110 ILCS 992/20-30
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 992/ - Student Loan Servicing Rights Act.|Article 20 - Supervision

Sec. 20-30. Suspension; revocation of licenses; fines.(a) Upon written notice to a licensee, the Secretary may suspend or revoke any license issued pursuant to this Act if, in the notice, he or she makes a finding of one or more of the following:(1) that through separate acts or an act or a course     of     conduct, the licensee has violated any provisions of this Act, any rule adopted by the Secretary, or any other law, rule, or regulation of this State or the United States;(2) that any fact or condition exists that, if it had         existed at the time of the original application for the license, would have warranted the Secretary in refusing originally to issue the license; or(3) that if a licensee is other than an individual,     any     ultimate equitable owner, officer, director, or member of the licensed partnership, association, corporation, or other entity has  acted or failed to act in a way that would be cause for suspending or revoking a license to that party as an individual.(b) No license shall be suspended or revoked, except as provided in this Section, nor shall any licensee be fined without notice of his or her right to a hearing as provided in Section 20-65 of this Act.(c) The Secretary, on good cause shown that an emergency exists, may suspend any license for a period not exceeding 180 days, pending investigation.(d) The provisions of subsection (d) of Section 15-40 of this Act shall not affect a licensee's civil or criminal liability for acts committed prior to surrender of a license.(e) No revocation, suspension, or surrender of any license shall impair or affect the obligation of any pre-existing lawful contract between the licensee and any person.(f) Every license issued under this Act shall remain in force and effect until the license expires without renewal, is surrendered, is revoked, or is suspended in accordance with the provisions of this Act, but the Secretary shall have authority to reinstate a suspended license or to issue a new license to a licensee whose license has been revoked if no fact or condition then exists which would have warranted the Secretary in refusing originally to issue that license under this Act.(g) Whenever the Secretary revokes or suspends a license issued pursuant to this Act or fines a licensee under this Act, he or she shall execute a written order to that effect. The Secretary shall post notice of the order on an agency Internet site maintained by the Secretary or on the Nationwide Multistate Licensing System and Registry and shall serve a copy of the order upon the licensee. Any such order may be reviewed in the manner provided by Section 20-65 of this Act.(h) If the Secretary finds any person in violation of the grounds set forth in subsection (i), he or she may enter an order imposing one or more of the following penalties:(1) revocation of license;(2) suspension of a license subject to reinstatement         upon satisfying all reasonable conditions the Secretary may specify;(3) placement of the licensee or applicant on         probation for a period of time and subject to all reasonable conditions as the Secretary may specify;(4) issuance of a reprimand;(5) imposition of a fine not to exceed $25,000 for         each count of separate offense; except that a fine may be imposed not to exceed $75,000 for each separate count of offense of paragraph (2) of subsection (i) of this Section; or(6) denial of a license.(i) The following acts shall constitute grounds for which the disciplinary actions specified in subsection (h) may be taken:(1) being convicted or found guilty, regardless of         pendency of an appeal, of a crime in any jurisdiction that involves fraud, dishonest dealing, or any other act of moral turpitude;(2) fraud, misrepresentation, deceit, or negligence     in     any student loan transaction;(3) a material or intentional misstatement of fact on         an initial or renewal application;(4) insolvency or filing under any provision of the     federal     Bankruptcy Code as a debtor;(5) failure to account or deliver to any person any         property, such as any money, fund, deposit, check, draft, or other document or thing of value, that has come into his or her hands and that is not his or her property or that he or she is not in law or equity entitled to retain, under the circumstances and at the time which has been agreed upon or is required by law or, in the absence of a fixed time, upon demand of the person entitled to such accounting and delivery;(6) failure to disburse funds in accordance with         agreements;(7) having a license, or the equivalent, to practice         any profession or occupation revoked, suspended, or otherwise acted against, including the denial of licensure by a licensing authority of this State or another state, territory, or country for fraud, dishonest dealing, or any other act of moral turpitude;(8) failure to comply with an order of the         Secretary or rule made or issued under the provisions of this Act;(9) engaging in activities regulated by this Act         without a current, active license unless specifically exempted by this Act;(10) failure to pay in a timely manner any fee,         charge, or fine under this Act;(11) failure to maintain, preserve, and keep         available for examination all books, accounts, or other documents required by the provisions of this Act and the rules of the Secretary;(12) refusing, obstructing, evading, or unreasonably         delaying an investigation, information request, or examination authorized under this Act, or refusing, obstructing, evading, or unreasonably delaying compliance with the Secretary's subpoena or subpoena duces tecum; and(13) failure to comply with or a violation of any         provision of this Act.(j) A licensee shall be subject to the disciplinary actions specified in this Act for violations of subsection (i) by any officer, director, shareholder, joint venture, partner, ultimate equitable owner, or employee of the licensee.(k) A licensee shall be subject to suspension or revocation for unauthorized employee actions only if there is a pattern of repeated violations by employees or the licensee has knowledge of the violations or there is substantial harm to a consumer.(l) Procedures for surrender of a license include the following:(1) The Secretary may, after 10 days' notice by         certified mail to the licensee at the address set forth on the license, stating the contemplated action and in general the grounds for the contemplated action and the date, time, and place of a hearing thereon, and after providing the licensee with a reasonable opportunity to be heard prior to such action, fine such licensee an amount not exceeding $25,000 per violation, or revoke or suspend any license issued under this Act if he or she finds that:(i) the licensee has failed to comply with any                 provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary lawfully made pursuant to the authority of this Act; or(ii) any fact or condition exists that, if it                 had existed at the time of the original application for the license, clearly would have warranted the Secretary in refusing to issue the license.(2) Any licensee may submit an application to     surrender     a license, but, upon the Secretary approving the surrender, it shall not affect the licensee's civil or criminal liability for acts committed prior to surrender or entitle the licensee to a return of any part of the license fee. (Source: P.A. 100-540, eff. 12-31-18; 100-1153, eff. 12-19-18.)