205 ILCS 511/1-1
Short title
Short title. This Act may be cited as the Pawnbroker Regulation Act of 2023. (Source: P.A. 103-585, eff. 3-22-24.)
Illinois Compiled Statutes 205 ILCS 511 — Pawnbroker Regulation Act of 2023.
Illinois · statute · 205 ILCS 511 · 46 active provisions
Provisions
205 ILCS 511/1-5
Definitions
Definitions. As used in this Act: "Applicant" means a person applying for a license pursuant to this Act. "Department" means the Department of Financial and Professional Regulation. "Licensee" means a person licensed pursuant to this Act. "Pawn" means the advance of money on the deposit or pledge of physically delivere…
205 ILCS 511/5-1
Scope; number of pawnbroker licenses
Scope; number of pawnbroker licenses. (a) It is unlawful for any person to operate as a pawnbroker in Illinois except as authorized by this Act and without first having obtained a license in accordance with this Act. (b) The business of a pawnbroker does not include advances of money secured by a deposit or pledge of t…
205 ILCS 511/5-5
Licensee name
Licensee name. (a) No person, partnership, association, corporation, limited liability company, or other entity engaged in the business regulated by this Act shall operate the business under a name other than the real names of the entity and individuals conducting the business. The business may in addition operate unde…
205 ILCS 511/5-10
Application process; investigation; fees
Application process; investigation; fees. (a) The Secretary shall issue a license upon completion of all of the following: (1) The filing of an application for license with the Secretary or the Nationwide Multistate Licensing System and Registry as approved by the Secretary. (2) The filing with the Secretary of a listi…
205 ILCS 511/5-15
Application form
Application form. (a) Application for a pawnbroker license must be made in accordance with Section 5-20 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry. The application shall be in writing, under oath or affirmation, and on a form obtained from and prescrib…
205 ILCS 511/5-20
Pawnbroker license application and issuance
Pawnbroker license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Secretary. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Department or Secretary and may be changed or updated as necessary by the Department or Secretar…
205 ILCS 511/5-25
Prohibited acts and practices for licensees
Prohibited acts and practices for licensees. (a) It is a violation of this Act for a licensee subject to this Act to: (1) fail to file with the Secretary or Nationwide Multistate Licensing System and Registry, as applicable, when due, any report or reports that it is required to file under any of the provisions of this…
205 ILCS 511/5-30
Refusal to issue license
Refusal to issue license. The Secretary shall refuse to issue or renew a license if: (1) it is determined that the applicant is not in compliance with any provisions of this Act; (2) there is substantial continuity between the applicant and any violator of this Act; or (3) the Secretary cannot make the findings specifi…
205 ILCS 511/5-35
License issuance and renewal; fees
License issuance and renewal; fees. (a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry, as adopted by the Secretary. Properly completed renewal application forms and filing fees may be received by the Secretary 60 days before the license exp…
205 ILCS 511/10-5
Functions; powers; duties
Functions; powers; duties. The functions, powers, and duties of the Secretary shall include the following: (1) to issue or refuse to issue any license as provided by this Act; (2) to revoke or suspend for cause any license issued under this Act; (3) to keep records of all licenses issued under this Act; (4) to receive,…
205 ILCS 511/10-10
Pawnbroker Regulation Fund
Pawnbroker Regulation Fund. The Pawnbroker Regulation Fund, which was established by Public Act 90-477, shall continue to be a special fund in the State treasury. All moneys received by the Secretary under this Act in conjunction with the provisions relating to pawnbrokers shall be deposited into the Pawnbroker Regulat…
205 ILCS 511/10-15
Examination; prohibited activities
Examination; prohibited activities. (a) The business affairs of a licensee under this Act shall be examined for compliance with this Act as often as the Secretary deems necessary and proper. The Department may adopt rules with respect to the frequency and manner of examination. The Secretary shall appoint a suitable pe…
205 ILCS 511/10-20
Subpoena power of the Secretary
Subpoena power of the Secretary. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and materials relevant to an examination or investigation. The Secretary, or his…
205 ILCS 511/10-25
Inspection of records and reports required of licensee
Inspection of records and reports required of licensee. (a) Inspection of records. (1) The book or computer records, as well as every article or other thing of value so pawned or pledged, shall at all times be open to the inspection of the Secretary, the sheriff of the county, his deputies, or any members of the police…
205 ILCS 511/10-30
Suspension; revocation of licenses; fines
Suspension; revocation of licenses; fines. (a) Upon written notice to a licensee, the Secretary may suspend or revoke any license issued pursuant to this Act if, in the notice, he or she makes a finding of one or more of the following: (1) that through separate acts or an act or a course of conduct, the licensee has vi…
205 ILCS 511/10-35
Investigation of complaints
Investigation of complaints. The Secretary shall maintain staff and facilities adequate to receive, record, and investigate complaints and inquiries made by any person concerning this Act and any licensees under this Act. Each licensee shall open its books, records, documents, and offices wherever situated to the Secre…
205 ILCS 511/10-40
Additional investigation and examination authority
Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license discipline, license conditioning, license revocation or t…
205 ILCS 511/10-45
Confidential information
Confidential information. In hearings conducted under this Act, information presented into evidence that was acquired by the licensee when serving any individual in connection with a pawn transaction, including all financial information of the individual, shall be deemed strictly confidential and shall be made availabl…
205 ILCS 511/10-50
Confidentiality
Confidentiality. (a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, except as otherwise provided in 12 U.S.C. Section 5111, the requirements under any federal law or State law regarding the privacy or confidentiality of any information or material pro…
205 ILCS 511/10-55
Reports of violations
Reports of violations. Any person licensed under this Act or any other person may report to the Secretary any information to show that a person subject to this Act is or may be in violation of this Act. A licensee who files a report with the Department that another licensee is engaged in one or more violations pursuant…
205 ILCS 511/10-60
Pawnbroker annual report
Pawnbroker annual report. (a) The Department shall, in conjunction with advice from a professional association that represents 50 or more licensees, issue an annual report, via an Internet-based program, of aggregate pawnbroker activity within 180 days after the beginning of the calendar year. The report shall contain…
205 ILCS 511/10-65
Responsible pawnbroker training; pawnbroker managers and employees
Responsible pawnbroker training; pawnbroker managers and employees. (a) A person who manages or is an employee of a pawnbroker that provides pawnbroker services and related functions shall complete, within 90 days after commencing employment, a minimum of 4 hours of training, which may be provided in a classroom or sem…
205 ILCS 511/10-70
Rules and regulations
Rules and regulations. (a) In addition to such powers as may be prescribed by this Act, the Department is hereby authorized and empowered to adopt rules consistent with the purposes of this Act, including, but not limited to: (1) rules in connection with the activities of licensees as may be necessary and appropriate f…
205 ILCS 511/10-75
Appeal and review
Appeal and review. (a) Any person or entity affected by a decision of the Secretary under any provision of this Act may obtain review of that decision within the Department. (b) The Department may, in accordance with the Illinois Administrative Procedure Act, adopt rules to provide for review within the Department of t…
Page 1 of 2Next →