Sec. 10-80. Persons exempt from registration and other duties under law; burden of proof thereof.

701 words·~3 min read·/il/chapter-815/act-307/10-80

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

(a)The following persons are exempt from the requirements of this Act:

(1)Any attorney who is licensed to practice in this State, while engaged in the

practice of law and whose service in relation to the business broker transaction is incidental to the attorney's practice.

(2)Any person licensed as a real estate broker or salesperson under the Illinois Real

Estate License Act of 2000 who is primarily engaged in business activities for which a license is required under that Act and who, on an incidental basis, acts as a business broker.

(3)Any dealer, salesperson, or investment adviser registered pursuant to the Illinois

Securities Law of 1953 or any investment adviser representative, or any person who is regularly engaged in the business of offering or selling securities in a transaction exempted under subsection C, H, M, R, Q, or S of Section 4 of the Illinois Securities Law of 1953 or subsection G of Section 4 of the Illinois Securities Law of 1953 provided that such person is registered pursuant to federal securities law.

(4)An associated person described in subdivision (h)(2) of Section 15 of the Federal

1934 Act.

(5)An investment adviser registered pursuant to Section 203 of the Federal 1940

Investment Advisers Act.

(6)A person described in subdivision (a)(11) of Section 202 of the Federal 1940

Investment Advisers Act.

(7)Any person who is selling a business owned or operated (in whole or in part) by that

person in a one time transaction.

(b)This Act shall not be deemed to apply in any manner, directly or indirectly, to:

(i)a State bank or national bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank or national bank;

(ii)a bank holding company, as that term is defined in the Illinois Bank Holding Company Act of 1957, or any subsidiary of a bank holding company;

(iii)a foreign banking corporation, as that term is defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation;

(iv)a representative office, as that term is defined in the Foreign Bank Representative Office Act;

(v)a corporate fiduciary, as that term is defined in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;

(vi)a savings bank organized under the Savings Bank Act, or a federal savings bank organized under federal law, or any subsidiary of a savings bank or federal savings bank;

(vii)a savings bank holding company organized under the Savings Bank Act, or any subsidiary of a savings bank holding company;

(viii)an association or federal association, as those terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;

(ix)a foreign savings and loan association or foreign savings bank subject to the Illinois Savings and Loan Act of 1985, or any subsidiary of a foreign savings and loan association or foreign savings bank; or

(x)a savings and loan association holding company, as that term is defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of a savings and loan association holding company.

(b-1) Any franchise seller as defined in the Federal Trade Commission rule entitled Disclosure Requirements and Prohibitions Concerning Franchising, 16 C.F.R. Part 436, as it may be amended, is exempt from the requirements of this Act.

(b-2) Any certified public accountant licensed to practice in Illinois, while engaged in the practice as a certified public accountant and whose service in relation to the business broker transaction is incidental to his or her practice, is exempt from the requirements of this Act.

(b-3) Any publisher, or regular employee of such publisher, of a bona fide newspaper or news magazine of regular and established paid circulation who, in the routine course of selling advertising, advertises businesses for sale and in which no other related services are provided is exempt from the requirements of this Act.

(c)The burden of proof of any exemption or classification provided in this Act shall be on the party claiming the exemption or classification.