Illinois Compiled Statutes 815 ILCS 5 — Illinois Securities Law of 1953.

Short title

Short title. This Act may be cited as the Illinois Securities Law of 1953. (Source: P.A. 86-1475.)

Definitions

Definitions. As used in this Act, unless the context otherwise requires, the terms defined in the Sections of this Act that precede Section 3 shall have the meanings therein ascribed. (Source: P.A. 87-463.)

Security

Security. "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, viatical investment, invest…

"Issuer" means every person who shall have issued or proposes to issue any security; except that (1) with respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, and certificates of interest or shares in an unincorporated investment trust not having a board of directors (or persons…

"Person" means an individual, a corporation, a partnership, an association, a joint stock company, a limited liability company, a limited liability partnership, a trust or any unincorporated organization. As used in this Section, "trust" includes only a trust where the interest or interests of the beneficiary or benefi…

"Controlling person" means any person offering or selling a security, or group of persons acting in concert in the offer or sale of a security, owning beneficially (and in the absence of knowledge, or reasonable grounds for belief, to the contrary, record ownership shall for the purposes hereof be presumed to be benefi…

"Sale" or "sell" shall have the full meaning of that term as applied by or accepted in the courts of this State, and shall include every contract of sale or disposition of a security or interest in a security for value. Any security given with or as a bonus on account of any purchase of securities or property shall be…

Offer

Offer. "Offer" shall include every offer to sell or otherwise dispose of, or solicitation of an offer to purchase, whether orally or by means of publication, including but not limited to printed and electronic media, a security or interest in a security for value; provided that the term "offer" shall not include prelim…

"Underwriter" means any person who has purchased a security from an issuer or a controlling person with a view to, or who offers or sells a security for an issuer or a controlling person in connection with, the distribution thereof, or who participates or has a participation in the direct or indirect underwriting of su…

"Dealer" means any person, other than a salesperson, or controlling person and other than a bank organized under the banking laws of this State or of the United States or other than a trust company organized under the laws of this State or other than a regular employee of such bank or trust company, who engages in this…

"Registered dealer" means a dealer registered under Section 8 of this Act

"Registered dealer" means a dealer registered under Section 8 of this Act. (Source: Laws 1961, p. 3663.)

"Principal of a dealer" means any officer, director, partner, member, trustee or manager of such dealer who is responsible for the supervision of the securities activities in this State of salespersons and for management of the daily business operations in this State of such dealer. (Source: P.A. 85-1445.)

"Salesperson" means an individual, other than an issuer or a dealer, employed or appointed or authorized by a dealer, issuer or controlling person to offer, purchase or sell securities in this State

"Salesperson" means an individual, other than an issuer or a dealer, employed or appointed or authorized by a dealer, issuer or controlling person to offer, purchase or sell securities in this State. The partners or officers of a dealer or issuer shall not be deemed to be salespersons within the meaning of this definit…

"Registered salesperson" means a salesperson registered under Section 8 of this Act

"Registered salesperson" means a salesperson registered under Section 8 of this Act. "Registered salesperson" also means a registered limited Canadian salesperson. (Source: P.A. 90-70, eff. 7-8-97.)

Investment adviser

Investment adviser. "Investment adviser" means any person who, for compensation, engages in this State in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who, in this State…

"Registered investment adviser" means an investment adviser registered under Section 8 of this Act

"Registered investment adviser" means an investment adviser registered under Section 8 of this Act. (Source: Laws 1961, p. 3663.)

"Principal of an investment adviser" means any officer, director, partner, member, trustee or manager of such investment adviser who is responsible for the supervision of the registered representatives in this State of such investment adviser, and for management of the daily business operations in this State of such in…

Investment adviser representative

Investment adviser representative. "Investment adviser representative" means, with respect to an investment adviser who is required to register under this Act, any partner, officer, director of (or a person occupying a similar status or performing similar functions), or other natural person employed by or associated wi…

Registered investment adviser representative

Registered investment adviser representative. "Registered investment adviser representative" means an investment adviser representative registered under Section 8 of this Act. (Source: P.A. 90-70, eff. 7-8-97.)

"Effective date" when used with respect to a registration under the Federal 1933 Act means the date and time as of which a statement for the registration of securities under said Act first becomes effective or, upon the election of an applicant for registration under subsection A of Section 5, subsection A of Section 6…

"Face amount certificate contract" means any form of "face amount certificate" or "periodic payment plan certificate" (as so designated and defined under the Federal Investment Company Act of 1940) and shall also mean any form of annuity contract (other than an annuity contract issued by a life insurance company author…

"Investment fund shares" means securities issued by persons known as "investment funds" or "investment companies" or "investment trusts" but such term shall not include securities issued by persons not within the intent of this Section as the Secretary of State may designate by rules and regulations or order. (Source:…

"Securities Director" means the chief administrator of the Securities Department, appointed by the Secretary of State

"Securities Director" means the chief administrator of the Securities Department, appointed by the Secretary of State. (Source: P.A. 84-869.)

"Federal 1933 Act" means the Act of the Congress of the United States known as the Securities Act of 1933, as amended

"Federal 1933 Act" means the Act of the Congress of the United States known as the Securities Act of 1933, as amended. (Source: P.A. 80-556.)

"Federal 1934 Act" means the Act of Congress of the United States known as the Securities Exchange Act of 1934, as amended

"Federal 1934 Act" means the Act of Congress of the United States known as the Securities Exchange Act of 1934, as amended. (Source: P.A. 85-1445.)