(225 ILCS 407/5‑10)
(Section scheduled to be repealed on January 1, 2010)
Sec. 5‑10.
Definitions.
As used in this Act:
"Advertisement" means any written, oral, or electronic communication that
contains a promotion, inducement, or offer to conduct an auction or offer to
provide an auction service, including but not limited to brochures, pamphlets,
radio and television scripts, telephone and direct mail solicitations,
electronic media, and other means of promotion.
"Advisory Board" means the Auctioneer Advisory Board.
"Associate auctioneer" means a person who conducts an auction, but who is
under the direct supervision of, and is sponsored by, a licensed auctioneer
or auction firm.
"Auction" means the sale or lease of property, real or personal, by means
of exchanges between an auctioneer or associate auctioneer and prospective
purchasers or lessees, which consists of a series of invitations for offers
made by the auctioneer or associate auctioneer and offers by prospective
purchasers or lessees for the purpose of obtaining an acceptable offer for
the sale or lease of the property, including the sale or lease of property
via mail, telecommunications, or the Internet.
"Auction contract" means a written agreement between an auctioneer,
associate auctioneer, or auction firm and a seller or sellers.
"Auction firm" means any corporation, partnership, or limited liability
company that acts as an auctioneer and provides an auction service.
"Auction school" means any educational institution, public or private,
which offers a curriculum of auctioneer education and training approved
by the Office of Banks and Real Estate.
"Auction service" means the service of arranging, managing, advertising,
or conducting auctions.
"Auctioneer" means a person or entity who, for another, for a fee,
compensation, commission, or any other valuable consideration at auction or
with the intention or expectation of receiving valuable consideration by the
means of or process of an auction or sale at auction or providing an auction
service, offers, negotiates, or attempts to negotiate an auction contract,
sale, purchase, or exchange of goods, chattels, merchandise, personal property,
real property, or any commodity that may be lawfully kept or offered for sale
by or at auction.
"Commissioner" means the Commissioner of the Office of Banks and Real Estate
or his or her designee.
"Director" means the Director of Auction Regulation.
"Goods" means chattels, movable goods, merchandise, or personal property or
commodities of any form or type that may be lawfully kept or offered for sale.
"Licensee" means any person licensed under this Act.
"Managing auctioneer" means any person licensed as an auctioneer who manages
and supervises licensees sponsored by an auction firm or auctioneer.
"OBRE" means the Office of Banks and Real Estate.
"Person" means an individual, association, partnership, corporation, or
limited liability company or the officers, directors, or employees of the same.
"Pre‑renewal period" means the 24 months prior to the expiration date of a
license issued under this Act.
"Sponsoring auctioneer" means the auctioneer or auction firm who has issued a
sponsor card to a licensed associate auctioneer or auctioneer.
"Sponsor card" means the temporary permit issued by the
sponsoring auctioneer certifying that the licensee named thereon is employed
by or associated with the sponsoring auctioneer and the sponsoring auctioneer
shall be responsible for the actions of the sponsored licensee.
(Source: P.A. 91‑603, eff. 1‑1‑00; 92‑16, eff. 6‑28‑01.)
|
