Internet Auction Listing Service Required to Register

Internet Auction Listing Service Required to Register

The Illinois Department of Financial and Professional Regulation, Division of Banks and Real Estate (DBRE) has filed the final rules needed to Register Internet Auction Listing Services (IALS). These rules implement provisions of the Auction License Act (225 ILCS 407/10-27) and are effective September 16, 2004. Section 10-27 of the Auction License Act requires an IALS to register with the DBRE if any of the following conditions exist:

(1) the person, corporation, limited liability company, partnership, or other entity providing the Internet auction listing service is located in the State of Illinois;

(2) the prospective seller or seller, prospective lessor or lessor, or prospective purchaser or purchaser is located in the State of Illinois and is required to agree to terms with the person, corporation, limited liability company, partnership, or other entity providing the Internet auction listing service, no matter where that person, corporation, limited liability company, partnership, or other entity is located; or

(3) the personal property or services offered for sale or lease are located or will be provided in the State of Illinois.

The fee for the initial registration shall be $200 and shall expire September 30, 2005. The renewal fee for an IALS shall be $450 for a two-year renewal period. Please review the attached IALS rule, law, and registration form. If you have any questions regarding the registration for an IALS, please contact the Real Estate Licensing Division at
217-785-9300.