Sec. 10-30.5. Exemptions from disclosure requirements.

302 words·~1 min read·/il/chapter-815/act-307/10-30-5

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Sec. 10-30.5. Exemptions from disclosure requirements. Section 10-30 shall not apply if:

(a)the client to be represented by the business broker is:

(1)a natural person who has, or is reasonably believed by the business broker relying

upon this Section to have, a net worth or joint net worth with that person's spouse in excess of $1,000,000 at the time of the execution of the business broker agreement or contract;

(2)a natural person who has, or is reasonably believed by the business broker relying

upon this Section to have, an income or joint income with that person's spouse in excess of $200,000 in the most recent fiscal year;

(3)a company, business, or other non-natural person that has, or is reasonably believed

by the business broker relying upon this Section to have, a total asset value in excess of $1,000,000 and has been in existence for at least nine months and was not formed for the purpose of the subject transaction;

(4)a company, business, or other non-natural person that has, or is reasonably believed

by the business broker relying upon this Section to have, gross revenues or gross sales in excess of $200,000 in the most recent fiscal year and has been in existence for at least nine months and was not formed for the purposes of the subject transaction; or

(5)a company, business, or other non-natural person in which at least 90% of the equity

interest is owned, or is reasonably believed by the business broker relying upon this Section to be owned, by persons who meet any of the tests set forth in subdivisions (a)(1), (a)(2), (a)(3), (a)(4), or (a)(5) of this Section; or

(b)the client to be represented by the business broker has had an attorney review the business broker's contract for the client.