Ill. Admin. Code tit. 14 § 135.501

Current through Register Vol. 49, No. 2, January 10, 2025

Section 135.501 - Report of Sale Requirements

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.

Ill. Admin. Code tit. 14, § 135.501