Section  1440.400  Definitions

Unless otherwise clarified by this Subpart, definitions set forth in the Act and this Part shall also apply for the purposes of this Subpart.

"Close of a transaction" shall mean the conclusion of the bidding process of a transaction on an Internet auction listing service web site.  It shall not be construed to mean when a seller receives payment for the property and/or when a purchaser receives the property at the conclusion of a transaction on an Internet auction listing service web site.

"DBRE" means the Division of Banks and Real Estate of the Department of Financial and Professional Regulation.

"Designated agent" means the person listed in the registration of an Internet auction listing service who will respond to DBRE written requests for information, records and related documents maintained in connection with the activities subject to registration.

"Registrant" means any person registered as an Internet auction listing service under the Act and this Part.

"Registration" means the acceptance by DBRE of the completed forms along with the applicable fees submitted by a person providing or seeking to provide an Internet auction listing service.

(Source:  Added at 28 Ill. Reg. 13212, effective September 16, 2004)