Sec. 5-4. Information requirements for certain individuals.
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/il/chapter-205/act-658/5-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-4. Information requirements for certain individuals.
(a)Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Secretary through NMLS the following items:
(1)The individual's fingerprints for submission to the Federal Bureau of Investigation
and the Secretary for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last 10 years.
(2)Personal history and experience in a form and in a medium prescribed by the
Secretary, to obtain the following:
(A)an independent credit report from a consumer reporting agency unless the
individual does not have a social security number, in which case, this requirement shall be waived;
(B)information related to any criminal convictions or pending charges; and
(C)information related to any regulatory or administrative action and any civil
litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.
(b)If the individual has resided outside of the United States at any time in the last 10 years, the individual shall also provide an investigative background report prepared by an independent search firm that meets the following requirements:
(1)At a minimum, the search firm shall:
(A)demonstrate that it has sufficient knowledge, resources, and employs accepted
and reasonable methodologies to conduct the research of the background report; and
(B)not be affiliated with or have an interest with the individual it is researching.
(2)At a minimum, the investigative background report shall be written in the English
language and shall contain the following:
(A)if available in the individual's current jurisdiction of residency, a
comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;
(B)criminal records information for the past 10 years, including, but not limited
to, felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;
(C)employment history;
(D)media history, including an electronic search of national and local
publications, wire services, and business applications; and
(E)financial services-related regulatory history, including, but not limited to,
money transmission, securities, banking, insurance, and mortgage related industries.