. The
10 Franchise Advisory Board shall consist of such members as the
11 Administrator deems appropriate to advise him on franchising
12 and franchise related matters. The members shall be persons who
13 have knowledge and experience in franchising. The members of
14 the Franchise Advisory Board shall serve at the pleasure of the
15 Administrator. The Franchise Advisory Board from time to time
16 shall make recommendations concerning the administration and
17 enforcement of this Act. Members of the Franchise Advisory
18 Board shall serve without compensation but shall be reimbursed
19 for actual and necessary expenses incurred in their official
20 capacities. The Board shall select its own chairman, establish
21 rules and procedures, and keep a record of matters transpiring
22 at all meetings.
23 (Source: P.A. 85-551.)
24     (815 ILCS 705/22)  (from Ch. 121 1/2, par. 1722)



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1     Sec. 22. Enforcement.
2     (a) The Administrator may suspend, terminate, prohibit or
3 deny the sale of any franchise or registration of any
4 franchise, or franchise broker or salesperson if it appears to
5 him that: (1) there has been a failure to comply with any of
6 the provisions of this Act or the rules or orders of the
7 Administrator pertaining thereto; or (2) that the disclosure
8 statement or any amendment thereto includes any false or
9 misleading statement of a material fact or omits to state any
10 material fact required to be stated therein or necessary to
11 make the statements therein not misleading; or (3) that the
12 disclosure statement filed in conjunction with an initial
13 registration under Section 10 is materially deficient. A
14 disclosure statement is "materially deficient" if it fails to
15 comply with the requirements of the Uniform Franchise Offering
16 Circular Guidelines referred to in Section 16; or (4) that the
17 sale of the franchise would constitute a misrepresentation,
18 deceit or fraud upon prospective franchisees; or (5) that any
19 person in this State is engaging in or about to engage in
20 false, fraudulent or deceptive practices or any device, scheme,
21 or artifice to defraud in connection with the offer or sale of
22 the franchise; or (6) that any person identified in the
23 disclosure statement or any person engaged in the offer or sale
24 of the franchise in this State has been convicted of an
25 offense, is subject to an order or civil judgment or is a
26 defendant in a proceeding required to be described in the



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1 disclosure statement and the involvement of such person creates
2 an unreasonable risk to prospective franchisees; or (7)
3 (blank); or (8) (blank); or (9) that the franchisor's
4 enterprise or method of business includes or would include
5 activities which are illegal where performed; or (10) (blank);
6 or (11) (blank).
7     In no case shall the Administrator, or any person
8 designated by him, in the administration of this Act, incur any
9 official or personal liability by issuing an order or other
10 proceeding or by suspending, denying, prohibiting or
11 terminating the registration of a franchise broker or
12 salesperson, or by denying, suspending, terminating or
13 prohibiting the registration of franchises, or prohibiting the
14 sale of franchises, or by suspending or prohibiting any person
15 from acting as a franchise broker or salesperson.
16     The Administrator may exercise any of the powers specified
17 in Section 31 of this Act.
18     (b) The Administrator, with such assistance as he may from
19 time to time request of the state's attorneys in the several
20 counties, may institute proceedings in the circuit court to
21 prevent and restrain violations of this Act or of any rule or
22 order prescribed or issued under this Act. In such a
23 proceeding, the court shall determine whether a violation has
24 been committed, and shall enter such judgment or decree as it
25 considers necessary to remove the effects of any violation and
26 to prevent such violation from continuing or from being renewed



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1 in the future. The court, in its discretion, may exercise all
2 powers necessary for this purpose, including, but not limited
3 to, injunction, revocation, forfeiture or suspension of the
4 charter, franchise, certificate of authority or privileges of
5 any corporation, association, limited partnership or other
6 business organization operating under the laws of this State,
7 dissolution of domestic corporations or associations,
8 suspension or termination of the right of foreign corporations
9 or associations to do business in this State, or restitution or
10 payment of damages by a franchisor to persons injured by
11 violations of this Act, including without limitation an award
12 of reasonable attorneys fees and costs.
13 (Source: P.A. 90-642, eff. 7-24-98.)
14     (815 ILCS 705/26)  (from Ch. 121 1/2, par. 1726)
15     Sec. 26. Private civil actions. Any person who offers,
16 sells, terminates, or fails to renew a franchise in violation
17 of this Act shall be liable to the franchisee who may sue for
18 damages caused thereby. This amendatory Act of 1992 is intended
19 to clarify the existence of a private right of action under
20 existing law with respect to the termination or nonrenewal of a
21 franchise in violation of this Act. In the case of a violation
22 of Section 5, 6, 10, 11, or 15 of the Act, the franchisee may
23 also sue for rescission.
24     No franchisee may sue for rescission under this Section 26
25 who shall fail, within 30 days from the date of receipt



