225 ILCS 405/ Art Auction House Act.

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225 ILCS 405/0.01

(225 ILCS 405/0.01) (from Ch. 121 1/2, par. 1100)

Sec. 0.01.

Short title.

This Act may be cited as the

Art Auction House Act.

(Source: P.A. 86-1324.)

225 ILCS 405/1

(225 ILCS 405/1) (from Ch. 121 1/2, par. 1101)

Sec. 1.

As used in this Act, art auction house means any person, partnership,
corporation, association or group engaged for profit primarily in the business
of conducting auctions at which it acts as agent for any seller of
works of art, antiques, furnishings, jewelry, gemstones, coins, stamps and
rare books and manuscripts.

(Source: P.A. 83-671.)

225 ILCS 405/2

(225 ILCS 405/2) (from Ch. 121 1/2, par. 1102)

Sec. 2.

Every art auction house shall establish and maintain a separate
account in an Illinois bank or savings and loan association for customer
funds and shall notify each customer of the identity of such bank or savings
and loan association.  Upon its receipt of proceeds from
an auction, it shall segregate and deposit the proceeds due sellers into the separate
account established and maintained for sellers for whom the art auction
house has acted as agent until the funds are disbursed to the sellers. Funds
shall be disbursed to the sellers within 30 days of their receipt.

(Source: P.A. 83-671.)

225 ILCS 405/3

(225 ILCS 405/3) (from Ch. 121 1/2, par. 1103)

Sec. 3.

Every art auction house shall annually register and file with
the Secretary of State, on forms provided by that office, a statement declaring
the bank or savings and loan association in which it maintains a separate
account for customer funds.

(Source: P.A. 83-671.)

225 ILCS 405/4

(225 ILCS 405/4) (from Ch. 121 1/2, par. 1104)

Sec. 4.

Any person who knowingly violates any provision of this Act
shall be guilty of a Class 4 felony, punishable by a fine of not less than $25,000.

(Source: P.A. 83-671.)