Current through Register Vol. 48, No. 12, March 22, 2024
a) An application for a license must be under
oath in the form the Director prescribes and available on the agency's website.
The Director may not issue a license unless and until the findings as set forth
in Section 3-5(b) of the Act are made. These findings include that the
financial responsibility, experience, character, and general fitness of the
applicant are such as to command the confidence of the public and to warrant
the belief that the business will be operated lawfully and fairly and within
the provisions and purposes of the Act. [815 ILCS
122/3-5(b)(1)] The application shall
contain the following:
1) The name of the
applicant 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;
C) a certified
statement of the ownership of the partnership and any subsequent changes in
ownership, if the applicant is a partnership.
3) 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:
A) the proprietor, if the applicant is an
individual;
B) every general
partner, if the applicant is a partnership;
C) President, Secretary, Executive and Senior
Vice Presidents, Directors and individuals owning more than 25% of the
corporate stock, if the applicant is a corporation;
D) the manager, if the applicant is a limited
liability company; and
E) any
controlling person.
4) A
licensee shall not submit the information required in subsections (a)(2) and
(3) if the licensee has previously submitted the information to the Division in
a previous license application within the last 5 years and there have been no
material changes, unless the licensee is requested by the Director to submit
this information.
5) The most
current year end financial statements, prepared in accordance with generally
accepted accounting principles (as defined by the Financial Standards
Accounting Board (401 Merritt 7, PO Box 5116, Norwalk CT 06856-5116
(203/847-0700))) and a balance sheet and statement of operations as of the most
recent quarterly report before the date of the application.
6) A list of all states in which the
applicant is licensed as a payday lender or short-term lender, or under a
similar license, and whether the licenses of the applicant have ever been
withdrawn, refused, cancelled or suspended in any other state, with full
details.
7) Bond as required by the
Act.
8) Appointment of
attorney-in-fact.
9) Business plan,
which shall only detail the nature, amount and term of loans to be made and
types of security that will be taken.
10) Photographs of both the inside and
outside of the proposed site.
11)
Details of any other businesses that will be conducted within the licensed
premises, if allowed.
12) The
applicable fees as required by Section 3-5(e) of the Act.
13) Any additional information the Director
considers necessary (for example, clarification of credit report, additional
documentation clarifying business plan, clarification or additional
documentation regarding financial statements, etc.).
b) A licensee that is a corporation must
notify the Director within 15 days after a person becomes a controlling person.
Upon notification, the Director may require all information he or she considers
necessary to determine if a new application is required. A licensee that is an
entity other than a corporation shall seek prior approval whenever a person
proposes to become a controlling person. The request for approval shall be
accompanied by an amendment fee of $1000.