Illinois Code § 10-30.5
Illinois Code § 10-30.5. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 10-30.5.
Exemptions from disclosure requirements. Section 10-30 shall not apply if: (a) the client to be represented by the business broker is: (1) a natural person who has, or is reasonably believed by the business broker relying upon this Section to have, a net worth or joint net worth with that person's spouse in excess of $1,000,000 at the time of the execution of the business broker agreement or contract; (2) a natural person who has, or is reasonably believed by the business broker relying upon this Section to have, an income or joint income with that person's spouse in excess of $200,000 in the most recent fiscal year; (3) a company, business, or other non-natural person that has, or is reasonably believed by the business broker relying upon this Section to have, a total asset value in excess of $1,000,000 and has been in existence for at least nine months and was not formed for the purpose of the subject transaction; (4) a company, business, or other non-natural person that has, or is reasonably believed by the business broker relying upon this Section to have, gross revenues or gross sales in excess of $200,000 in the most recent fiscal year and has been in existence for at least nine months and was not formed for the purposes of the subject transaction; or (5) a company, business, or other non-natural person in which at least 90% of the equity interest is owned, or is reasonably believed by the business broker relying upon this Section to be owned, by persons who meet any of the tests set forth in subdivisions (a)(1), (a)(2), (a)(3), (a)(4), or (a)(5) of this Section; or (b) the client to be represented by the business broker has had an attorney review the business broker's contract for the client. (Source: P.A. 90-70, eff. 7-8-97.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 10-30.5
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 10-30.5?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 10-30.5 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 10-30.5 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Illinois law to your facts requires a licensed Illinois attorney who can review the specifics.