Section 10-30 shall not apply if:
     (a) the client to be represented by the business broker is:

Terms Used In Illinois Compiled Statutes 815 ILCS 307/10-30.5

  • Contract: A legal written agreement that becomes binding when signed.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

        (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.
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