TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.5 DEFINITIONS


 

Section 160.5  Definitions

 

"Controlling person" means a person, entity, or ultimate equitable owner that:

 

owns or controls, directly or indirectly, 10% or more of any class of stock of the license applicant;

 

is not a depository institution, as defined in Section 1007.50 of the Savings Bank Act [205 ILCS 205] that lends, provides, or infuses, directly or indirectly, in any way, funds to or into a license applicant, in an amount equal to or more than 10% of the license applicant's net worth;

 

controls, directly or indirectly, the election of 25% or more members of the board of directors of a license applicant; or

 

the Director finds influences management of the license applicant.

 

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