(b) A loan broker
who engages in any loan brokerage transactions where the loan is subject to
the Truth-in-Lending Act
must maintain a bond satisfactory to the
Secretary of State in the amount of $25,000, which shall be in
favor of the State.
(c) Whenever the provisions of this Act have been complied
with, the Secretary of State shall issue a certificate of
registration to the applicant, authorizing the applicant to engage
in the business of loan brokering.
(d) An application for registration becomes effective 30 days
after it is filed, unless a certificate of the Secretary of
establishes an earlier effective date. Every registration is
effective until January 1 of the year after it goes into effect.
(e) Every applicant for registration shall file with the
Secretary of State, in such form as the Secretary of State may
prescribe by rule or regulation, an irrevocable consent appointing
the Secretary of State to be the applicant's agent to receive
service of any lawful process in any noncriminal suit, action or
proceeding against the applicant arising from the violation of any
provision of this Act.
(f) An application shall be considered filed when all required
documentation and fees are received by the Office of the Secretary of State.
(Source: P.A. 90-70, eff. 7-8-97; 91-357, eff. 7-29-99.)