Illinois § 5-10 Application process; investigation; fees

Illinois Statutes

§ 5-10 — Application process; investigation; fees

Illinois § 5-10

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 511/Pawnbroker Regulation Act of 2023.

This text of Illinois § 5-10 (Application process; investigation; fees) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

205 Ill. Comp. Stat. 5-10 (2026).

Text

(a)The Secretary shall issue a license upon completion of all of the following:

(1)The filing of an application for license with the Secretary or the Nationwide Multistate Licensing System and Registry as approved by the Secretary.

(2)The filing with the Secretary of a listing of judgments entered against, and bankruptcy petitions by, the license applicant for the preceding 10 years.

(3)The payment, in certified funds, of the following investigation and application fees:

(A)the fees for licensure shall be a $2,000 application fee and an additional $800 fee for investigation. These fees are nonrefundable; and (B) the fee for an application renewal shall be $2,000. The fee is nonrefundable.

(4)An investigation of the application, which investigation must allow the Secretary to issue po

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(a) The Secretary shall issue a license upon completion of all of the following: (1) The filing of an application for license with the Secretary or the Nationwide Multistate Licensing System and Registry as approved by the Secretary. (2) The filing with the Secretary of a listing of judgments entered against, and bankruptcy petitions by, the license applicant for the preceding 10 years. (3) The payment, in certified funds, of the following investigation and application fees: (A) the fees for licensure shall be a $2,000 application fee and an additional $800 fee for investigation. These fees are nonrefundable; and (B) the fee for an application renewal shall be $2,000. The fee is nonrefundable. (4) An investigation of the application, which investigation must allow the Secretary to issue positive findings stating that the financial responsibility, experience, character, and general fitness of the license applicant and of the members thereof if the license applicant is a partnership or association, of the officers and directors thereof if the license applicant is a corporation, and of the managers and members that retain any authority or responsibility under the operating agreement if the license applicant is a limited liability company, are such as to command the confidence of the community and to warrant belief that the business will be operated honestly, fairly, and efficiently within the purpose of this Act; if the Secretary does not so find, he or she shall not issue the license, and he or she shall notify the license applicant of the denial. The Secretary may impose conditions on a license if the Secretary determines that those conditions are necessary or appropriate. These conditions shall be imposed in writing and shall continue in effect for the period prescribed by the Secretary. (b) All licenses shall be issued to the license applicant. Upon issuance of the license, a pawnbroker 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 without renewal, is surrendered by the licensee, or revoked or suspended.