Current through Register Vol. 48, No. 12, March 22, 2024
a)
Licensure Requirement, Where to File. Section 0.05(c) of the Act provides that
it is unlawful to operate a pawnshop without a license issued by the Secretary.
Requests for an application shall be directed to the Department of Financial
and Professional Regulation-Division of Banking, Pawnbroker Regulation Section,
320 W. Washington Street, Springfield IL 62786; Telephone (217) 785-2900. A
separate license is required for each pawnshop location.
b) Instructions, Contents. An application for
a license shall state the full name and address of the applicant, together with
any other relevant information the Secretary shall require, including, but not
limited to, the following requirements:
1)
Disclosure of Principal Parties. The full name and place of residence of all
principal parties, including all managers of the pawnshop, must be provided. A
principal party is any person or entity owning or controlling 10% or more of
the equity or voting stock of the pawnshop.
2) In connection with an application for
licensing, each principal party shall be required, at a minimum, to furnish
information concerning the applicant's identity, including:
A) fingerprints of the applicant to a vendor
approved by the NMLS, for submission to the Federal Bureau of Investigation or
any governmental agency or entity authorized to receive that information for a
State, national and international criminal history background check;
and
B) personal history and
experience in a form prescribed by the Secretary, including the submission of
authorization to obtain:
i) an independent
credit report obtained from a consumer reporting agency described in Section
603(p) of the Fair Credit Reporting Act (15
U.S.C. 1681a(p));
and
ii) information related to any
administrative, civil or criminal findings by any governmental
jurisdiction.
3) Insurance Requirement. The applicant,
whether seeking a new license or renewing an existing license, shall provide
the Secretary with proof of hazard insurance that evidences the name and
address of the insuring company, the insurance policy number, the extent of
coverage relating to the value of loans outstanding on pawned items, the amount
of coverage, and the policy's expiration date. Thereafter, this information
shall be held in file by the applicant for inspection at all times on demand by
the Secretary.
4) Fees and
Duration. The payment of a nonrefundable application fee in the amount of $1000
shall accompany an application for an annual license. Unless otherwise
permitted by the Secretary, the payment of all fees shall be made by an
electronic transfer of funds, or an automatic debit of an account.
c) The forms and information
prescribed by the Secretary, and all associated fees, shall be paid and filed
with the NMLS at http://www.nmls.org/.