Sec. 25. Qualifications for license.
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/il/chapter-225/act-429/25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 25. Qualifications for license. Upon the filing of the application and the approval of the bond and the payment of the specified fees, the Secretary may issue a license if he or she finds all of the following:
(1)The financial responsibility, experience, character, and general fitness of the
applicant, the managers, if the applicant is a limited liability company, the partners, if the applicant is a partnership, and the officers and directors, if the applicant is a corporation or a not for profit corporation, are such as to command the confidence of the community and to warrant belief that the business will be operated fairly, honestly, and efficiently within the purposes of this Act.
(2)The applicant, if an individual, the managers, if the applicant is a limited
liability company, the partners, if the applicant is a partnership, and the officers and directors, if the applicant is a corporation, have not been convicted of a felony or a misdemeanor or disciplined with respect to a license or are not currently the subject of a license disciplinary proceeding concerning allegations involving dishonesty or untrustworthiness.
(3)The person or persons have not had a record of having defaulted in the payment of
money collected for others, including the discharge of those debts through bankruptcy proceedings.
(4)The applicant, or any officers, directors, partners, or managers have not previously
violated any provision of this Act or any rule lawfully made by the Secretary.
(5)The applicant has not made any false statement or representation to the Secretary in
applying for a license under this Section.
The Secretary shall deliver a license to the applicant to operate as a debt settlement provider in accordance with the provisions of this Act at the location specified in the application. The license shall remain in full force and effect until it is surrendered by the debt settlement provider or revoked by the Secretary as provided in this Act; provided, however, that each license shall expire by its terms on January 1 next following its issuance unless it is renewed as provided in this Act. A license, however, may not be surrendered without the approval of the Secretary.
More than one license may be issued to the same person for separate places of business, but separate applications shall be made for each location conducting business with Illinois residents.