AS TO THE PERSONS AFFECTED.—Generally any person offering any securities, and any seller's agent or broker, the issuer, or any agent or director of the issuer, or any owner or dealer, is covered by the Act. Illinois fiscal corporations such as banks, trust companies, insurance companies, building and loan associations and the like are practically exempt from the provisions of the Illinois securities law.
THE ILLINOIS ACT.—The Illinois act covers the following securities:
Section 3. For the purposes of this Act securities are divided into four classes as follows:
(1) Securities, the inherent qualities of which assure their sale and disposition without the perpetration of fraud, which shall be known as securities in Class "A";
(2) Securities, the inherent qualities of which, or in the nature of one or both parties to the sale thereof, assure their sale and disposition without the perpetration of fraud, which shall be known as securities in Class "B";
(3) Securities based on established income, which shall be known as securities in Class "C";
(4) Securities based on prospective income, which shall be known as securities in Class "D";
Section 4. Securities in Class "A" shall comprise securities:
(1) Issued by a government or governmental agency, or by anybody having power of taxation of assessment;
(2) Issued by any National or State bank or trust company, building and loan association of this State, or insurance company organized or under the supervision of the Department of Trade and Commerce of this State;