(205 ILCS 660/10.2)
(from Ch. 17, par. 5225)
Closing of business; surrender of license.
At least 10 days
prior to a licensee ceasing operations, closing business, or filing for
bankruptcy, the licensee shall:
(a) Notify the Department of its action in writing.
(b) With the exception of filing for bankruptcy, surrender its license
to the Director for cancellation. The surrender
of the license shall not affect the licensee's civil or criminal liability for
acts committed prior to surrender or entitle the licensee to a return of any
part of the annual license fee.
(c) The licensee shall notify the department of the location where the
books, accounts, contracts, and records will be maintained and the procedure to
ensure prompt return of contracts, titles, and releases to the customers.
(d) The accounts, books, records, and contracts shall be maintained and
serviced by the licensee or another licensee under this Act, or an entity
exempt from licensure under this Act.
(e) The Department shall have the authority to conduct examinations of the
books, records, and loan documents at any time after surrender of the license,
filing of bankruptcy, or the cessation of operations.
(Source: P.A. 90-437, eff. 1-1-98; 90-575, eff. 3-20-98.)