Sec. 10-40. Denial, suspension or revocation of registration; orders and hearing.

364 words·~2 min read·/il/chapter-815/act-307/10-40

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

(a)The Secretary of State may deny, suspend or revoke the registration of a business broker if the business broker:

(1)Is insolvent.

(2)Has violated any provision of this Act.

(3)Has filed with the Secretary of State any document or statement containing any false

representation of a material fact or omitting to state a material fact.

(4)Has been convicted, within 10 years before the date of the application, renewal or

review, of any crime involving fraud or deceit.

(5)Has been found by any court or agency, within 10 years before the date of the

application, renewal, or review, to have engaged in any activity involving fraud or deceit.

(b)The Secretary of State may not enter a final order denying, suspending, or revoking the registration of a business broker without prior notice to all interested parties, opportunity for a hearing and written findings of fact and conclusions of law. The Secretary of State may by summary order deny, suspend, or revoke a registration pending final determination of any proceeding under this Section. Upon the entry of a summary order, the Secretary of State shall promptly notify all interested parties that it has been entered, of the reasons for the summary order and, that upon receipt by the Secretary of State of a written request from a party, the matter will be set for hearing which shall be conducted in accordance with the provisions of the Illinois Administrative Procedure Act. If no hearing is requested within 30 days of the date of entry of the order and none is ordered by the Secretary of State, the respondent's failure to request a hearing shall constitute an admission of any facts alleged therein and shall constitute a sufficient basis to make the order final and it shall remain in effect until it is modified or vacated by the Secretary of State. If a hearing is requested or ordered, the Secretary of State, after notice of the hearing has been given to all interested persons and the hearing has been held, may modify or vacate the order or extend it until final determination.