§ 11-2 — Suspension and revocation of licenses

Illinois § 11-2

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 658/: Uniform Money Transmission Modernization Act.
• Art.: Article XI - Enforcement

Text

(a) The Secretary may issue an order to suspend or revoke a license of a licensee or order a licensee to revoke the designation of an authorized delegate if: (1) the licensee has failed to comply with any provision of this Act, or any order, decision, finding, rule, regulation or direction of the Secretary lawfully made pursuant to the authority of this Act; (2) the licensee does not cooperate with an examination or investigation by the Secretary; (3) the licensee engages in fraud, intentional misrepresentation, or gross negligence; (4) an authorized delegate is convicted of a violation of a State or federal anti-money laundering statute, or violates a rule adopted or an order issued under this Act, as a result of the licensee's willful misconduct or grossly negligent inattention to its legal obligations; (5) the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, key individual, or responsible person of the authorized delegate indicates that it is not in the public interest to permit the person to provide money transmission; (6) the licensee engages in an unsafe or unsound practice; (7) the licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors; (8) the licensee does not remove an authorized delegate after the Secretary issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this Act; (9) a fact or condition exists that, if it had existed or had been known at the time the licensee applied for its license, would have been ground for denying the application; (10) the licensee knowingly fails to make a report required by this Act; (11) the licensee fails to pay a judgment entered in favor of a claimant, plaintiff, or credit in an action arising out of the licensee's business regulated under this Act within 30 days after the judgment becomes final or within 30 days after the expiration or termination of a stay of execution; (12) the licensee has been convicted under the laws of this State, another state, or the United States of a felony or of a crime involving breach of trust or dishonesty; or (13) the licensee violates the Illinois Uniform Revised Unclaimed Property Act. (b) In determining whether a licensee is engaging in an unsafe or unsound practice, the Secretary may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this Act, and the previous conduct of the person involved. (c) In every case in which a license is suspended or revoked, the Secretary shall issue a formal written notice of the suspension or revocation, setting forth the specific reasons for the suspension or revocation of the license and serve the licensee, either personally or by certified mail. Service by certified mail shall be deemed completed when the notice is deposited into U.S. Mail and the order of suspension or revocation of a license shall take effect upon service of the order. (d) A licensee whose license has been suspended or revoked by the Secretary under this Section may request a hearing, in writing, within 10 days after the date of service. If a licensee submits a timely request for a hearing, the order shall be stayed until a final administrative order is entered and the Secretary shall schedule a hearing unless otherwise agreed to by the parties. (e) The Secretary shall conduct hearings pursuant to this Section and in accordance with 38 Ill. Adm. Code 100, as amended or recodified from time to time.

Legislative History

(Source: P.A. 103-991, eff. 8-9-24.)