Sec. 10. Distressed property consultant contract terms.

484 words·~2 min read·/il/chapter-765/act-940/10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A distressed property consultant contract must be in writing and must fully disclose the exact nature of the distressed property consultant's services and the total amount and terms of compensation.

(b)The following notice, printed in at least 12-point boldface type and completed with the name of the distressed property consultant, must be printed immediately above the statement required by subsection

(c)of this Section: "NOTICE REQUIRED BY ILLINOIS LAW ...............................(Name) or anyone working for him or her CANNOT:

(1)Take any money from you or ask you for money until

........................................

(Name)has completely finished doing everything he or she said he or she would do; or

(2)Ask you to sign or have you sign any lien, mortgage, or deed."

(c)A distressed property consultant contract must be written in the same language as principally used by the distressed property consultant to describe his or her services or to negotiate the contract, must be dated and signed by the owner, and must contain in immediate proximity to the space reserved for the owner's signature a conspicuous statement in a size equal to at least 12-point boldface type, as follows:

"You, the owner, may cancel this transaction at any time until after the distressed

property consultant has fully performed each and every service the distressed property consultant contracted to perform or represented he or she would perform. See the attached notice of cancellation form for an explanation of this right."

(d)A distressed property contract must contain on the first page, in a type size no smaller than that generally used in the body of the document, each of the following:

(1)the name and address of the distressed property consultant to which the notice of

cancellation is to be mailed; and

(2)the date the owner signed the contract.

(e)A distressed property consultant contract must be accompanied by a completed form in duplicate, captioned "NOTICE OF CANCELLATION," which must be attached to the contract, must be easily detachable, and must contain, in at least 12-point boldface type, the following statement written in the same language as used in the contract: "NOTICE OF CANCELLATION ............................ (Enter date of transaction) You may cancel this transaction, without any penalty or obligation, at any time until after the distressed property consultant has fully performed each and every service the distressed property consultant contracted to perform or represented he or she would perform.

To cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice, or any other written notice to:

..................(Name of distressed property consultant) at ...........................(Address of distressed property consultant's place of business)

I hereby cancel this transaction on ...............(Date) .....................................(Owner's signature)".

(f)The distressed property consultant shall provide the owner with a copy of a distressed property consultant contract and the attached notice of cancellation immediately upon execution of the contract.