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Can you summarize 815 ILCS 505?
BUSINESS TRANSACTIONS > Consumer Fraud and Deceptive Business Practices Act.
Short Summary
The Consumer Fraud and Deceptive Business Practices Act is a legal document that governs the advertising, offering for sale, sale, or distribution of services and any property, tangible or intangible, real, personal or mixed, that directly or indirectly affects the people of Illinois. The Act applies to sellers and individuals involved in chain referral sales techniques or pyramid sales schemes. It defines various terms such as ‘advertisement’, ‘merchandise’, ‘person’, ‘sale’, ‘consumer’, ’trade’, ‘commerce’, and ‘pyramid sales scheme’. The Act prohibits deceptive business practices such as using misleading language or disguising business solicitation. It also includes provisions related to pyramid sales schemes, which involve inducing additional persons to participate in a plan or operation for receiving benefits or things of value. The Act does not specify any exemptions or penalties for non-compliance or violations. Overall, the Act aims to protect consumers from fraudulent and deceptive business practices in Illinois.
Whom does it apply to?
The Act applies to sellers and individuals involved in chain referral sales techniques or pyramid sales schemes.
What does it govern?
The Consumer Fraud and Deceptive Business Practices Act governs the advertising, offering for sale, sale, or distribution of services and any property, tangible or intangible, real, personal or mixed, that directly or indirectly affects the people of Illinois.
What are exemptions?
The Act does not specify any exemptions or penalties for non-compliance.
What are the Penalties?
The Act does not specify any penalties for non-compliance or violations.
Jurisdiction
Illinois