Illinois Compiled Statutes 205 ILCS 660 — Sales Finance Agency Act.

This Act shall be known and may be cited as the Sales Finance Agency Act

This Act shall be known and may be cited as the Sales Finance Agency Act. (Source: Laws 1967, p. 2062.)

Definitions

Definitions. In this Act, unless the context otherwise requires: "Department" means the Department of Financial and Professional Regulation. "Holder" of a retail installment contract or a retail charge agreement means the retail seller of the goods or services under the contract or charge agreement, or if the outstandi…

No person may engage in the business of a sales finance agency in this State without first obtaining a license as provided in this Act

No person may engage in the business of a sales finance agency in this State without first obtaining a license as provided in this Act. A licensee under the Consumer Installment Loan Act may engage in the business of a sales finance agency without securing a license under this Act. A Consumer Installment Loan Act licen…

License application; Nationwide Multistate Licensing System and Registry

License application; Nationwide Multistate Licensing System and Registry. (a) Applicants for a license shall apply in a form prescribed by the Secretary. Each form shall contain content as set forth by rule, instruction, or procedure of the Department and may be changed or updated as necessary by the Department to carr…

After December 31, 1967, a person who is required to be licensed under this Act must display at each of his places of business, both physical and digital, a non-transferable and non-assignable license. A licensee who operates more than one place of business may obtain additional licenses upon compliance with this Act a…

Licensee name

Licensee name. No person, partnership, association, corporation, limited liability company, or other entity engaged in a 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 under an…

License application process; investigation

License application process; investigation. (a) The Secretary may issue a license upon completion of all of the following: (1) the filing of an application for a license with the Secretary or the Nationwide Multistate Licensing System and Registry as required by the Secretary; (2) the filing with the Secretary of a lis…

License application form

License application form. (a) An application for a sales finance agency license must be made in accordance with Section 4.2 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry. The application shall be in writing, under oath, and on a form obtained from and pre…

Averments of applicant

Averments of applicant. Each application for license shall be accompanied by the following averments stating that the applicant: (1) will file with the Secretary or Nationwide Multistate Licensing System and Registry, as applicable, any report or reports that it is required to file under any of the provisions of this A…

Refusal to issue license

Refusal to issue license. The Secretary may 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 specified…

License renewal; fees

License renewal; fees. (a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry, as required by the Secretary. Properly completed renewal application forms and filing fees may be received by the Secretary 60 days before the license expiration date…

Financial Institution Fund

Financial Institution Fund. All moneys received by the Secretary under this Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund, and all expenses incurred by the Secretary under this Act in conjunction with the provisions relating to sales finance…

Retail Installment Sales Act; Motor Vehicle Retail Installment Sales Act

Retail Installment Sales Act; Motor Vehicle Retail Installment Sales Act. (a) A sales finance agency may not aid or seek to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. (b) A sales finance agency may not purchase any retail installment contract,…

Investigation of complaints

Investigation of complaints. The Secretary may 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 Secretary or the Secretary's appointees as needed…

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 suspension, license conditioning, license revocation or t…

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 sales finance agency activity, including all financial information of the individual, shall be deemed strictly confidential and shall be ma…

Information sharing

Information sharing. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in any federal law or State law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensin…

The Department shall examine each licensee annually to determine if it is in compliance with this Act

The Department shall examine each licensee annually to determine if it is in compliance with this Act. The expense of this annual examination shall be paid to the Department by the licensee in accordance with a schedule of fees established by the Department as reasonably reflecting the actual cost of the examination. I…

Closing of business; surrender of license

Closing of business; surrender of license. At least 10 days prior to a licensee ceasing operations, closing business, or filing for bankruptcy, the licensee shall: (a) Notify the Department of its action in writing. (b) With the exception of filing for bankruptcy, surrender its license to the Secretary for cancellation…

Companion animals

Companion animals. (a) No sales finance agency shall purchase: (1) a retail installment contract for the sale of a canine or feline; (2) a retail charge agreement for the sale of a canine or feline; or (3) the outstanding balance under a retail installment contract or a retail charge agreement for the sale of a canine…

Subpoenas; other remedies

Subpoenas; other remedies. (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 the Secre…

Suspension; revocation of licenses; fines

Suspension; revocation of licenses; fines. (a) If the Secretary finds any person in violation of the grounds set forth in this Section, the Secretary may enter an order imposing one or more of the following penalties: (1) revocation of license; (2) suspension of a license subject to reinstatement upon satisfying all re…

Every licensee shall retain such records as are required by the Department

Every licensee shall retain such records as are required by the Department. Every licensee shall preserve the records of each of its transactions for at least 2 years after making the final entry for that transaction. With the Secretary's approval, a licensee may maintain these records at a location other than the lice…

Rules

Rules. (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 or unlicensed sales finance agencies as may be necess…

Appeal and review

Appeal and review. (a) The Department may, in accordance with the Illinois Administrative Procedure Act, adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under this Act. The review shall provide for, at a minimum: (1) appointment of a heari…