House Sponsors: CAPPARELLI-SAVIANO. Senate Sponsors: WALSH,T-REA Short description: SECURITIES-REGISTERD SALESPRSN Synopsis of Bill as introduced: Amends the Illinois Securities Law of 1953. Provides that a registered salesperson also means a registered limited Canadian salesperson. STATE MANDATES FISCAL NOTE HB1168 fails to create a State mandate under the State Mandates Act. HOME RULE NOTE HB 1168 does not preempt home rule authority. HOUSE AMENDMENT NO. 1. Adds reference to: 815 ILCS 5/2.3 from Ch. 121 1/2, par. 137.2-3 815 ILCS 5/2.9 from Ch. 121 1/2, par. 137.2-9 815 ILCS 5/2.11 from Ch. 121 1/2, par. 137.2-11 815 ILCS 5/2.12b from Ch. 121 1/2, par. 137.2-12 815 ILCS 5/2.12c new 815 ILCS 5/2.17b from Ch. 121 1/2, par. 137.2-17 815 ILCS 5/2.17f new 815 ILCS 5/2.26 from Ch. 121 1/2, par. 137.2-26 815 ILCS 5/2.29 new 815 ILCS 5/2.30 new 815 ILCS 5/2.31 new 815 ILCS 5/2.32 new 815 ILCS 5/2a new 815 ILCS 5/3 from Ch. 121 1/2, par. 137.3 815 ILCS 5/4 from Ch. 121 1/2, par. 137.4 815 ILCS 5/5 from Ch. 121 1/2, par. 137.5 815 ILCS 5/6 from Ch. 121 1/2, par. 137.6 815 ILCS 5/7 from Ch. 121 1/2, par. 137.7 815 ILCS 5/8 from Ch. 121 1/2, par. 137.8 815 ILCS 5/9 from Ch. 121 1/2, par. 137.9 815 ILCS 5/10 from Ch. 121 1/2, par. 137.10 815 ILCS 5/11 from Ch. 121 1/2, par. 137.11 815 ILCS 5/11a from Ch. 121 1/2, par. 137.11a 815 ILCS 5/12 from Ch. 121 1/2, par. 137.12 815 ILCS 5/13 from Ch. 121 1/2, par. 137.13 815 ILCS 175/15-5.03 new 815 ILCS 175/15-15 815 ILCS 175/15-30 815 ILCS 175/15-30.5 new 815 ILCS 175/15-35 815 ILCS 175/15-40 815 ILCS 175/15-45 815 ILCS 175/15-55 815 ILCS 175/15-60 815 ILCS 175/15-80 815 ILCS 175/15-100 new 815 ILCS 307/10-5.10 815 ILCS 307/10-5.16 new 815 ILCS 307/10-5.17 new 815 ILCS 307/10-5.18 new 815 ILCS 307/10-5.25 new 815 ILCS 307/10-5.30 new 815 ILCS 307/10-10 815 ILCS 307/10-25 815 ILCS 307/10-30 815 ILCS 307/10-30.5 new 815 ILCS 307/10-35 815 ILCS 307/10-40 815 ILCS 307/10-45 815 ILCS 307/10-55 815 ILCS 307/10-60 815 ILCS 307/10-75 815 ILCS 307/10-80 815 ILCS 307/10-85 815 ILCS 307/10-95 new 815 ILCS 307/10-100 new 815 ILCS 307/10-105 new 815 ILCS 307/10-110 new 815 ILCS 307/10-115 new 815 ILCS 602/5-5.10 815 ILCS 602/5-15 815 ILCS 602/5-35 815 ILCS 602/5-45 815 ILCS 602/5-55 815 ILCS 602/5-60 815 ILCS 602/5-65 815 ILCS 602/5-70 815 ILCS 602/5-75 815 ILCS 602/5-95 815 ILCS 602/5-115 815 ILCS 602/5-130 Amends the Illinois Securities Law of 1953. Provides that the Federal 1996 Act means the Act of Congress of the United States known as the National Securities Markets Improvement Act of 1996. Makes changes in conformance with that Act. Makes other changes. Amends the Illinois Loan Brokers Act of 1995. Changes the disclosure requirements regarding contracts for the services of a loan broker. Provides that the borrower has the right to rescind the contract within 7 days after signing the contract for services. Limits the liability of the Secretary of State and his or her employees or agents with regard to this Act. Makes other changes. Effective July 1, 1997. Amends the Illinois Business Brokers Act of 1995. Changes the disclosure requirements and rescission rights regarding contracts for services under this Act. Limits the liability of the Secretary of State and his or her employees or agents in the administration of this Act. Allows business brokers to file liens regarding business broker contracts on the assets of a business that is the subject of the contract and the proceeds from the sale of that business, detailing procedures. Makes other changes. Amends the Business Opportunity Sales Law. Limits the liability of the Secretary of State and his or her employees and agents in administering this Law. Provides additional remedies to the Secretary of State for violations of the Law including imposing a $10,000 fine per violation and prohibiting the offer or sale of any business opportunity. Makes other changes. Effective July 1, 1997. HOUSE AMENDMENT NO. 2. In provisions of the Illinios Securities Law of 1953 regarding duties and powers of the Secretary of State, changes amendatory language to provide that the exemption granted by the Secretary is an exemption specifically from provisions regarding registration of securities, registration of face amount certificate contracts, registration of investment fund shares, registration of dealers, salespersons and investment advisers, advertisement and sale of certain investments, and advertising in general, and rules promulgated pursuant to those provisions, rather than exemption from the Act in general. Last action on Bill: PUBLIC ACT.............................. 90-0070 Last action date: 97-07-08 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status