IL SB2001

Amends the Auction License Act to add a new disclosure requirement for sellers in auction contracts

Requires sellers to acknowledge in writing that all property or goods offered for auction are owned by the seller and that the seller has full legal authority to sell them

Sellers must also acknowledge, to the best of their knowledge, that the property or goods to be sold have been lawfully obtained

The new disclosure requirements apply to written auction contracts that must be signed before any auction takes place

The Auction License Act is scheduled to be repealed on January 1, 2030