(a) A loan broker shall not, in connection with a contract for the services of a loan broker, either directly or indirectly, do any of the following:
        (1) Employ any device, scheme or article to defraud.

Terms Used In Illinois Compiled Statutes 815 ILCS 175/15-85

  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Contract: A legal written agreement that becomes binding when signed.
  • Fraud: Intentional deception resulting in injury to another.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

        (2) Make any untrue statements of a material fact or
    
omit to state a material fact necessary in order to make the statements made, in the light of circumstances under which they are made, not misleading.
        (3) Engage in any act, practice or course of business
    
that operates or would operate as a fraud or deceit upon any person.
    (b) A loan broker shall not either directly or indirectly do any of the following:
        (1) act as a loan broker without registration under
    
this Act unless exempt under the Act;
        (2) fail to file with the Secretary of State any
    
application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act, or fail to comply with the terms of any order issued pursuant to this Act or any rules made by the Secretary of State;
        (3) fail to keep or maintain any records as required
    
under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act.
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