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

Illinois Statutes

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

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 815 BUSINESS TRANSACTIONS·Act 815 ILCS 122/ Payday Loan Reform Act.·Art. Article 3 - Licensure

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.

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