Art Auction House Act

Sections covered

• 225 ILCS 405/0.01Short title
• 225 ILCS 405/1Professions, Occupations, and Business Operations › 225 ILCS 405 — Art Auction House Act
• 225 ILCS 405/2Every art auction house shall establish and maintain a separate account in an Illinois bank or savings and loan association for customer funds and shall notify each customer of the identity of such bank or savings and loan association
• 225 ILCS 405/3Every art auction house shall annually register and file with the Secretary of State, on forms provided by that office, a statement declaring the bank or savings and loan association in which it maintains a separate account for customer funds
• 225 ILCS 405/4Any person who knowingly violates any provision of this Act shall be guilty of a Class 4 felony, punishable by a fine of not less than $25,000