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| | SB2001 Enrolled | | LRB104 02914 SPS 12930 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Auction License Act is amended by changing |
| 5 | | Section 15-10 as follows:
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| 6 | | (225 ILCS 407/15-10) |
| 7 | | (Section scheduled to be repealed on January 1, 2030) |
| 8 | | Sec. 15-10. Auction contract. Any auctioneer or auction |
| 9 | | firm shall not conduct an auction or provide an auction |
| 10 | | service, unless the auctioneer or auction firm enters into a |
| 11 | | written auction contract with the seller of any property at |
| 12 | | auction prior to the date of the auction. Any agreement shall |
| 13 | | state whether the auction is with reserve or absolute. The |
| 14 | | agreement shall be signed by the auctioneer or auction firm |
| 15 | | conducting an auction or providing an auction service and the |
| 16 | | seller or sellers, or the legal agent of the seller or sellers |
| 17 | | of the property to be offered at or by auction, and shall |
| 18 | | include, but not be limited to the following disclosures: |
| 19 | | (1) Licensees shall disclose: |
| 20 | | (A) the name, license number, business address, |
| 21 | | and phone number of the auctioneer or auction firm |
| 22 | | conducting an auction or providing an auction service; |
| 23 | | (B) the fee to be paid to the auctioneer or auction |
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| | SB2001 Enrolled | - 2 - | LRB104 02914 SPS 12930 b |
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| 1 | | firm for conducting an auction or providing an auction |
| 2 | | service; |
| 3 | | (C) an estimate of the advertising costs that |
| 4 | | shall be paid by the seller or sellers of property at |
| 5 | | auction and a disclosure that, if the actual |
| 6 | | advertising costs exceeds 120% of the estimated |
| 7 | | advertising cost, the auctioneer or auction firm shall |
| 8 | | pay the advertising costs that exceed 120% of the |
| 9 | | estimated advertising costs or shall have the seller |
| 10 | | or sellers agree in writing to pay for the actual |
| 11 | | advertising costs in excess of 120% of the estimated |
| 12 | | advertising costs; and |
| 13 | | (D) the buyer premium and the party to the |
| 14 | | transaction that receives it. |
| 15 | | (2) Sellers shall disclose: |
| 16 | | (A) the name, address, and phone number of the |
| 17 | | seller or sellers or the legal agent of the seller or |
| 18 | | sellers of property to be sold at auction; and |
| 19 | | (B) any mortgage, lien, easement, or encumbrance |
| 20 | | of which the seller has knowledge on any property or |
| 21 | | goods to be sold or leased at or by auction; and . |
| 22 | | (C) if known to the seller, an acknowledgment that |
| 23 | | (i) all property or goods offered for sale or by |
| 24 | | auction are owned by the seller, (ii) the seller has |
| 25 | | full legal authority to sell such property or goods, |
| 26 | | and (iii) to the best of the seller's knowledge, the |