Sec. 5-6. Renewal of license.

438 words·~2 min read·/il/chapter-205/act-658/5-6

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

(a)A license under this Act shall be renewed annually.

(b)An annual renewal fee in accordance with 38 Ill. Adm. Code 205.35 as amended or recodified from time to time shall be paid to the Department. The renewal term shall be for a period of one year and shall begin on January 1 of each year after the initial license term and shall expire on December 31 of the year the renewal term begins.

(c)A licensee shall submit a renewal report, in a form and in a medium prescribed by the Secretary by December 1 of each year. The form requires any information deemed necessary by the Secretary to review a renewal application. At a minimum, the renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application which has not been reported to the Secretary and 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 delegates for the past 4 completed calendar quarters.

(d)The Secretary, in his or her discretion, may grant an extension of the renewal date.

(e)The Secretary is authorized and encouraged to use NMLS to process license renewals if such functionality is consistent with this Section.

(f)The Secretary shall issue a formal written notice of the denial of renewal within 30 days after the decision to deny the renewal. The Secretary shall set forth the specific reasons for denying the renewal in the notice of denial and serve the licensee, either personally or by certified mail. Service by certified mail shall be deemed completed when the notice is deposited into the U.S. Mail. A licensee whose renewal is denied by the Secretary under this Section may submit a written request for a hearing that shall include the particular reasons why the licensee believes that the decision to deny the renewal was incorrect within 10 days after service of the notice of the denial. If a licensee submits a timely request for a hearing, the Secretary shall schedule a hearing unless otherwise agreed to by the parties. The Secretary shall conduct hearings pursuant to this Section and in accordance with 38 Ill. Adm. Code 100, as amended or recodified from time to time. The expiring license shall be deemed to continue in force until 10 days after the service of the notice of denial or, if a timely hearing is requested during that period, until a final order is entered pursuant to a hearing.