815 ILCS 124/8: License application and issuance.
Where this section sits in the code
- CHAPTER 815 BUSINESS TRANSACTIONS
- Buy-Now-Pay-Later Loan Consumer Protection Act.
(a) Applicants for a license shall apply in a form prescribed by the Secretary. The form may be changed or updated by the Secretary to carry out the purposes of this Act.
(b) In order to fulfill the purposes of this Act, the Secretary may establish relationships or contracts with a multistate licensing system or other persons to collect and maintain records and process fees related to licensees or other persons subject to this Act.
(c) In connection with an application for licensing, the applicant, owners, officers, and directors of an applicant may be required, at a minimum, to furnish to the Secretary or the multistate licensing system information concerning the identity of the applicant, owners, officers, and directors, including personal history and experience in a form prescribed by the Secretary or the multistate licensing system including, but not limited to:
(1) a complete and accurate copy of an independent credit report obtained from a consumer reporting agency as described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and
(2) information related to any administrative, civil, or criminal findings by any governmental jurisdiction.
(d) For the purposes of this Section, and to reduce the points of contact that the Secretary may have to maintain, the Secretary may use a multistate licensing system as a channeling agent for requesting and distributing information to and from any source.
(e) Each application shall be accompanied by averments as determined by the Secretary to fulfill the purposes of this Act.
Collected 2026-09-15T04:46:47Z. Source file · JSON