(815 ILCS 307/10-55)
Sec. 10-55.
Violations; administrative fines;
enforcement.
(a) If the Secretary of State determines, after
notice and opportunity for a hearing, that a person has
violated this Act, the Secretary of State may in addition
to all other remedies, impose an administrative fine upon
the person in an amount not to exceed $10,000 for each
violation.
(b) The Secretary of State may bring an action in the
circuit court of Sangamon or Cook County to enforce
payment of fines imposed under this Section.
(c) If the Secretary of State shall find that any
person has violated any provision of this Act, the
Secretary of State may, by written order temporarily or
permanently prohibit or suspend such person from acting as
a business broker.
(d) If the Secretary of State shall find, after notice and opportunity for
hearing, that any
person is acting or has acted as a business broker as
defined in Section 10-5.10 of this Act, without prior thereto
or at the time thereof having complied with the
registration requirements of this Act, the Secretary of
State may by written order prohibit or suspend such person
from acting as a business broker in this State.
(e) Anything herein contained to the contrary
notwithstanding, the Secretary of State may temporarily
prohibit or suspend, for a maximum period of 90 days, by an
order effective immediately, the registration of a business
broker or the business of providing business brokerage
services, without notice and prior hearing, if the
Secretary of State shall in his or her opinion, based upon
credible evidence, deem it necessary to prevent an imminent
violation of this Act or to prevent losses to clients which
the Secretary of State reasonably believes will occur as a
result of a prior violation of this Act. Immediately after
taking action without such notice and hearing, the
Secretary of State shall deliver a copy of the temporary
order to the respondent named therein by personal service
or registered mail or certified mail, return receipt
requested. The temporary order shall set forth the grounds
for the action and shall advise that the respondent may
request a hearing that
the request for a hearing will not stop the effectiveness
of the temporary order and that respondent's failure to
request a hearing within 30 days after the date of the
entry of the temporary order, shall constitute an admission
of any facts alleged therein and shall make the temporary
order final.
A business broker whose registration has been suspended pursuant to this
Section may request the Secretary of State permission to continue to receive
payment for any executory contracts at the time of any suspension and to
continue to perform its obligation thereunder. The decision to grant or deny
permission to receive payment for any executory contracts or perform any
obligation thereunder shall be at the sole discretion of the Secretary of State
and shall not be subject to review under the Administrative Review
Law.
(f) The Secretary of State may issue a temporary
order suspending or delaying the effectiveness of any
registration of a business broker under this Act subsequent
to and upon the basis of the issuance of any stop,
suspension or similar order by any agency of the United
States regulating business brokers or any state or federal
courts with respect to the person who is the subject of the
registration under this Act, and such order shall become
effective as of the date and time of effectiveness of the
agency or court order and shall be vacated automatically at
such time as the order of the agency or court order is no
longer in effect.
(Source: P.A. 92-308, eff. 1-1-02.)
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