Sec. 15-20. Application form.

479 words·~2 min read·/il/chapter-110/act-992/15-20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Application for a student loan servicer license must be made in accordance with Section 15-40 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry. The application shall be in writing, under oath, and on a form obtained from and prescribed by the Secretary, or may be submitted electronically, with attestation, to the Nationwide Multistate Licensing System and Registry.

(b)The application shall contain the name and complete business and residential address or addresses of the license applicant. If the license applicant is a partnership, association, corporation, or other form of business organization, the application shall contain the names and complete business and residential addresses of each member, director, and principal officer thereof. The application shall also include a description of the activities of the license applicant in such detail and for such periods as the Secretary may require, including all of the following:

(1)an affirmation of financial solvency noting such capitalization requirements as

may be required by the Secretary and access to such credit as may be required by the Secretary;

(2)an affirmation that the license applicant or its members, directors, or

principals, as may be appropriate, are at least 18 years of age;

(3)information as to the character, fitness, financial and business responsibility,

background, experience, and criminal record of any

(i)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;

(ii)person, entity, or ultimate equitable owner that is not a depository institution, as defined in Section 1007.50 of the Savings Bank Act, 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;

(iii)person, entity, or ultimate equitable owner that controls, directly or indirectly, the election of 25% or more of the members of the board of directors of a license applicant; or

(iv)person, entity, or ultimate equitable owner that the Secretary finds influences management of the license applicant; the provisions of this subsection shall not apply to a public official serving on the board of directors of a State guaranty agency;

(4)upon written request by the licensee and notwithstanding the provisions of

paragraphs (1), (2), and

(3)of this subsection, the Secretary may permit the licensee to omit all or part of the information required by those paragraphs if, in lieu of the omitted information, the licensee submits an affidavit stating that the information submitted on the licensee's previous renewal application is still true and accurate; the Secretary may adopt rules prescribing the form and content of the affidavit that are necessary to accomplish the purposes of this Section; and

(5)such other information as required by rules of the Secretary.