815 ILCS 124/10: License issuance and renewal.
Where this section sits in the code
- CHAPTER 815 BUSINESS TRANSACTIONS
- Buy-Now-Pay-Later Loan Consumer Protection Act.
(a) Absent a written extension from the Department and payment of any late fees required by the Department, a license shall expire on the last day of December of each calendar year if a licensee fails to timely submit a properly completed renewal application form and fees.
(b) Licensees shall apply to renew their license every calendar year. Licensees may submit properly completed renewal application forms and filing fees 60 days before the license expiration date. To be deemed timely, the completed renewal application forms and filing fees must be received by the Secretary at least 30 days before the license expiration date.
(c) It shall be the responsibility of each licensee to accomplish timely renewal of its license.
(d) No activity regulated by this Act shall be conducted by a licensee whose license has expired. The Secretary may, within the Secretary's discretion, reinstate an expired license upon payment of the renewal fee, payment of a reactivation fee equal to 5 times the renewal fee, submission of a completed renewal application, and an affidavit of good cause for late renewal.
Collected 2026-09-15T04:46:47Z. Source file · JSON