2005 Illinois Code - 225 ILCS 407/ Auction License Act. Article 15 - Business Practices Provisions
(225 ILCS 407/Art. 15 heading)
ARTICLE 15.
BUSINESS PRACTICES PROVISIONS
(225 ILCS 407/15‑5)
(Section scheduled to be repealed on January 1, 2010)
Sec. 15‑5.
Representations.
An auctioneer, associate auctioneer, or
auction firm or
the sponsored licensees, agents, or employees of an auctioneer or auction firm,
conducting an auction
or providing an auction service shall not:
(1) misrepresent a fact material to a purchaser's |
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decision to buy at or by auction;
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(2) predict specific or immediate increases in the
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value of any item offered for sale at auction; or
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(3) materially misrepresent the qualities or
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characteristics of any item offered for sale at auction.
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(Source: P.A. 91‑603, eff. 1‑1‑00.)
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(225 ILCS 407/15‑10)
(Section scheduled to be repealed on January 1, 2010)
Sec. 15‑10.
Auction contract.
Any auctioneer, associate auctioneer, or
auction firm shall
not conduct an auction or provide an auction service, unless the auctioneer,
associate auctioneer, or
auction firm enters into a written or oral auction contract with the seller of
any
property at auction prior to
the date of the auction. The agreement shall be signed by the auctioneer,
associate 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:
(1) Licensees shall disclose:
(A) the name, license number, business address, |
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and phone number of the auctioneer, associate auctioneer, or auction firm conducting an auction or providing an auction service;
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(B) the fee to be paid to the auctioneer,
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associate auctioneer, or auction firm for conducting an auction or providing an auction service; and
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(C) an estimate of the advertising costs that
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shall be paid by the seller or sellers of property at auction and a disclosure that, if the actual advertising costs exceeds 120% of the estimated advertising cost, the auctioneer, associate auctioneer, or auction firm shall pay the advertising costs that exceed 120% of the estimated advertising costs or shall have the seller or sellers agree in writing to pay for the actual advertising costs in excess of 120% of the estimated advertising costs.
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(2) Sellers shall disclose:
(A) the name, address, and phone number of the
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seller or sellers or the legal agent of the seller or sellers of property to be sold at auction; and
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(B) any mortgage, lien, or encumbrance of which
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the seller has knowledge on any property or goods to be sold or leased at or by auction.
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(Source: P.A. 91‑603, eff. 1‑1‑00.)
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(225 ILCS 407/15‑15)
(Section scheduled to be repealed on January 1, 2010)
Sec. 15‑15.
Supervisory duties.
The sponsoring auctioneer, 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 sponsored licensee, agent, or employee of a
sponsoring auctioneer, auction
firm, or managing auctioneer shall be deemed to be a violation by the
sponsoring auctioneer, auction
firm, or managing auctioneer as well as by the sponsored licensee, agent, or
employee.
(Source: P.A. 91‑603, eff. 1‑1‑00.)
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(225 ILCS 407/15‑20)
(Section scheduled to be repealed on January 1, 2010)
Sec. 15‑20.
Associate auctioneer.
An associate auctioneer shall not
conduct an auction
or provide an auction service without the proper supervision of a licensed
auctioneer or receive
compensation for conducting an auction other than from a licensed auctioneer or
auction firm. An
associate auctioneer shall not work for or receive compensation from another
auctioneer or an
auction firm other than his or her sponsoring auctioneer or sponsoring auction
firm without the
written consent of his or her sponsoring auctioneer or sponsoring auction firm.
The sponsoring
auctioneer or sponsoring auction firm and managing auctioneer shall be
responsible for the actions
of any sponsored associate auctioneer while conducting an auction or
providing an auction
service.
(Source: P.A. 91‑603, eff. 1‑1‑00.)
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(225 ILCS 407/15‑25)
(Section scheduled to be repealed on January 1, 2010)
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.)
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