Illinois Compiled Statutes
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815 ILCS 307/10-80
(815 ILCS 307/10-80)
Persons exempt from registration and other
duties under law; burden of proof thereof.
(a) The following persons are exempt from the
requirements of this Act:
(1) Any attorney who is licensed to practice in this
State, while engaged in the practice of law and whose service in relation to the business broker transaction is incidental to the attorney's practice.
(2) Any person licensed as a real estate broker or
salesperson under the Illinois Real Estate License Act of 2000 who is primarily engaged in business activities for which a license is required under that Act and who, on an incidental basis, acts as a business broker.
(3) Any dealer, salesperson, or investment adviser
registered pursuant to the Illinois Securities Law of 1953 or any investment adviser representative, or any person who is regularly engaged in the business of offering or selling securities in a transaction exempted under subsection C, H, M, R, Q, or S of Section 4 of the Illinois Securities Law of 1953 or subsection G of Section 4 of the Illinois Securities Law of 1953 provided that such person is registered pursuant to federal securities law.
(4) An associated person described in subdivision
(h)(2) of Section 15 of the Federal 1934 Act.
(5) An investment adviser registered pursuant to
Section 203 of the Federal 1940 Investment Advisers Act.
(6) A person described in subdivision (a)(11) of
Section 202 of the Federal 1940 Investment Advisers Act.
(7) Any person who is selling a business owned or
operated (in whole or in part) by that person in a one time transaction.
(b) This Act shall not be deemed to apply in any manner, directly or
indirectly, to: (i) a State bank or national bank, as those terms are defined
in the Illinois Banking Act, or any subsidiary of a State bank or national
(ii) a bank holding company, as that term is defined in the Illinois Bank
Holding Company Act of 1957, or any subsidiary of a bank holding company; (iii)
a foreign banking corporation, as that term is defined in the Foreign Banking
Office Act, or any subsidiary of a foreign banking corporation; (iv) a
representative office, as that term is defined in the Foreign Bank
Representative Office Act; (v) a corporate fiduciary, as that term is defined
in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;
(vi) a savings bank organized under the Savings Bank Act, or a federal savings
bank organized under federal law, or any subsidiary of a savings bank or
federal savings bank; (vii) a savings bank holding company organized under the
Savings Bank Act, or any subsidiary of a savings bank holding company; (viii)
an association or federal association, as those terms are defined in the
Illinois Savings and Loan Act of 1985, or any subsidiary of an association or
federal association; (ix) a foreign savings and loan association or foreign
savings bank subject to the Illinois Savings and Loan Act of 1985, or any
subsidiary of a foreign savings and loan association or foreign savings bank;
or (x) a savings and loan association holding company, as that term is defined
in the Illinois Savings and Loan Act of 1985, or any subsidiary of a savings
and loan association holding company.
(b-1) Any franchise seller as defined in the Federal Trade Commission rule entitled Disclosure Requirements and Prohibitions Concerning Franchising, 16 C.F.R. Part 436, as it may be amended, is exempt from the requirements of this Act.
(b-2) Any certified public accountant licensed to practice in Illinois,
while engaged in the practice as a certified public accountant and whose
service in relation to the business broker transaction is incidental to his or
her practice, is exempt from the requirements of this Act.
(b-3) Any publisher, or regular employee of such publisher, of a bona fide
newspaper or news magazine of regular and established paid circulation who, in
the routine course of selling advertising, advertises businesses for sale and
in which no other related services are provided is exempt from the requirements
of this Act.
(c) The burden of proof of any exemption or
classification provided in this Act shall be on the party
claiming the exemption or classification.
(Source: P.A. 100-201, eff. 8-18-17.)