(a) License required. No person shall, without a valid license issued by the administrator, (i) represent or present to the public in any manner to be a finder in the State of Illinois or (ii) act as a finder. (b) Qualification for licensure. An applicant is qualified for licensure as a finder if the applicant meets all the following qualifications: (1) If the applicant is a natural person, the person is at least 21 years of age. (2) The applicant is of good moral character. When determining the moral character of an applicant, the administrator shall take into consideration the following: (A) Whether the applicant has engaged in any unethical or dishonest business practices. (B) Whether the applicant has been adjudicated, civilly or criminally, to have committed fraud or to have violated any law of any state involving unfair trade or business practices, has been convicted of a misdemeanor of which fraud is an essential element or which involves any aspect of the finder business or claiming or reporting of unclaimed property, or has been convicted of any felony. (C) Whether the applicant has intentionally violated any provision of this Act or a predecessor law or any regulations relating thereto. (D) Whether the applicant has been permanently or temporarily suspended, enjoined, or barred by any government agency or court of competent jurisdiction in any state from engaging in or continuing any conduct or practice involving any aspect of the finder business, the claiming or reporting of unclaimed property, or any other regulated business or occupation. (E) Whether any charges or complaints lodged against the applicant for which fraud, deceptive business practices, or similar offenses involving moral turpitude were an essential element that resulted in civil or criminal litigation or administrative proceedings. (F) Whether the applicant has made any misrepresentations or false statements or concealed any material fact. (3) If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then the administrator shall take into consideration each principal, owner, member, officer, and shareholder holding 25% or more of corporate stock for compliance with subsection (b) of this Section. (4) The applicant demonstrates knowledge and understanding of this Act, including, but not limited to, the provisions of Article 13 of this Act. (c) Application for license. Every person seeking to be licensed as a finder shall apply to the administrator in writing on forms or electronically as prescribed by the administrator. (1) Every application shall be accompanied by a fee that the administrator shall establish by rule. The fee may not be refundable. (2) All applicants shall provide a valid mailing address and email address to the administrator, which shall serve as the address of record and email address of record, respectively, at the time of application for licensure or renewal of a license, and shall inform the administrator in writing of any change in address of record or email address of record within 14 days after the change. (3) The applicant shall authorize the administrator to conduct a criminal background check to determine if the applicant has ever been charged with a crime and, if so, the disposition of those charges. If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then the authorization shall include each principal, owner, member, officer, and shareholder holding 10% or more of corporate stock, as applicable. The administrator shall charge a fee for conducting the criminal background check that shall not exceed the actual cost of the criminal background check. (4) The applicant shall provide all information that, in the judgment of the administrator, enables the administrator to pass on the qualifications of the applicant for licensure as a finder under this Act. The administrator shall establish the minimum information required to be provided by administrative rule, but is authorized to request additional information when, in the judgment of the administrator, such information is necessary. (5) In addition to any other information required to be provided in the application, the applicant shall provide the applicant's Social Security Number, Individual Taxpayer Identification Number, or Federal Employer Identification Number. If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then the applicant shall provide the Social Security Number or Individual Taxpayer Identification Number for each principal, owner, member, officer, and shareholder holding 10% or more of corporate stock, as applicable. (d) Fidelity bond. Applications for licensure shall also be accompanied by a fidelity bond issued by a bonding company or insurance company authorized to do business in this State, as approved by the administrator, in an amount established by the administrator by rule not to exceed $100,000. This bond runs to the benefit of the administrator and the administrator's successor for the benefit of the Unclaimed Property Trust Fund. (e) Renewal of license. (1) The expiration date and renewal period for each license issued under this Section shall be set by rule. (2) The holder of a license issued under this Section may renew the license within 90 days preceding the expiration date by (A) completing and submitting to the administrator a renewal application in the manner prescribed by the administrator and (B) paying the required fees, which shall be established by the administrator by administrative rule. (f) Any application for licensure or for renewal not acted upon within 90 days may be deemed denied. (g) The administrator may refuse to issue or may suspend or revoke a license on any of the following grounds: (1) The applicant or licensee has made any misrepresentations or false statements or concealed any material fact. (2) The applicant or licensee is insolvent. (3) The applicant or licensee has conducted or is about to engage in dishonorable, unethical, or unprofessional conduct of a character likely to deceive, defraud, or harm the public. (4) The applicant