Sec. 15-40. Denial, suspension or revocation of registration; orders and hearing.

353 words·~2 min read·/il/chapter-815/act-175/15-40

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

(a)The Secretary of State may deny, suspend or revoke the registration of a loan broker if the loan broker:

(1)Fails to maintain the bond required under subsection

(b)of Section 15-15 of this

Act.

(2)Is insolvent.

(3)Has violated any provision of this Act.

(4)Has filed with the Secretary of State any document or statement containing any false

representation of a material fact or omitting to state a material fact.

(5)Has been convicted, within 10 years before the date of the application, renewal or

review, of any crime involving fraud or deceit.

(b)The Secretary of State may not enter a final order denying, suspending or revoking the registration of a loan broker without prior notice to all interested parties, opportunity for a hearing and written findings of fact and conclusions of law. The Secretary of State may by summary order deny, suspend or revoke a registration pending final determination of any proceeding under this Section. Upon the entry of a summary order, the Secretary of State shall promptly notify all interested parties that it has been entered, of the reasons for the summary order and, that upon receipt by the Secretary of State of a written request from a party, the matter will be set for hearing which shall be conducted in accordance with the provisions of the Illinois Administrative Procedure Act. If no hearing is requested within 30 days of the entry of the order and none is ordered by the Secretary of State, the order remains in effect until it is modified vacated, or superseded by a final order. A final order may be entered by the Secretary of State against any party who fails to request a hearing within 30 days of the entry of the summary order. If a hearing is requested or ordered, the Secretary of State, after notice of the hearing has been given to all interested persons and the hearing has been held, may modify or vacate the order, extend it until final determination, or issue a final order.