§ 15-5 — General provisions

Illinois § 15-5

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 511/: Pawnbroker Regulation Act of 2023.

Text

(a) It is unlawful for an individual or business entity to conduct business in this State using the word "pawn", "pawnshop", or "pawnbroker" in connection with the business or to transact business in this State in a manner that has a substantial likelihood of misleading the public by implying that the business is a pawnshop, without first obtaining a license from the Secretary. It shall be unlawful for any business to advertise in a pawnbroker category, digitally or in print without including that business's pawnbroker and Nationwide Multistate Licensing System and Registry license number. (b) It is unlawful for an entity licensed under this Act to do any of the following: (1) Engage, have engaged, or propose to engage in any unlawful, unfair, deceptive, or abusive act or practice with respect to financial products or services. (2) Offer or provide to a consumer any financial product or service not in conformity with this Act or otherwise commit any act or omission in violation of a financial law. (3) Fail or refuse, as required by this Act or any rule or order issued by the Department hereunder, to do any of the following: (A) Permit the Department to access or copy records. (B) Establish or maintain records. (C) Make reports or provide information to the Department.

Legislative History

(Source: P.A. 103-585, eff. 3-22-24.)