Sec. 18c-5102. Licensing of Brokers.

213 words·~1 min read·/il/chapter-625/act-5/18c-5102·

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(1)Procedures for Issuing Brokers' Licenses. The Provisions of Article II of Sub-chapter 4 of this Chapter which govern the form and manner of filing of applications for authority, notice to be given to the public, and hearing, shall likewise govern the issuance of a brokers' license.

(2)Standards for Review of Brokers' License Applications. The Commission shall issue a license authorizing a person to act as a statewide broker of general commodities where:

(a)The person has properly filed an application on forms prescribed by the Commission;

(b)The person has remitted the filing fee prescribed by the Commission;

(c)The person has filed proof of bond or insurance as required by Commission regulations; and

(d)The Commission has determined that the person is fit, willing, and able to;

(i)Act as a statewide broker of general commodities as authorized by the license; and

(ii)Comply with provisions of this Chapter, Commission regulations and orders. Otherwise, the application shall be denied.

(3)Suspension or Revocation of Brokers' Licenses. If at any time the Commission determines after notice and hearing that the holder of a broker's license is not fit, willing, or able to continue to act as a broker, the Commission may suspend or revoke the license.