Section 815 ILCS 307/10-5.10 - Business Broker"Business Broker" means any person who is required to register under Section 10-10 of this Act and, in return for a fee, commission, or other compensation:
(1) promises to procure a business for any person or assists any person in procuring a business from any third person;(2) negotiates, offers, attempts or agrees to negotiate the sale, exchange, or purchase of a business;(3) buys, sells, offers to buy or sell or otherwise deals in options on businesses;(4) advertises or represents himself as a business broker;(5) assists or directs in the procuring of prospects intended to result in the purchase, sale, or exchange of a business;(6) offers, promotes, lists or agrees to offer, promote, or list a business for sale, lease, or exchange.P.A. 89-209, eff. 1/1/1996; 90-70, eff. 7/8/1997.