Illinois § 3-10 Closing of business; surrender of license

Illinois Statutes

§ 3-10 — Closing of business; surrender of license

Illinois § 3-10

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 815BUSINESS TRANSACTIONS

Act 815 ILCS 122/Payday Loan Reform Act.

Art.Article 3 - Licensure

This text of Illinois § 3-10 (Closing of business; surrender of license) 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

815 Ill. Comp. Stat. 3-10 (2026).

Text

At least 10 days before a licensee ceases operations, closes the business, or files for bankruptcy, the licensee shall:

(1)Notify the Department of its intended action in writing.

(2)With the exception of filing for bankruptcy, surrender its license to the Secretary for cancellation. The surrender of the license shall not affect the licensee's civil or criminal liability for acts committed before or after the surrender or entitle the licensee to a return of any part of the annual license fee.

(3)Notify the Department of the location where the books, accounts, contracts, and records will be maintained. The accounts, books, records, and contracts shall be maintained and serviced by the licensee, by another licensee under this Act, or by the Department.

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At least 10 days before a licensee ceases operations, closes the business, or files for bankruptcy, the licensee shall: (1) Notify the Department of its intended action in writing. (2) With the exception of filing for bankruptcy, surrender its license to the Secretary for cancellation. The surrender of the license shall not affect the licensee's civil or criminal liability for acts committed before or after the surrender or entitle the licensee to a return of any part of the annual license fee. (3) Notify the Department of the location where the books, accounts, contracts, and records will be maintained. The accounts, books, records, and contracts shall be maintained and serviced by the licensee, by another licensee under this Act, or by the Department.