TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.1 APPLICATION FOR LICENSE/CONTROLLING PERSON


 

Section 160.1  Application for License/Controlling Person

 

a)         An application for a license must be under oath and in the form the Director prescribes.  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, if the applicant is a partnership.  Any changes to the statement of ownership occurring after the application has been submitted shall be forwarded to the Director.

 

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 25% or more of the corporate stock, if the applicant is a corporation; and

 

D)        the manager, if the applicant is a manager-managed limited liability company or the member if the applicant is a member-managed 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 Department in a previous license application within the last 5 years and there have been no material changes, unless 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 lender or sales finance agency and whether a license of the applicant has ever been withdrawn, refused, cancelled or suspended in any other state, with full details.

 

7)         The applicable fees as required by the Act.

 

8)         Any additional information the Director considers necessary.

 

b)         A licensee that is a corporation must notify the Director within 15 days after a person becomes a controlling person.  Upon notification, the Director may require all information he or she considers necessary to determine if a new application is required.  A licensee that is an entity other than a corporation shall seek prior approval whenever a person proposes to become a controlling person. The request for approval shall be accompanied by an amendment fee of $1000.

 

(Source:  Amended at 45 Ill. Reg. 4459, effective March 24, 2021)