House Sponsors: MCCARTHY-LYONS,JOSEPH-DAVIS,MONIQUE. Senate Sponsors: O'MALLEY-SILVERSTEIN-LIGHTFORD Short description: BUS ORG-REGSTR DENIAL CRITERIA Synopsis of Bill as introduced: Amends the Illinois Securities Law of 1953 by revising: definitions; Act applicability; criteria for denial, suspension, or revocation of registration under the Law; the time within which the Secretary of State may institute registration revocation or suspension proceedings; duties and powers of the Secretary of State; the time within which the Secretary of State may temporarily prohibit or suspend registration to prevent imminent violation of the Act; and descriptions of Act violations to include violations by investment adviser representatives. Amends the Illinois Loan Brokers Act of 1995 by deleting loan broker bond requirements. Amends the Business Brokers Act of 1995 by deleting a notice of lien filing fee requirement and by providing that violation of any one provision of 3 Sections, instead of violation of all 3, voids a business brokering services contract. Amends the Business Opportunities Sales Law of 1995 by revising: the definition of "business opportunity"; the exclusion of sellers or offerers of business opportunities from registration requirements by requiring them not to advertise, solicit, or sell the business opportunity for more than $500. Adds: that the Secretary of State may enter into an agreement with a business opportunity seller instead of denying, suspending, or revoking seller registration; that denial, suspension, or revocation by the Secretary of State is subject to judicial review. FISCAL NOTE (Department of Revenue) The Department has no authority or specific responsibilities under the Acts amended in HB 3944. Therefore, the Department is not the proper agency to fulfill this fiscal note request. HOUSE AMENDMENT NO. 1. Deletes reference to: 815 ILCS 175/15-15 815 ILCS 175/15-40 815 ILCS 175/15-80 Deletes all changes to the Illinois Loan Brokers Act of 1995 and thus restores loan broker bond requirements. Last action on Bill: PUBLIC ACT.............................. 91-0809 Last action date: 00-06-13 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status