ILCS » Chapter 815 · Act 307
Illinois Compiled Statutes

815 ILCS 307/10-60 (2026)

Violations; liability of business broker to damaged parties; rights of prospective client

✓ current as of May 2026
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(815 ILCS 307/10-60)
    Sec. 10-60. Violations; liability of business broker to damaged parties; rights of prospective client. A person who commits a material violation of this Act, in connection with a contract for the services of a business broker, is liable to any client damaged by the violation, for the amount of the actual damages suffered, but not more than the fees actually paid by the client seeking relief, together with interest at the legal rate, and attorney fees. If a business broker commits a material violation of Section 10-10, 10-20, or 10-30 of this Act, in connection with a contract for business brokering services, the contract is void, and the prospective client is entitled to receive from the business broker all sums paid to the business broker, with interest and any attorney's fee required to enforce this Section.
(Source: P.A. 90-70, eff. 7-8-97; 91-809, eff. 1-1-01.)

    
Notes of Decisions
Cited in 3 cases, 2011–2013 · leading case: Sheth v. SAB Tool Supply Co., 2013 IL App (1st) 110156 (Ill. App. Ct. 2013).
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Sheth v. SAB Tool Supply Co., 2013 IL App (1st) 110156 (Ill. App. Ct. 2013). “815 ILCS 307/10-60 (West 2010). ¶ 50 Plaintiffs argue that the Regal-Beloit transaction was not subject to the Business Brokers Act because (1) the transaction involved the purchase of business assets and not an entire business, and (2) neither Song nor Regal-Beloit was…”
LRN Holding, Inc. v. Windlake Capital Advisors, LLC, 949 N.E.2d 264 (Ill. App. Ct. 2011). · cites it 2× “It further notes that if "a business broker commits a material violation of Section 10-10, 10-20, or 10-30 of this Act, in connection with a contract for business brokering services, the contract is void, and the prospective client is entitled to receive from the business broker…”
LRN Holding, Inc. v. Windlake Capital Advisors, LLC (Ill. App. Ct. 2011). · cites it 2× “It further notes that if "a business broker commits a material violation of Section 10-10, 10-20, or 10-30 of this Act, in connection with a contract for business brokering services, the contract is void, and the prospective client is entitled to receive from the business broker…”
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