Sec. 35. Application for license and fees.

266 words·~1 min read·/il/chapter-215/act-136/35

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(a)A sworn application for a license under this Act shall be made to and filed with the Department on forms prescribed and furnished by the Director.

(b)In addition to other information required by the Director, the application shall provide the following:

(1)the name, residential address, and other information required by the Director for an

employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor's compliance with the requirements of this Act; however, if the vendor derives more than 50% of its revenue from the sale of portable electronics insurance, then the information required pursuant to this paragraph

(1)shall be provided for all officers, directors, and shareholder of record having beneficial ownership of 10% or more of any class of securities registered under the federal securities laws; and

(2)the location of the applicant's home office.

(c)Any vendor engaging in portable electronics insurance transactions on or before the effective date of this Act must apply for licensure within 90 days after the effective date of this Act. Any applicant commencing operations after the effective date of this Act must obtain a license prior to offering portable electronics insurance.

(d)Initial licenses issued pursuant to this Act shall be valid for a period of 24 months and expire on May 31 of the renewal year assigned by the Director.

(e)Each vendor of portable electronics licensed under this Act shall pay to the Department a fee of $500 for an initial and renewal portable electronics limited-lines license.