Illinois Securities Law

Illinois · Business Transactions · §§ 815-5-1 to 815-5-9 · 75 sections

Overview

This act governs the offer and sale of securities within the state, along with the people and firms who deal in them — salespersons, investment advisers, and investment adviser representatives. It establishes a registration system for securities and securities professionals administered by a state securities regulator, backed by defined violations, criminal penalties, and private civil remedies for injured investors, and it funds that oversight through fees deposited into dedicated audit and enforcement accounts. Its definitions are keyed to the federal securities statutes, so the state scheme operates alongside federal law rather than in isolation.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

815 ILCS 5/1Short title
815 ILCS 5/10Service of process
815 ILCS 5/11Duties and powers of the Secretary of State
815 ILCS 5/11.5Securities exchange registration
815 ILCS 5/11aFees
815 ILCS 5/11bSpecial funds
815 ILCS 5/11cSecurities Audit and Enforcement Fund
815 ILCS 5/12Violation
815 ILCS 5/13Private and other civil remedies; securities
815 ILCS 5/14Sentence
815 ILCS 5/15Evidentiary matters
815 ILCS 5/15aIssuance of Non-Binding Statements
815 ILCS 5/16Saving clauses
815 ILCS 5/17Separability of provisions
815 ILCS 5/18Repeal
815 ILCS 5/18.1Additional fees
815 ILCS 5/19Effective date
815 ILCS 5/2Definitions
815 ILCS 5/2.1Security
815 ILCS 5/2.10"Registered salesperson" means a salesperson registered under Section 8 of this Act
815 ILCS 5/2.10a(Repealed)
815 ILCS 5/2.11Investment adviser
815 ILCS 5/2.12"Registered investment adviser" means an investment adviser registered under Section 8 of this Act
815 ILCS 5/2.12aBusiness Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.12bInvestment adviser representative
815 ILCS 5/2.12cRegistered investment adviser representative
815 ILCS 5/2.13Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.14Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.15Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.16"Securities Director" means the chief administrator of the Securities Department, appointed by the Secretary of State
815 ILCS 5/2.17"Federal 1933 Act" means the Act of the Congress of the United States known as the Securities Act of 1933, as amended
815 ILCS 5/2.17a"Federal 1934 Act" means the Act of Congress of the United States known as the Securities Exchange Act of 1934, as amended
815 ILCS 5/2.17bFederal 1974 Act
815 ILCS 5/2.17c"Federal Bankruptcy Code" means the Act of Congress of the United States known as the Bankruptcy Code of 1978, as amended
815 ILCS 5/2.17d"Federal 1940 Investment Company Act" means the Act of Congress of the United States known as the Investment Company Act of 1940, as amended
815 ILCS 5/2.17e"Federal 1940 Investment Advisers Act" means the Act of Congress of the United States known as the Investment Advisers Act of 1940, as amended
815 ILCS 5/2.17fFederal 1996 Act
815 ILCS 5/2.18"Clearing corporation" means a clearing corporation as defined in Section 8-102 of the Uniform Commercial Code, as amended
815 ILCS 5/2.2Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.24"State" means any state, territory, or possession of the United States, the District of Columbia and Puerto Rico
815 ILCS 5/2.25"Federal ERISA Act" means the Act of Congress of the United States known as the Employee Retirement Income Security Act of 1974, as amended
815 ILCS 5/2.26Mineral investment contract
815 ILCS 5/2.27Mineral deferred delivery contract
815 ILCS 5/2.28Securities exchange
815 ILCS 5/2.29Covered security
815 ILCS 5/2.3"Person" means an individual, a corporation, a partnership, an association, a joint stock company, a limited liability company, a limited liability partnership, a trust or any unincorporated organization
815 ILCS 5/2.30Federal covered investment adviser
815 ILCS 5/2.31Limited Canadian salesperson
815 ILCS 5/2.32Limited Canadian dealer
815 ILCS 5/2.33Viatical investment
815 ILCS 5/2.34Accredited investor
815 ILCS 5/2.35Qualified escrowee
815 ILCS 5/2.36Registered Internet portal
815 ILCS 5/2.4Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.5"Sale" or "sell" shall have the full meaning of that term as applied by or accepted in the courts of this State, and shall include every contract of sale or disposition of a security or interest in a security for value
815 ILCS 5/2.5aOffer
815 ILCS 5/2.6Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.7Business Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/2.8"Registered dealer" means a dealer registered under Section 8 of this Act
815 ILCS 5/2.8a"Principal of a dealer" means any officer, director, partner, member, trustee or manager of such dealer who is responsible for the supervision of the securities activities in this State of salespersons and for management of the daily business operations in this State of such dealer
815 ILCS 5/2.9"Salesperson" means an individual, other than an issuer or a dealer, employed or appointed or authorized by a dealer, issuer or controlling person to offer, purchase or sell securities in this State
815 ILCS 5/2aNotification filing requirements of issuers of any covered security and payment of fees
815 ILCS 5/3The provisions of Sections 2a, 5, 6 and 7 of this Act shall not apply to any of the following securities: A
815 ILCS 5/3.5Authority of Secretary of State
815 ILCS 5/4Exempt transactions
815 ILCS 5/5Registration of Securities
815 ILCS 5/6Registration of Face Amount Certificate Contracts
815 ILCS 5/7Registration of Investment Fund Shares
815 ILCS 5/7aBusiness Transactions › 815 ILCS 5 — Illinois Securities Law of 1953
815 ILCS 5/8Registration of dealers, limited Canadian dealers, Internet portals, salespersons, investment advisers, and investment adviser representatives
815 ILCS 5/8aAdvertisement and sale of certain investments
815 ILCS 5/8bTelephone solicitation
815 ILCS 5/8cNon-English language transactions
815 ILCS 5/8dOfferings made through registered Internet portals
815 ILCS 5/9Advertising

Enacted in other states

Louisiana, Oregon

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