Bill > SB2001

This bill amends the Auction License Act to enhance disclosure requirements for auction contracts. Specifically, the bill mandates that sellers must now provide additional information when entering into an auction contract, including an acknowledgment of three key points if the information is known to the seller: (1) that all property or goods being auctioned are owned by the seller, (2) that the seller has full legal authority to sell these items, and (3) to the best of the seller's knowledge, the property or goods have been lawfully obtained. This new requirement is aimed at increasing transparency and preventing the sale of potentially illegal or improperly acquired goods at auctions. The bill builds upon existing requirements that already mandate disclosures such as the auctioneer's contact information, fees, advertising costs, and any known mortgages, liens, or encumbrances on the property. By adding these new disclosure provisions, the bill seeks to provide more protection for buyers and ensure greater accountability among sellers in auction transactions.

Justice

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2001&GAID=18&DocTypeID=SB&SessionID=114&GA=104