§ 5-25 — Prohibited acts and practices for licensees

(a) It is a violation of this Act for a licensee subject to this Act to: (1) fail to file with the Secretary or Nationwide Multistate Licensing System and Registry, as applicable, when due, any report or reports that it is required to file under any of the provisions of this Act; (2) commit a crime against the law of this State, any other state, or of the United States involving moral turpitude or fraudulent or dishonest dealing, and that no final judgment has been entered against it in a civil action upon grounds of fraud, misrepresentation, or deceit that has not been previously reported to the Secretary; (3) engage in any conduct that would be cause for denial of a license; (4) become insolvent; (5) submit an application for a license under this Act that contains a material misstatement; (6) demonstrate by course of conduct, negligence, or incompetence in performing any act for which it is required to hold a license under this Act; (7) fail to advise the Secretary in writing or the Nationwide Multistate Licensing System and Registry, as applicable, of any changes to the information submitted on the most recent application for license or averments of record within 30 days after the change; the written notice must be signed in the same form as the application for the license being amended; (8) fail to comply with the provisions of this Act and with any lawful order, rule, or regulation made or issued under the provisions of this Act; (9) fail to submit to periodic examination by the Secretary as required by this Act; and (10) fail to advise the Secretary in writing of judgments entered against and bankruptcy petitions by the license applicant within 5 days after the occurrence. (b) A licensee who fails to comply with this Section or otherwise violates any of the provisions of this Section shall be subject to the penalties in Section 30-30.

Legislative History

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