Illinois § 8-3 Prohibited authorized delegates

Illinois Statutes

§ 8-3 — Prohibited authorized delegates

Illinois § 8-3

JurisdictionIllinois

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 658/Uniform Money Transmission Modernization Act.

Art.Article VIII - Authorized Delegates

This text of Illinois § 8-3 (Prohibited authorized delegates) 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. 8-3 (2026).

Text

(a)The circuit court in an action brought by a licensee shall have jurisdiction to grant appropriate equitable or legal relief, including, without limitation, prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in this State and the payment of restitution, damages or other monetary relief, if the circuit court finds that an authorized delegate failed to remit money in accordance with the written contract required by subsection (b) of Section 8-1 or as otherwise directed by the licensee or required by law.

(b)If the circuit court issues an order prohibiting a person from acting as an authorized delegate for any licensee pursuant to subsection (a), the licensee that brought the action shall report the order to the Secretary with

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(a) The circuit court in an action brought by a licensee shall have jurisdiction to grant appropriate equitable or legal relief, including, without limitation, prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in this State and the payment of restitution, damages or other monetary relief, if the circuit court finds that an authorized delegate failed to remit money in accordance with the written contract required by subsection (b) of Section 8-1 or as otherwise directed by the licensee or required by law. (b) If the circuit court issues an order prohibiting a person from acting as an authorized delegate for any licensee pursuant to subsection (a), the licensee that brought the action shall report the order to the Secretary within 30 days and shall report the order through NMLS within 90 days. (c) An authorized delegate who holds money in trust for the benefit of a licensee and knowingly fails to remit more than $1,000 of such money is guilty of a Class 3 felony. (d) An authorized delegate who holds money in trust for the benefit of a licensee and knowingly fails to remit no more than $999 of such money is guilty of a Class A misdemeanor.