Illinois Administrative Code
Title 92 - TRANSPORTATION
Part 1019 - REMITTANCE AGENTS
Section 1019.5 - Definitions
Current through Register Vol. 48, No. 12, March 22, 2024
a) For purposes of this Part, the following definitions shall apply:
"Applicant" - person requesting that a title and/or registration be issued in his/her name.
"Dealer" - every person engaged in the business of acquiring or disposing of vehicles or their essential parts and who has an established place of business for such purpose. [ 625 ILCS 5/1-115 ]
"Department" - Department of Vehicle Services within the Office of the Secretary of State.
"Financially Sound" - solvent and able to pay expenses and debts as due, as evidenced by the surety bond obtained pursuant to Section 3-905 of the Illinois Vehicle Title & Registration Law of the Illinois Vehicle Code (Ill. Rev. Stat. 1987, ch. 951/2, par. 3-905).
"Fraudulent Activity" - any activity in which a person knowingly falsifies information.
"Good Business Integrity" - soundness or good moral principle and character in business dealings as evidenced by the surety bond obtained pursuant to Section 3-905 of the Illinois Vehicle Title & Registration Law of the Illinois Vehicle Code (Ill. Rev. Stat. 1987, ch. 951/2, par. 3-905), or good moral principle and character in business dealings.
"Immediate Family" - spouse, offspring, sibling, or parent.
"Licensee" - a licensed remittance agent.
"Revocation" - the termination by formal action of a person's license to operate as a remittance agent.
"Secretary" - Secretary of the State of Illinois.
"Suspension" - the temporary withdrawal by formal action by the Secretary of a person's license to operate as a remittance agent for thirty (30) days pending compliance and re-audit.
"Transaction" - an application for title and/or registration of a vehicle, any supporting documents and fees for remittance to the Department.
