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| Public Act 104-0130 | ||||
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AN ACT concerning business. | ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly: | ||||
Section 5. The Auction License Act is amended by changing | ||||
Section 15-10 as follows: | ||||
(225 ILCS 407/15-10) | ||||
(Section scheduled to be repealed on January 1, 2030) | ||||
Sec. 15-10. Auction contract. Any auctioneer or auction | ||||
firm shall not conduct an auction or provide an auction | ||||
service, unless the auctioneer or auction firm enters into a | ||||
written auction contract with the seller of any property at | ||||
auction prior to the date of the auction. Any agreement shall | ||||
state whether the auction is with reserve or absolute. The | ||||
agreement shall be signed by the auctioneer or auction firm | ||||
conducting an auction or providing an auction service and the | ||||
seller or sellers, or the legal agent of the seller or sellers | ||||
of the property to be offered at or by auction, and shall | ||||
include, but not be limited to the following disclosures: | ||||
(1) Licensees shall disclose: | ||||
(A) the name, license number, business address, | ||||
and phone number of the auctioneer or auction firm | ||||
conducting an auction or providing an auction service; | ||||
(B) the fee to be paid to the auctioneer or auction | ||||
firm for conducting an auction or providing an auction | ||
service; | ||
(C) an estimate of the advertising costs that | ||
shall be paid by the seller or sellers of property at | ||
auction and a disclosure that, if the actual | ||
advertising costs exceeds 120% of the estimated | ||
advertising cost, the auctioneer or auction firm shall | ||
pay the advertising costs that exceed 120% of the | ||
estimated advertising costs or shall have the seller | ||
or sellers agree in writing to pay for the actual | ||
advertising costs in excess of 120% of the estimated | ||
advertising costs; and | ||
(D) the buyer premium and the party to the | ||
transaction that receives it. | ||
(2) Sellers shall disclose: | ||
(A) the name, address, and phone number of the | ||
seller or sellers or the legal agent of the seller or | ||
sellers of property to be sold at auction; and | ||
(B) any mortgage, lien, easement, or encumbrance | ||
of which the seller has knowledge on any property or | ||
goods to be sold or leased at or by auction; and . | ||
(C) if known to the seller, an acknowledgment that | ||
(i) all property or goods offered for sale or by | ||
auction are owned by the seller, (ii) the seller has | ||
full legal authority to sell such property or goods, | ||
and (iii) to the best of the seller's knowledge, the | ||
property or goods to be sold have been lawfully | ||
obtained. | ||
(Source: P.A. 96-730, eff. 8-25-09; 96-1000, eff. 7-2-10.) | ||