Illinois is a state in the Midwestern region of the United States. It has the fifth largest gross domestic product (GDP), the sixth largest population, and the 25th largest land area of all U.S. states. Illinois has been noted as a microcosm of the entire United States. With Chicago in northeastern Illinois, small industrial cities and immense agricultural productivity in the north and center of the state, and natural resources such as coal, timber, and petroleum in the south, Illinois has a diverse economic base, and is a major transportation hub. The Port of Chicago connects the state to international ports via two main routes: from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean and from the Great Lakes to the Mississippi River, via the Illinois River, through the Illinois Waterway. The Mississippi River, the Ohio River, and the Wabash River form parts of the boundaries of Illinois. For decades, Chicago’s O’Hare International Airport has been ranked as one of the world’s busiest airports. Illinois has long had a reputation as a bellwether both in social and cultural terms and, through the 1980s, in politics.
Sale by Auction.
- In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.
- A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.
- Such a sale is with reserve unless the goods are in explicit terms put up without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer’s announcement of completion of the sale, but a bidder retraction does not revive any previous bid.
- If the auctioneer knowingly receives a bid on the seller’s behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale.
§ 225 ILCS 407/5-5. Legislative intent
The General Assembly finds that Illinois does not have the ability, without legislation, to enter into reciprocal agreements with other states to allow residents of Illinois to practice auctioneering in other states. This body further finds that, without legislation, Illinois does not have the ability to evaluate the competency of persons engaged in the auction business or to regulate this business for the protection of the public. Therefore, it is the purpose of this Act to license and regulate auctioneers.
§ 225 ILCS 407/5-10. Definitions
As used in this Act:
“Advertisement” means any written, oral, or electronic communication that contains a promotion, inducement, or offer to conduct an auction or offer to provide an auction service, including but not limited to brochures, pamphlets, radio and television scripts, telephone and direct mail solicitations, electronic media, and other means of promotion.
“Advisory Board” or “Board” means the Auctioneer Advisory Board.
“Associate auctioneer” means a person who conducts an auction, but who is under the direct supervision of, and is sponsored by, a licensed auctioneer or auction firm.
“Auction” means the sale or lease of property, real or personal, by means of exchanges between an auctioneer and prospective purchasers or lessees, which consists of a series of invitations for offers made by the auctioneer and offers by prospective purchasers or lessees for the purpose of obtaining an acceptable offer for the sale or lease of the property, including the sale or lease of property via mail, telecommunications, or the Internet.
“Auction contract” means a written agreement between an auctioneer or auction firm and a seller or sellers.
“Auction firm” means any corporation, partnership, or limited liability company that acts as an auctioneer and provides an auction service.
“Auction school” means any educational institution, public or private, which offers a curriculum of auctioneer education and training approved by the Department.
“Auction service” means the service of arranging, managing, advertising, or conducting auctions.
“Auctioneer” means a person or entity who, for another, for a fee, compensation, commission, or any other valuable consideration at auction or with the intention or expectation of receiving valuable consideration by the means of or process of an auction or sale at auction or providing an auction service, offers, negotiates, or attempts to negotiate an auction contract, sale, purchase, or exchange of goods, chattels, merchandise, personal property, real property, or any commodity that may be lawfully kept or offered for sale by or at auction.
“Address of Record” means the designated address recorded by the Department in the applicant’s or licensee’s application file or license file maintained by the Department. It is the duty of the applicant or licensee to inform the Department of any change of address, and such changes must be made either through the Department’s website or by directly contacting the Department.
“Buyer premium” means any fee or compensation paid by the successful purchaser of property sold or leased at or by auction, to the auctioneer, auction firms, seller, lessor, or other party to the transaction, other than the purchase price.
“Department” means the Department of Financial and Professional Regulation.
“Goods” means chattels, movable goods, merchandise, or personal property or commodities of any form or type that may be lawfully kept or offered for sale.
“Licensee” means any person licensed under this Act.
“Managing auctioneer” means any person licensed as an auctioneer who manages and supervises licensees sponsored by an auction firm or auctioneer.
“Person” means an individual, association, partnership, corporation, or limited liability company or the officers, directors, or employees of the same.
“Pre-renewal period” means the 24 months prior to the expiration date of a license issued under this Act.
“Secretary” means the Secretary of the Department of Financial and Professional Regulation or his or her designee.
“Sponsoring auctioneer” means the auctioneer or auction firm who has issued a sponsor card to a licensed auctioneer.
“Sponsor card” means the temporary permit issued by the sponsoring auctioneer certifying that the licensee named thereon is employed by or associated with the sponsoring auctioneer and the sponsoring auctioneer shall be responsible for the actions of the sponsored licensee.