90th General Assembly
Summary of HB1168
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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 
                                                                               



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