§ 5-5 — Licensee name

Illinois § 5-5

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

Text

(a) No person, partnership, association, corporation, limited liability company, or other entity engaged in the business regulated by this Act shall operate the business under a name other than the real names of the entity and individuals conducting the business. The business may in addition operate under an assumed corporate name pursuant to the Business Corporation Act of 1983, an assumed limited liability company name pursuant to the Limited Liability Company Act, or an assumed business name pursuant to the Assumed Business Name Act. (b) 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.

Legislative History

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