or licensee has failed to satisfy any enforceable judgment or decree rendered by any court of competent jurisdiction against the applicant or licensee. (5) The applicant or licensee fails to make a substantive response to a request for information by the administrator within 30 days of the request. (6) The applicant or licensee, including any member, officer, or director thereof if the applicant or licensee is a firm, partnership, association, or corporation or any shareholder holding more than 10% of the corporate stock, has violated any provision of this Act or any rule adopted under this Act or a valid order entered by the administrator under this Act. (7) The applicant or licensee aided or assisted another person in violating any provision of this Act or rules adopted under this Act. (8) The applicant or licensee engaged in solicitation of professional services by using false or misleading advertising. (9) The administrator finds any fact or condition existing which, if it had existed at the time of the original application for the license, would have warranted the administrator in refusing the issuance of the license. (h) Denial, suspension, or revocation of license. (1) If the administrator determines that an application for licensure or for renewal of a license should be denied, then the applicant shall be sent a notice of intent to deny and the applicant shall be given the opportunity to request, within 20 days of the notice, a hearing on the denial. (2) If the administrator determines that a license should be suspended or revoked, then the licensee shall be sent a notice of intent to suspend or revoke the license and the licensee shall be given the opportunity to request, within 20 days of the notice, a hearing on the suspension or revocation. (3) Any hearing on the denial, suspension, or revocation shall be conducted in accordance with the State Treasurer's administrative rules concerning rules of practice in administrative hearings. (i) Practice without license; injunction; cease and desist order; civil penalties. (1) Acting as a finder by any person who has not been issued a license by the administrator, whose license has been suspended or revoked, or whose license has not been renewed, is hereby declared to be inimical to the public welfare and to constitute a public nuisance. (2) The administrator may, in the name of the People of the State of Illinois through the Attorney General, apply for an injunction in the circuit court to enjoin any person who has not been issued a license or whose license has been suspended or revoked, or whose license has not been renewed, from acting as a finder. Upon the filing of a verified complaint in court, the court, if satisfied by affidavit or otherwise that the person is or has been acting as a finder without having been issued a license or after the person's license has been suspended, revoked, or not renewed, may issue a temporary restraining order or preliminary injunction, without notice or bond, enjoining the defendant from further acting as a finder. A copy of the verified complaint shall be served upon the defendant and the proceedings shall thereafter be conducted as in other civil cases. If it is established that the defendant has been or is acting as a finder without having been issued a license or has been or is acting as a finder after his or her license has been suspended, revoked, or not renewed, the court may enter a judgment perpetually enjoining the defendant from further acting as a finder. In case of violation of any injunction entered under this Section, the court may summarily try and punish the offender for contempt of court. Any injunction proceeding shall be in addition to, and not in lieu of, all penalties and other remedies in this Act. (3) Whenever, in the opinion of the administrator, any person or other entity violates any provision of this Article, the administrator may issue a notice to show cause why an order to cease and desist should not be entered against that person or other entity. The rule shall clearly set forth the grounds relied upon by the administrator and shall provide a period of at least 7 days from the date of the rule to file an answer to the satisfaction of the administrator. Failure to answer to the satisfaction of the administrator shall cause an order to cease and desist to be issued immediately. (4) In addition to any other penalty provided by law, any person that violates any provision of this Article shall forfeit and pay a civil penalty in an amount determined by the administrator not to exceed $10,000 for each violation. The penalty shall be assessed in proceedings as provided in the State Treasurer's administrative rules concerning rules of practice in administrative hearings. (j) Confidentiality. All information collected by the administrator in the course of an examination or investigation of a licensee or applicant, including, but not limited to, any complaint against a licensee filed with the administrator and information collected to investigate any such complaint, shall be maintained for the confidential use of the administrator and shall not be disclosed, except that the administrator may disclose such information to law enforcement officials, other government agencies including the unclaimed property programs of other states that have an appropriate regulatory interest as determined by the administrator, or a party presenting a lawful subpoena to the administrator. Information and documents disclosed to a federal, State, county, or local law enforcement agency shall not be disclosed by the agency for any purpose to any other agency or person. A formal complaint filed against a licensee by the administrator, or any order issued by the administrator against a licensee or applicant, shall be a public record, except as otherwise prohibited by law. (k) All moneys received by the administrator under this Article shall be deposited into the State Treasurer's Administrative Fund. (l) This Section applies on and after January 1, 2026.