ILCS » Chapter 815 · Act 705
Illinois Compiled Statutes

815 ILCS 705/16 (2026)

Form and contents of disclosure statements

✓ current as of May 2026
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(815 ILCS 705/16) (from Ch. 121 1/2, par. 1716)
    Sec. 16. Form and contents of disclosure statements. The disclosure statement required under this Act shall be prepared in accordance with the Federal Trade Commission rule entitled Disclosure Requirements and Prohibitions Concerning Franchising, 16 C.F.R. Part 436, as it may be amended, the Guidelines promulgated by the North American Securities Administrators Association, Inc., as they may be amended, and the rules adopted by the Administrator pursuant to Section 32 of this Act.
    All statements in the disclosure statement shall be free from any false or misleading statement of a material fact, shall not omit to state any material fact required to be stated or necessary to make the statements not misleading, and shall be accurate and complete as of the effective date thereof.
(Source: P.A. 96-648, eff. 10-1-09.)

    
Notes of Decisions
Cited in 1 case (1 in the last 5 years), 2022–2022 · leading case: Am. Ass'n of Motorcycle Injury Lawyers, Inc. v. HP3 Law, LLC (N.D. Ill. 2022).
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Am. Ass'n of Motorcycle Injury Lawyers, Inc. v. HP3 Law, LLC (N.D. Ill. 2022). “The franchise laws cited by HP3 require franchisors to disclose certain information to franchisees, see 815 ILCS 705/16; 16 C.F.R. §§ 436.2 -.6, and are designed “to provide each prospective franchisee with the information necessary to make an intelligent decision regarding…”
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