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(205 ILCS 657/40)
Renewals of license.
As a condition for renewal of a license,
licensee must submit to the Director, and the Director must receive, on or
before December 1 of each year, an
application for renewal made in writing and under oath on a form
prescribed by the
Director. A licensee whose application for
renewal is not received by the Department on or
before December 31 shall not have its license renewed and
shall be required to submit to the Director an application for a new license in
accordance with Section 25. Upon a showing of good cause, the Director may
extend the deadline for the filing of an application for renewal. The
application for renewal of a license shall contain or be accompanied by all of
(1) The name of the licensee and the address of the
principal place of business of the licensee.
(2) A list of all locations where the licensee is
conducting business under its license and a list of all authorized sellers through whom the licensee is conducting business under its license, including the name and business address of each authorized seller.
(3) Audited financial statements covering the past
year of operations, prepared in accordance with generally accepted accounting principles, showing the financial condition of the licensee. The licensee shall submit the audited financial statement after the application for renewal has been approved. The audited financial statement must be received by the Department no later than 120 days after the end of the licensee's fiscal year. If the licensee is a wholly owned subsidiary or is eligible to file consolidated federal income tax returns with its parent, the licensee may submit unaudited financial statements if accompanied by the audited financial statements of the parent company for its most recently ended year.
(4) A statement of the dollar amount and number of
money transmissions and payment instruments sold, issued, exchanged, or transmitted in this State by the licensee and its authorized sellers for the past year.
(5) A statement of the dollar amount of uncompleted
money transmissions and payment instruments outstanding or in transit, in this State, as of the most recent quarter available.
(6) The annual license renewal fees and any penalty
fees as provided by Section 45 of this Act.
(7) Evidence sufficient to prove to the satisfaction
of the Director that the licensee has complied with all requirements under Section 20 relating to its net worth, under Section 30 relating to its surety bond or other security, and under Section 50 relating to permissible investments.
(8) A statement of a change in information provided
by the licensee in its application for a license or its previous applications for renewal including, but not limited to, new directors, officers, authorized sellers, or clearing banks and material changes in the operation of the licensee's business.
(Source: P.A. 92-400, eff. 1-1-02.)