Illinois. Securities Dept.

The Securities Division was created in 1919 to administer the Illinois Securities Law which provides protection to Illinois investors against fraudulent securities and fraudulent methods in the sale of securities (L. 1919, p. 351). The statute was rewritten extensively in 1953 to prevent fraud and inequity in the sale of stocks, bonds, and other securities by requiring the registration of securities before offering them for sale and the registration of securities dealers, salesmen, and investment advisors (L. 1953, p. 1329). The Securities Division also conducts administrative hearings and investigations into suspected violations of the Illinois Securities Law. In 1974 the division began to administer the Franchise Disclosure Act which requires all persons selling business franchises in the state to file a business disclosure statement (P.A. 78-906, p. 2860).