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SB2001 - 104th General Assembly
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| 1 | AMENDMENT TO SENATE BILL 2001 | ||||||
| 2 | AMENDMENT NO. ______. Amend Senate Bill 2001 by replacing | ||||||
| 3 | everything after the enacting clause with the following: | ||||||
| 4 | "Section 5. The Auction License Act is amended by changing | ||||||
| 5 | Section 15-10 as follows: | ||||||
| 6 | (225 ILCS 407/15-10) | ||||||
| 7 | (Section scheduled to be repealed on January 1, 2030) | ||||||
| 8 | Sec. 15-10. Auction contract. Any auctioneer or auction | ||||||
| 9 | firm shall not conduct an auction or provide an auction | ||||||
| 10 | service, unless the auctioneer or auction firm enters into a | ||||||
| 11 | written auction contract with the seller of any property at | ||||||
| 12 | auction prior to the date of the auction. Any agreement shall | ||||||
| 13 | state whether the auction is with reserve or absolute. The | ||||||
| 14 | agreement shall be signed by the auctioneer or auction firm | ||||||
| 15 | conducting an auction or providing an auction service and the | ||||||
| 16 | seller or sellers, or the legal agent of the seller or sellers | ||||||
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| 1 | of the property to be offered at or by auction, and shall | ||||||
| 2 | include, but not be limited to the following disclosures: | ||||||
| 3 | (1) Licensees shall disclose: | ||||||
| 4 | (A) the name, license number, business address, | ||||||
| 5 | and phone number of the auctioneer or auction firm | ||||||
| 6 | conducting an auction or providing an auction service; | ||||||
| 7 | (B) the fee to be paid to the auctioneer or auction | ||||||
| 8 | firm for conducting an auction or providing an auction | ||||||
| 9 | service; | ||||||
| 10 | (C) an estimate of the advertising costs that | ||||||
| 11 | shall be paid by the seller or sellers of property at | ||||||
| 12 | auction and a disclosure that, if the actual | ||||||
| 13 | advertising costs exceeds 120% of the estimated | ||||||
| 14 | advertising cost, the auctioneer or auction firm shall | ||||||
| 15 | pay the advertising costs that exceed 120% of the | ||||||
| 16 | estimated advertising costs or shall have the seller | ||||||
| 17 | or sellers agree in writing to pay for the actual | ||||||
| 18 | advertising costs in excess of 120% of the estimated | ||||||
| 19 | advertising costs; and | ||||||
| 20 | (D) the buyer premium and the party to the | ||||||
| 21 | transaction that receives it. | ||||||
| 22 | (2) Sellers shall disclose: | ||||||
| 23 | (A) the name, address, and phone number of the | ||||||
| 24 | seller or sellers or the legal agent of the seller or | ||||||
| 25 | sellers of property to be sold at auction; and | ||||||
| 26 | (B) any mortgage, lien, easement, or encumbrance | ||||||
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| 1 | of which the seller has knowledge on any property or | ||||||
| 2 | goods to be sold or leased at or by auction; and . | ||||||
| 3 | (C) if known to the seller, an acknowledgment that | ||||||
| 4 | (i) all property or goods offered for sale or by | ||||||
| 5 | auction are owned by the seller, (ii) the seller has | ||||||
| 6 | full legal authority to sell such property or goods, | ||||||
| 7 | and (iii) to the best of the seller's knowledge, the | ||||||
| 8 | property or goods to be sold have been lawfully | ||||||
| 9 | obtained. | ||||||
| 10 | (Source: P.A. 96-730, eff. 8-25-09; 96-1000, eff. 7-2-10.)". | ||||||