Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 360 - LICENSING AND REGULATION OF PAWNBROKERS
Subpart B - PAWNSHOP LICENSE
Section 360.150 - Change in Control or Form of Ownership, Change in Location, Change in Name of Pawnshop, Voluntary Surrender of License; Fees
Current through Register Vol. 48, No. 12, March 22, 2024
a) Change in Control or Form of Ownership. An application must be filed, by the acquiring party, not less than 30 days prior to the anticipated change in control or change in the form of ownership of a pawnshop. As used in this Section, "control" means a change involving the sale, assignment or transfer of a pawnshop; the addition or elimination of any general or limited partner; or a 10 percent or more change in the ownership of the outstanding stock, or membership interest, of a corporation that owns a pawnshop. A change in the form of ownership is considered to be a change from one type of business entity to another type of business entity (e.g., sole proprietorship to a corporation, partnership to sole proprietorship). The application must be submitted on the form prescribed in Section 360.210, in accordance with the Secretary's instructions. The payment of the applicable Change in Control or Form of Ownership Fee must accompany the application. No change in control or form of ownership shall occur until approved by the Secretary. The Secretary may prohibit a change in control or form of ownership from occurring if the licensee does not meet the license standards set forth in Section 360.130. The processing of the application shall be conducted in the same manner as provided in Section 360.120. The Change of Control or Form of Ownership Fee is set forth in Section 360.20.
b) Gift, Bequest, or Inheritance. Any person who, by gift, bequest, or inheritance, obtains ownership rights to an existing pawnshop or ownership rights in a company that controls the pawnshop such that ownership rights would constitute control of the pawnshop or company, may obtain title and ownership rights, but may not exercise management or control of the business and affairs of the pawnshop or vote so as to exercise management or control unless and until the Secretary approves an application for the change in control as provided in this Section, unless such person has requested, in writing, and received an exemption from the Secretary.
c) Change in Location
NOTICE OF CHANGE IN LOCATION (centered, in caps and bold)
(DATE)
(Name of Pawnshop) WILL BE MOVING TO (new address)
THE TELEPHONE NUMBER AT THE NEW LOCATION IS (telephone number)
THE ANTICIPATED DATE OF RE-LOCATION IS (date of relocation)
d) Change in Name of Pawnshop. Prior to the change in the name of a pawnshop, the licensee shall provide written notice to the Secretary, not less than 30 days prior to the anticipated change, and pay the applicable fee, as established by the Secretary. Upon receipt of the written notice and applicable fee, the Secretary shall issue a new license. At such time, the licensee must surrender its former license to the Secretary. The Change in Name Fee is set forth in Section 360.20 of this Part.
e) Voluntary Surrender of License. Prior to the voluntary surrender of a license, the licensee shall provide not less than 60 days written notice to the Secretary. The licensee shall also provide all pledgers with open pawn loans, at their last known mailing address, with 60 days written notice and shall publish a notice in two consecutive issues of a local newspaper of general circulation. At a minimum, the notice shall contain: the name and address of the pawnshop, the telephone number of the pawnshop, and the anticipated date on which business operations will cease. Prior to the cancellation of any license, the licensee shall certify to the Secretary, in the manner prescribed by the Secretary, that the pawnshop has no open pawn loans and that no further pawn loans shall be made. Upon receiving the certification from the licensee, the Secretary shall cancel the license. At such time, the license shall be surrendered to the Secretary. Ceasing business shall not impair or affect the obligation of either the pawnbroker or the pledger to fulfill the terms of any preexisting contract between them.