Sec. 513a4. Application and license.

371 words·~2 min read·/il/chapter-215/act-5/513a4

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(a)Each application for a premium finance license shall be made on a form specified by the Director and shall be signed by the applicant declaring under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the applicant's knowledge and belief. The Director shall cause to be issued a license to each applicant that has demonstrated to the Director that the applicant:

(1)is competent and trustworthy and of a good business reputation;

(2)has a minimum net worth of $50,000; and

(3)has paid the fees required by this Article.

(b)Each applicant at the time of request for a license or renewal of a license shall:

(1)certify that no charge for financing premiums shall exceed the rates permitted by

this Article;

(2)certify that the premium finance agreement or other forms being used are in

compliance with the requirements of this Article;

(3)certify that he or she has a minimum net worth of $50,000; and

(4)attach with the application a non-refundable annual fee of $400.

(c)An applicant who has met the requirements of subsection

(a)and subsection

(b)shall be issued a premium finance license.

(d)Each premium finance license shall remain in effect as long as the holder of the license annually continues to meet the requirements of subsections

(a)and

(b)by the due date unless the license is revoked or suspended by the Director.

(e)The individual holder of a premium finance license shall inform the Director in writing of a change in residence address within 30 days of the change, and a corporation, partnership, or association holder of a premium finance license shall inform the Director in writing of a change in business address within 30 days of the change.

(f)Every partnership or corporation holding a license as a premium finance company shall appoint one or more partners or officers to be responsible for the firm's compliance with the Illinois Insurance Code and applicable rules and regulations. Any change in the appointed person or persons shall be reported to the Director in writing within 30 days of the change.