Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 160 - SALES FINANCE AGENCY ACT
Subpart A - GENERAL PROVISIONS
Section 160.15 - Application for License/Controlling Person
Universal Citation: 38 IL Admin Code ยง 160.15
Current through Register Vol. 48, No. 12, March 22, 2024
a) An application for a sales finance agency license must be under oath and in the form the Director prescribes. The application shall contain the following:
1)
The name of the applicant, including any other names the applicant does or
intends to do business as, and the address of the proposed place of
business.
2) The form of business
organization of the applicant, including:
A)
a copy of its filed articles of incorporation;
B) a copy of the filed articles of
organization, if the applicant is a limited liability company; and
C) a certified statement of the ownership of
the partnership, if the applicant is a partnership. Any changes to the
statement of ownership occurring after the application has been submitted shall
be forwarded to the Director.
3) Information on Involved Individuals
A) The name, business and home address,
credit report (except for a publicly traded company), and a chronological
summary of the business experience, material litigation history, and felony
convictions over the preceding 10 years of:
i) the proprietor, if the applicant is an
individual;
ii) every general
partner, if the applicant is a partnership;
iii) President, Secretary, Executive and
Senior Vice Presidents, and Directors;
iv) the manager, if the applicant is a
manager-managed limited liability company or the member if the applicant is a
member-managed limited liability company; and
v) any controlling
person.
B) A licensee
shall not submit the information required in subsections (a)(2) and (3), if the
licensee has previously submitted the information to the Department in a
previous license application within the last 5 years and there have been no
material changes, unless requested by the Director to submit this
information.
4) The most
current year end financial statements, prepared in accordance with generally
accepted accounting principles and a balance sheet and statement of operations
as of the most recent quarterly report before the date of the
application.
5) A list of all
states in which the applicant is licensed as a lender or sales finance agency
and whether a license of the applicant has ever been withdrawn, refused,
cancelled or suspended in any other state, with full details.
6) A business plan, which shall at minimum
detail the nature, amount, and terms of the retail installment contracts,
retail charge agreements or motor vehicle retail installment contracts that
will be purchased, or loans secured by retail installment contracts, loans
secured by motor vehicles retail installment contracts, or loans secured by
retail charge agreements that will be made.
7) The applicable fees as required by the
Act.
8) Any additional information
the Director considers necessary to evaluate the
application.
b) A licensee shall seek prior approval from the Division whenever a person proposes to become a controlling person of the licensee. The request for approval of added controlling persons shall be accompanied by an amendment fee of $1,000.
c) A licensee shall provide all information the Director requests to evaluate the license, in the form requested, at the time of renewal of license under Section 6 of the Act.
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