Senate Sponsors: CULLERTON AND DELEO. House Sponsors: SCOTT-WAIT Short description: BUSINESS BROKER LIENS Synopsis of Bill as introduced: Amends the Illinois Business Brokers Act of 1995. Makes the Act applicable when the person engaged or sought to be engaged as (now, by) the business broker is domiciled in Illinois. Provides that a business broker lien is enforceable only against tangible property located in this State. Requires that a notice of lien be filed with the Secretary of State, as to personal property, and with the recorder of the county in which the property is located, as to real property (now, all notices of lien must be filed with the Secretary of State). Makes other changes concerning business broker liens. SENATE AMENDMENT NO. 1. Provides that the Illinois Business Brokers Act of 1995 applies only when the person engaging or seeking to engage the business broker (rather than the person engaged or sought to be engaged as the business broker) is domiciled in this State. Provides that it is the purchaser's or seller's assets "of the business" against which a lien must be filed in provisions concerning a release or satisfaction of the lien. Provides that a prior recorded lien having priority over a broker's lien includes a prior recorded lien perfected under the Uniform Commercial Code. Makes other changes. HOUSE AMENDMENT NO. 1. Adds reference to: 815 ILCS 307/10-25 Deletes everything. Amends the Illinois Business Brokers Act of 1995. Makes the same amendatory changes as the engrossed bill, except: (1) adds requirement that the Secretary of State impose and collect fees for filing a notice of lien with the Secretary of State under the Act; (2) changes provisions concerning attachment of a lien, and provides that a lien does not attach unless and until the business broker is otherwise entitled to a fee or commission under a written contract and files a notice of lien; and (3) makes other changes. Last action on Bill: PUBLIC ACT.............................. 91-0534 Last action date: 99-08-13 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status