Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.15 - Application for Payday Lender License; Controlling Person

Current through Register Vol. 48, No. 28, July 12, 2024
a) An application for a license must be under
			 oath in the form the Director prescribes and available on the agency's website.
			 The Director may not issue a license unless and until the findings as set forth
			 in Section 3-5(b) of the Act are made.
These findings include that the
			 financial responsibility, experience, character, and general fitness of the
			 applicant are such as to command the confidence of the public and to warrant
			 the belief that the business will be operated lawfully and fairly and within
			 the provisions and purposes of the Act
. [815 ILCS
			 122/3-5(b)(1)] The application shall
			 contain the following:
1) The name of the
			 applicant and the address of the proposed place of business;
2) The form of business organization of the
			 applicant, including:
A) a copy of its filed
			 articles of incorporation;
B) a
			 copy of the filed articles of organization, if the applicant is a limited
			 liability company;
C) a certified
			 statement of the ownership of the partnership and any subsequent changes in
			 ownership, if the applicant is a partnership.
3) The name, business and home address,
			 credit report (except for a publicly traded company) and a chronological
			 summary of the business experience, material litigation history, and felony
			 convictions over the preceding 10 years of:
A) the proprietor, if the applicant is an
			 individual;
B) every general
			 partner, if the applicant is a partnership;
C) President, Secretary, Executive and Senior
			 Vice Presidents, Directors and individuals owning more than 25% of the
			 corporate stock, if the applicant is a corporation;
D) the manager, if the applicant is a limited
			 liability company; and
E) any
			 controlling person.
4) A
			 licensee shall not submit the information required in subsections (a)(2) and
			 (3) if the licensee has previously submitted the information to the Division in
			 a previous license application within the last 5 years and there have been no
			 material changes, unless the licensee is requested by the Director to submit
			 this information.
5) The most
			 current year end financial statements, prepared in accordance with generally
			 accepted accounting principles (as defined by the Financial Standards
			 Accounting Board (401 Merritt 7, PO Box 5116, Norwalk CT 06856-5116
			 (203/847-0700))) and a balance sheet and statement of operations as of the most
			 recent quarterly report before the date of the application.
6) A list of all states in which the
			 applicant is licensed as a payday lender or short-term lender, or under a
			 similar license, and whether the licenses of the applicant have ever been
			 withdrawn, refused, cancelled or suspended in any other state, with full
			 details.
7) Bond as required by the
			 Act.
8) Appointment of
			 attorney-in-fact.
9) Business plan,
			 which shall only detail the nature, amount and term of loans to be made and
			 types of security that will be taken.
10) Photographs of both the inside and
			 outside of the proposed site.
11)
			 Details of any other businesses that will be conducted within the licensed
			 premises, if allowed.
12) The
			 applicable fees as required by Section 3-5(e) of the Act.
13) Any additional information the Director
			 considers necessary (for example, clarification of credit report, additional
			 documentation clarifying business plan, clarification or additional
			 documentation regarding financial statements, etc.).