Illinois Compiled Statutes 815 ILCS 602/5-95 – Fraudulent and prohibited practices
Current as of: 2024 | Check for updates
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(a) It is unlawful for any person, in connection with the offer or sale of any business opportunity in this State or any offer or sale pursuant to the exemptions granted under subdivisions 5-10(a), (c), (d), or (h), directly or indirectly:
(1) to employ any device, scheme or artifice to
(1) to employ any device, scheme or artifice to
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defraud;
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(2) to make any untrue statement of a material fact
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or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
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(3) to engage in any act, practice or course of
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business which operates or would operate as a fraud or deceit upon any person.
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(b) No person shall, either directly or indirectly, do any of the following:
(1) offer or sell any business opportunity without
Terms Used In Illinois Compiled Statutes 815 ILCS 602/5-95
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Fraud: Intentional deception resulting in injury to another.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) offer or sell any business opportunity without
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registration under this Act unless the person offering or selling the opportunity is exempt under the Act;
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(2) fail to file with the Secretary of State any
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application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act or fail to comply with the terms of any order issued pursuant to this Act or any rules adopted by the Secretary of State; or
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(3) fail to keep or maintain any records as is
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required under the provisions of this Act or any rule adopted by the Secretary of State pursuant to this Act.
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