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1 thereof, to accept an offer to return the consideration paid or
2 to repurchase the franchise purchased by such person. Every
3 offer provided for in this Section shall be in writing, shall
4 be delivered to the franchisee or sent by certified mail
5 addressed to the franchisee at such person's last known
6 address, shall offer to return any consideration paid or to
7 repurchase the franchise for a price equal to the full amount
8 paid less any net income received by the franchisee, plus the
9 legal rate of interest thereon, and may require the franchisee
10 to return to the person making such offer all unsold goods,
11 equipment, fixtures, leases and similar items received from
12 such person. Such offer shall continue in force for 30 days
13 from the date on which it was received by the franchisee and
14 shall advise the franchisee of such rights and the period of
15 time limited for acceptance thereof. Any agreement not to
16 accept or refusing or waiving any such offer made during or
17 prior to the expiration of said 30 days shall be void.
18     The term "franchisee" as used in this Section shall include
19 the personal representative or representatives of the
20 franchisee.
21     Every person who directly or indirectly controls a person
22 liable under this Section 26, every partner in a firm so
23 liable, every principal executive officer or director of a
24 corporation so liable, every manager of a limited liability
25 company so liable, every person occupying a similar status or
26 performing similar functions, and every employee of a person so



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1 liable, who materially aids in the act or transaction
2 constituting the violation, is also liable jointly and
3 severally with and to the same extent as such person, unless
4 said person who otherwise is liable had no knowledge or
5 reasonable basis to have knowledge of the facts, acts or
6 transactions constituting the alleged violation.
7     Every franchisee in whose favor judgment is entered in an
8 action brought under this Section shall be entitled to the
9 costs of the action including, without limitation, reasonable
10 attorney's fees.
11 (Source: P.A. 87-1143.)
12     (815 ILCS 705/29)  (from Ch. 121 1/2, par. 1729)
13     Sec. 29. Certificate of registration or filing of annual
14 report; admissibility in evidence. In any civil or criminal
15 action brought under this Act, a Certificate under the seal of
16 this State, signed by the Administrator, stating whether or not
17 a franchise is registered, or whether or not an annual report
18 of a franchisor has been filed under Section 10 of this Act, or
19 whether or not a person has registered as a franchise broker
20 under Section 13 of this Act, shall constitute prima facie
21 evidence of such matter, and shall be admissible into evidence
22 at trial without proof of foundation or additional
23 authenticity.
24 (Source: P.A. 85-551.)



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1     (815 ILCS 705/31)  (from Ch. 121 1/2, par. 1731)
2     Sec. 31. Powers of the Administrator. (a) Investigations.
3 The Administrator may in his discretion: (1) make such public
4 or private investigations inside or outside this State as he
5 deems necessary (i) to determine whether any person has
6 violated, is violating, or is about to violate any provision of
7 this Act or any rule or order prescribed or issued under this
8 Act or (ii) to aid in the enforcement of this Act or in the
9 prescribing of rules under this Act; and (2) publish
10 information concerning the violation of this Act or any rule or
11 order prescribed or issued under this Act. No actions taken or
12 orders issued by the Administrator shall be binding on, nor in
13 any way preclude the Administrator from conducting any
14 investigation or commencing any action authorized under this
15 Act. The Administrator or any of his assistants may participate
16 in any hearings conducted by the Administrator under this Act
17 and the Administrator may provide such assistance as the
18 Administrator believes necessary to effectively fulfill the
19 purposes of this Act.
20     (b) Subpoenas. For the purpose of any investigation or
21 proceeding under this Act and prior to the commencement of any
22 civil or criminal action as provided for in this Act, the
23 Administrator has the authority to subpoena witnesses, compel
24 their attendance, examine them under oath, or require the
25 production of any books, documents, records or tangible things,
26 hereafter referred to as "documentary material", which the



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1 Administrator deems relevant or material to his investigation,
2 for inspection, reproducing or copying under such terms and
3 conditions as are hereafter set forth. Any subpoena issued by
4 the Administrator shall contain the following information: (1)
5 the statute and section thereof, the alleged violation of which
6 is under investigation; (2) the date, place and time at which
7 the person is required to appear or produce documentary
8 material in his possession, custody or control at a designated
9 office of the Administrator, which date shall not be less than
10 10 days from date of service of the subpoena; and (3) where
11 documentary material is required to be produced, the same shall
12 be prescribed by class so as to clearly indicate the material
13 demanded.
14     (c) Production of documentary material. The Administrator
15 is hereby authorized, and may so elect to require the
16 production, pursuant to this Section of documentary material
17 prior to the taking of any testimony of the person subpoenaed,
18 in which event such documentary material shall be made
19 available for inspection and copying during normal business
20 hours at the principal place of business of the person served,
21 or at such other time and place as may be agreed upon by the
22 person served and the Administrator. When documentary material
23 is demanded by subpoena, said subpoena shall not (1) contain
24 any requirement which would be unreasonable or improper if
25 contained in a subpoena duces tecum issued by a court of this
26 State; or (2) require the disclosure of any documentary



