§ 8-3 — Prohibited authorized delegates

(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.

Legislative History

(Source: P.A. 103-991, eff. 8-9-24.)