Art Auction House Act

Illinois Compiled Statutes
Regulation
Chapter 225. Professions and Occupations
Service and Sales
Act 405. Art Auction House Act
Current through P.A. 98-0604 (2013-2014)
§ 225 ILCS 405/0.01. Short title

This Act may be cited as the Art Auction House Act.

Cite as 225 ILCS 405/0.01

Source: P.A. 86-1324.

§ 225 ILCS 405/1.

As used in this Act, art auction house means any person, partnership, corporation, association or group engaged for profit primarily in the business of conducting auctions at which it acts as agent for any seller of works of art, antiques, furnishings, jewelry, gemstones, coins, stamps and rare books and manuscripts.

Cite as 225 ILCS 405/1

Source: P.A. 83-671.

§ 225 ILCS 405/2.

Every 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. Upon its receipt of proceeds from an auction, it shall segregate and deposit the proceeds due sellers into the separate account established and maintained for sellers for whom the art auction house has acted as agent until the funds are disbursed to the sellers. Funds shall be disbursed to the sellers within 30 days of their receipt.

Cite as 225 ILCS 405/2

Source: P.A. 83-671.

§ 225 ILCS 405/3.

Every 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.

Cite as 225 ILCS 405/3

Source: P.A. 83-671.

§ 225 ILCS 405/4.

Any 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.

Cite as 225 ILCS 405/4

Source: P.A. 83-671.