14 Ill. Adm. Code 135.501
Report of Sale Requirements
Section 135
Section 135.501Â Report of
Sale Requirements
a)        Report of sale subject to seller's guarantee. Sellers who or
which make use of the representation provided in Section 5-5.10(a)(4) of the
Act that the purchaser will derive income from the business which exceeds the
price paid to the seller, and who or which post a surety bond in lieu of the
net worth requirement, shall file reports of all sales in this State within ten
business days after consummation of the sale.
b)Â Â Â Â Â Â Â Â Consummation of sale, for the purpose of subsection (a) of
this Section, shall include, without limitation:
1)Â Â Â Â Â Â Â Â the execution of a contract of sale which binds the purchaser;
or
2)Â Â Â Â Â Â Â Â the payment of the purchase price by the agreed upon method of
payment.