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1 material which would be privileged, or which for any other
2 reason would not be required by a subpoena duces tecum issued
3 by a court of this State.
4     (d) Service of subpoenas. Service of a subpoena of the
5 Administrator as provided herein may be made by (1) delivery of
6 a duly executed copy thereof to the person served or if a
7 person is not a natural person, to the principal place of
8 business of the person to be served, or (2) mailing by
9 certified mail, return receipt requested, a duly executed copy
10 thereof addressed to the person to be served at his principal
11 place of business in this State, or, if said person has no
12 place of business in this State, to his principal office.
13     (e) Examination of witnesses. The examination of all
14 witnesses under this Section shall be conducted by the
15 Administrator, or by his deputy designated by him, before an
16 officer authorized to administer oaths in this State. The
17 testimony shall be taken stenographically or by a sound
18 recording device and shall be transcribed.
19     (f) Fees. All persons served with a subpoena by the
20 Administrator under this Act shall be paid the same fees and
21 mileage as are paid to witnesses in the courts of this State.
22     (g) Judicial enforcement of subpoenas. In the event a
23 witness served with a subpoena by the Administrator under this
24 Act fails or refuses to obey same or to produce documentary
25 material as provided herein or to give testimony relevant or
26 material to the investigation being conducted, the



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1 Administrator may petition any circuit court for an order
2 requiring said witness to attend and testify or produce the
3 documentary material demanded. Thereafter, any failure or
4 refusal on the part of the witness to obey such order of court
5 may be punishable by the court as a contempt thereof.
6     (h) Immunity from prosecution. No person is excused from
7 attending and testifying or from producing any document or
8 records before the Administrator in obedience to the subpoena
9 of the Administrator, in any proceeding instituted by the
10 Administrator and authorized by this Act, on the ground that
11 the testimony or evidence, documentary or otherwise, required
12 of him may tend to incriminate him or subject him to a penalty
13 or forfeiture. No individual may be prosecuted or subjected to
14 any penalty or forfeiture for or on account of any transaction,
15 matter, or thing concerning which he is compelled, after
16 validly claiming his privilege against self-incrimination, to
17 testify or produce evidence, documentary or otherwise, except
18 that the individual testifying is not exempt from prosecution
19 and punishment for perjury or contempt committed in testifying.
20     (i) Administrator entitled to recover costs. In any action
21 brought under the provisions of this Act, the Administrator is
22 entitled to recover costs for the use of this State.
23     (j) In the administration of this Act, the Attorney General
24 may accept an Assurance of Voluntary Compliance with respect to
25 any method, act, or practice deemed to be violative of the Act
26 from any person who has engaged in, is engaging in, or was



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1 about to engage in such method, act, or practice. Evidence of a
2 violation of an Assurance of Voluntary Compliance shall be
3 prima facie evidence of a violation of this Act in any
4 subsequent proceeding brought by the Attorney General against
5 the alleged violator. The Administrator may require that an
6 Assurance of Voluntary Compliance be disclosed in the
7 disclosure statement.
8 (Source: P.A. 85-551.)
9     (815 ILCS 705/40)  (from Ch. 121 1/2, par. 1740)
10     Sec. 40. Fees.
11     (a) The Administrator shall charge and collect the fees
12 fixed by this Section, or as prescribed by rule of the
13 Administrator. All fees and charges collected under this
14 Section shall be transmitted to the State Treasurer at least
15 weekly, accompanied by a detailed statement thereof. Such fees
16 and charges shall be refundable at the discretion of the
17 Administrator.
18     (b) The fee for the initial registration of a franchise
19 shall be $500.
20     (c) The fee for filing an amended disclosure statement
21 shall be $100 if the amendment pertains to a material change,
22 otherwise $25.
23     (d) The fee for an interpretive opinion shall be $50.
24     (e) The fee for filing an initial large franchisor
25 exemption under Section 200.202 of Title 14 of the Illinois



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1 Administrative Code shall be $500 and the fee for renewals of
2 this exemption shall be $100 registration of a franchise broker
3 shall be $100 with a renewal fee of $100.
4     (f) The fee for filing an annual report shall be $100.
5 (Source: P.A. 85-551.)
6     (815 ILCS 705/13 rep.)
7     Section 25. The Franchise Disclosure Act of 1987 is
8 amended by repealing Section 13.
9     Section 99. Effective date. This Act takes effect October
10 1, 2009.