Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT
Section 145.50 - License
Current through Register Vol. 48, No. 12, March 22, 2024
a) For purposes of determining an applicant's qualifications for a license as a debt settlement provider, the Division shall find an applicant financially responsible if it has a positive net worth of at least $30,000. Net worth means total assets minus total liabilities.
b) An applicant shall possess at least 6 months of relevant experience as a debt settlement provider attained prior to August 3, 2010, under a prior debt settlement provider license, as an employee of a licensee, or in another state, or other relevant business experience relating to the field of debt settlement, including but not limited to debt management and credit counseling.
c) Application Reputation
d) Any applicant applying as a debt settlement provider shall submit the required bond, the application for license and all required information at the time of application for a license.