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. 28, July 12, 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
1) An application to change the location of a
				pawn shop must be filed not less than 45 days prior to the anticipated date of
				relocation. The application must be submitted on the form prescribed in Section
				360.210 of this Part, in
				accordance with the Secretary's instructions, and the processing of the
				application shall be conducted in the same manner as provided in Section
				360.120
				of this Part. The payment of the applicable Change in Location Fee must
				accompany the application. At a minimum, the application shall include: the
				present name and address of the licensed pawnshop, the address and phone number
				of the proposed new location, the anticipated date of relocation, a list of the
				addresses of all pledgers with open pawn loans, and a sample copy of the
				written notice that shall be provided to the pledgers of open pawn loans. No
				relocation of a pawnshop may occur until approved by the Secretary. The
				Secretary may prohibit a relocation if it adversely affects the ability of
				pledgers to redeem pledged goods due to the distance between the locations.
				Upon approval of a change in location by the Secretary, the licensee shall
				provide notification to all pledgers with open pawn loans by signs and written
				notice. The written notice shall be mailed to all pledgers with open pawn loans
				of record, at their last known mailing address, not less than 15 days prior to
				the anticipated date of relocation. The written notice must include the name of
				the pawnshop as well as identify both the old and the new locations, the
				telephone number of the new location, and the anticipated date of relocation.
				At a minimum, two signs, of reasonable size and visibility, shall be posted on
				the outside of the pawnshop for 15 business days prior to the relocation. The
				signs shall include the information provided in substantially the following
				form:
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)
2) The
				Secretary may waive the notification to pledgers by mail if a determination has
				been made that no pledgers will be adversely affected by the relocation (e.g.,
				the pawnshop relocates to a building within close proximity of the former
				location). Upon receipt of the completed form, payment of the applicable fee,
				and the Secretary's approval, a new license shall be issued to the licensee.
				The licensee must surrender its former license to the Secretary not less than
				10 business days after the relocation has occurred, unless an exemption has
				been granted by the Secretary. The Change of Location Fee is set forth in
				Section
				360.20 of this
				Part.