Illinois Compiled Statutes
225 ILCS 407/ - Auction License Act.
Article 15 - Business Practices Provisions

(225 ILCS 407/Art. 15 heading)

 
(225 ILCS 407/15-5)
(Section scheduled to be repealed on January 1, 2030)
Sec. 15-5. Representations. An auctioneer or
auction firm, or
the licensees, agents, or employees of an auctioneer or auction firm,
conducting an auction
or providing an auction service shall not:
(Source: P.A. 101-345, eff. 8-9-19.)
 
(225 ILCS 407/15-10)
(Section scheduled to be repealed on January 1, 2030)
Sec. 15-10. Auction contract. Any auctioneer or
auction firm shall
not conduct an auction or provide an auction service, unless the auctioneer or
auction firm enters into a written auction contract with the seller of
any
property at auction prior to
the date of the auction. Any agreement shall state whether the auction is with reserve or absolute. The agreement shall be signed by the auctioneer or
auction firm conducting an auction or providing an auction service and the
seller or sellers, or the
legal agent of the seller or sellers of the property to be offered at or by
auction, and shall include, but
not be limited to the following disclosures:
(Source: P.A. 96-730, eff. 8-25-09; 96-1000, eff. 7-2-10.)
 
(225 ILCS 407/15-15)
(Section scheduled to be repealed on January 1, 2030)
Sec. 15-15. Supervisory duties. The auction firm
and managing
auctioneer shall have the duty and responsibility to supervise, manage, and
control any sponsored
licensee, agent, or employee while conducting an auction or providing an
auction service. Any
violation of this Act by a licensee, agent, or employee of an auction
firm or managing auctioneer shall be deemed to be a violation by the
auction
firm or managing auctioneer as well as by the licensee, agent, or
employee.

(Source: P.A. 101-345, eff. 8-9-19.)
 
(225 ILCS 407/15-20)
Sec. 15-20. (Repealed).


(Source: P.A. 91-603, eff. 1-1-00. Repealed by P.A. 96-730, eff. 8-25-09.)
 
(225 ILCS 407/15-25)
(Section scheduled to be repealed on January 1, 2030)
Sec. 15-25.
Auction firm.
No corporation, limited liability company, or
partnership shall
be licensed without being managed by a licensed auctioneer. The managing
auctioneer of any
auction firm shall be responsible for the actions of all licensed and
unlicensed employees, agents,
and representatives of said auction firm while the firm is conducting an
auction or providing an
auction service.

(Source: P.A. 91-603, eff. 1-1-00.)

Structure Illinois Compiled Statutes