Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 360 - LICENSING AND REGULATION OF PAWNBROKERS
Subpart B - PAWNSHOP LICENSE
Section 360.120 - Processing of Application
Current through Register Vol. 48, No. 12, March 22, 2024
a) Initial Review. The Secretary shall evaluate all applications within 30 business days after receipt and acknowledge completeness, identify deficiencies, and request additional information, if necessary. A completed application is one that conforms to the instructions provided in the application package and for which all fees have been paid. The Secretary may reject an incomplete application.
b) Failure to Complete Application. If a complete application has not been filed with the Secretary within 30 business days after the Secretary's request for additional information, the application shall be denied and the applicable fee shall be forfeited, unless a further extension of time has been granted by the Secretary.
c) Consideration of Completed Application. Upon receipt of a completed application and all required fees, a determination will be made by the Secretary within 30 business days to approve or deny the application request, unless the Secretary determines additional time is necessary (e.g., pending background investigations). A written notice of the Secretary's decision will be mailed to the applicant. The written notice for all denied applications will also include the reasons for denial. The applicable fee for all denied applications will not be refunded to the applicant.
d) Petition for Reconsideration. An applicant has the right to petition the Secretary for reconsideration within 30 business days after receipt of the written notice of license denial. The petition must be in writing and should: address the reasons for denial as cited by the Secretary, specify reasons why the Secretary should reconsider the decision, and provide relevant information that supports the reasons for reconsideration. The Secretary shall respond to all petitions within 30 business days after receipt, unless the Secretary determines additional time is necessary.
