SB2001*LRB10402914AAS24453a* EnrolledSen. LRB104 02914 SPS 12930 b AN ACT concerning business.

BeLaura itFine enactedFiled: by the People of the State of Illinois, represented in the General Assembly:

Section4/1/2025 5.10400SB2001sam001 LRB104 02914 AAS 24453 a AMENDMENT TO SENATE BILL 2001 AMENDMENT NO.

The______. Auction License Act is amended by changing Section 15-10 as follows:

(225Amend ILCSSenate 407/15-10)Bill (Section2001 scheduledby toreplacing beeverything repealedafter onthe Januaryenacting 1,clause 2030)with Sec.the following:

15-10."Section 5.

The Auction contract.License Act is amended by adding Section 15-30 as follows:

Any(225 auctioneerILCS or407/15-30 auctionnew) firmSec. 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.

Any15-30. agreement shall state whether the auction is with reserve or absolute.

TheIn-person agreementauctions; 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:

(1)duties Licenseesof shallan disclose:auctioneer.

(A)An theauctioneer name,shall licensedo number, business address, and phone number of the auctioneerfollowing orfor auctionany firm conducting an auction orbeing providingconducted anin auctionperson: service;

(B)(1) theverify feeand tocertify bethat paideach toconsumer theproduct auctioneerbeing orauctioned auctionwas SB2001produced, Enrolledprocured, -purchased, 2 - LRB104 02914 SPS 12930 b firm for conducting an auction or providingacquired anin auctiona service;lawful manner;

(C)(2) analert estimatelocal, ofregional, the advertising costs that shall be paid by the seller or sellersState oflaw propertyenforcement atagencies auction and a disclosure that, if the actual advertising costs exceeds 120% of the estimated advertising cost, the auctioneer orsuspects auction firm shall pay the advertising costs that exceeda 120%person of the estimated advertising costs or shallentity haveis theselling seller or sellersattempting agree in writing to paysell forstolen thegoods actualto advertisinga costsresident in excess of 120%this ofState; the estimated advertising costs;

and (D)10400SB2001sam001 the-2- buyerLRB104 premium02914 andAAS the24453 partya to(3) prevent a person or entity from using its auction services or other services if the transactionauctioneer suspects that receivesa it.person or entity is selling stolen goods.".

(2) Sellers shall disclose:

(A) the name, address, and phone number of the seller or sellers or the legal agent of the seller or sellers of property to be sold at auction;

and (B) any mortgage, lien, easement, or encumbrance of which the seller has knowledge on any property or goods to be sold or leased at or by auction;

and .

(C) if known to the seller, an acknowledgment that (i) all property or goods offered for sale or by auction are owned by the seller, (ii) the seller has full legal authority to sell such property or goods, and (iii) to the best of the seller's knowledge, the SB2001 Enrolled - 3 - LRB104 02914 SPS 12930 b property or goods to be sold have been lawfully obtained.

(Source:

P.A.

96-730, eff.

8-25-09;

96-1000, eff.

7-2-10.)