Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 360 - LICENSING AND REGULATION OF PAWNBROKERS
Subpart G - RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS FOR REVOCATION OR SUSPENSION OF LICENSE
Section 360.630 - Notice to Customers
Current through Register Vol. 48, No. 12, March 22, 2024
If the Secretary enters an order revoking the license of a pawnshop, the Secretary shall, on the day the order becomes final, or such other day as the order prescribes, mail a written notification of revocation of license to all persons who have things in pledge at the most recent address listed on the pawn ticket. The Secretary shall also publish the notification in two consecutive issues of a local newspaper of general circulation. The Secretary shall be reimbursed by the licensee for all expenses incurred in connection with the notification. The Notification of License Revocation shall include the information provided in substantially the following form:
NOTIFICATION OF LICENSE REVOCATION (centered, in caps and bold)
(DATE)
1. Pursuant to Section 0.05(a)(10) of the Pawnbroker Regulation Act [205 ILCS 510/0.05(a)(10) ], the license of (name of pawnshop) has been revoked as of (the date the order becomes final).
2. (Name and address of pawnshop) is no longer permitted to engage in the business of receiving property in pledge or as security for money or other thing advanced.
3. The revocation of license shall not impair or affect the obligation of either the pawnbroker or the pledger to fulfill the terms of any preexisting memorandum, contract, or note.
4. If you have a current business transaction with (name and address of pawnshop), you should contact (address and phone number of Secretary's agent) within 30 business days to make arrangements for the disposition of any business transaction.
5. The grounds for the license revocation are (list all grounds as stated in the order).
