Illinois · Through at least Public Act 104-790

815 ILCS 124/6: Application process; investigation; fees.

(a) The Secretary may issue a license to a person after the person completes the following:
(1) the filing of an application for licensure with the Secretary or the multistate licensing system, as approved by the Secretary;
(2) the filing with the Secretary or the multistate licensing system, as approved by the Secretary, of a listing of judgments entered against, and bankruptcy petitions by, the applicant for the preceding 10 years;
(3) the payment, in certified funds, of investigation and application fees, the total of which shall be in an amount equal to $5,000, unless modified by the Secretary in accordance with subsection (b) of Section 11; and
(4) the filing of an audited balance sheet, including all footnotes prepared by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards; notwithstanding the requirements of this subsection, an applicant that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements that include the applicant's financial statement; if the consolidating statements are unaudited, the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements.
(b) The Secretary may, for good cause shown, waive or modify the requirements of paragraph (4) of subsection (a).
(c) Upon receipt of the license, a licensee shall be authorized to engage in the business regulated by this Act. The license shall remain in full force and effect until it expires, is surrendered by the licensee, or is revoked or suspended as provided in this Act.
(d) The Secretary may impose conditions on a license if the Secretary determines that those conditions are necessary or appropriate. The conditions shall be imposed in writing and shall continue in effect for the period prescribed by the Secretary.

Where this section sits in the code

CHAPTER 815 BUSINESS TRANSACTIONS
Buy-Now-Pay-Later Loan Consumer Protection Act.

(a) The Secretary may issue a license to a person after the person completes the following:

(1) the filing of an application for licensure with the Secretary or the multistate licensing system, as approved by the Secretary;

(2) the filing with the Secretary or the multistate licensing system, as approved by the Secretary, of a listing of judgments entered against, and bankruptcy petitions by, the applicant for the preceding 10 years;

(3) the payment, in certified funds, of investigation and application fees, the total of which shall be in an amount equal to $5,000, unless modified by the Secretary in accordance with subsection (b) of Section 11; and

(4) the filing of an audited balance sheet, including all footnotes prepared by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards; notwithstanding the requirements of this subsection, an applicant that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements that include the applicant's financial statement; if the consolidating statements are unaudited, the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements.

(b) The Secretary may, for good cause shown, waive or modify the requirements of paragraph (4) of subsection (a).

(c) Upon receipt of the license, a licensee shall be authorized to engage in the business regulated by this Act. The license shall remain in full force and effect until it expires, is surrendered by the licensee, or is revoked or suspended as provided in this Act.

(d) The Secretary may impose conditions on a license if the Secretary determines that those conditions are necessary or appropriate. The conditions shall be imposed in writing and shall continue in effect for the period prescribed by the Secretary.

Collected 2026-09-15T04:46:47Z. Source file · JSON

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