Illinois Compiled Statutes 240 ILCS 5 — Safety Deposit License Act.

Short title

Short title. This Act may be cited as the Safety Deposit License Act. (Source: P.A. 86-1324.)

For the purposes of this Act: "Person" means any individual, firm, corporation, association, trust or other association of individuals

For the purposes of this Act: "Person" means any individual, firm, corporation, association, trust or other association of individuals. "Director" means the Director of the Department of Financial Institutions of the State of Illinois. (Source: P.A. 91-357, eff. 7-29-99.)

No person, except as hereinafter provided, shall engage in the business of renting or permitting the use of for compensation, safety deposit boxes, safes, vaults or other facilities for the safekeeping of personal property unless he has been issued a license to do so. The engaging in such business by any person without…

This Act does not apply to: 1

This Act does not apply to: 1. Any banking or savings and loan institution or credit union organized under the laws of this State or of the federal government, including any safety deposit business operated by or in connection with a State, federal or national bank, savings and loan, credit union, or a trust company th…

Application for a license shall be made to the Director upon a form furnished by him

Application for a license shall be made to the Director upon a form furnished by him. The application shall contain the following information and the information required by Sections 5 to 10, inclusive, which shall be sworn to and notarized: 1. The name under which applicant will conduct his business. 2. Identity of ap…

If the applicant is a corporation the application shall state: a

If the applicant is a corporation the application shall state: a. Name of state in which applicant is incorporated; b. Date of corporate charter or authority; c. If incorporated in a state other than Illinois, date of compliance with the "Business Corporation Act of 1983"; d. Name and address of its president and secre…

If applicant is an unincorporated entity of any type, a partnership or sole proprietorship, and the business name or title used is such as to require registration of such name or title under "An Act in relation to the use of an assumed name and the conduct or transaction of business in this State", approved July 17, 19…

If applicant is a partnership, the names and addresses of all partners and a statement as to whether or not, or to what extent, the Articles of Agreement, and any supplementary written statements, provide and stipulate for a limitation, if any, as to any partner or partners' liability for debts or obligations of the bu…

If applicant is a common law or business trust, the names and addresses of each trustee and of all beneficiaries in the trust and names of persons to be engaged in the management or active participation in the conduct of the business shall be stated. (Source: Laws 1945, p. 1711.)

If applicant is under direct or indirect common control with, or is controlled by any other person, partnership, corporation or other entity the application shall state: a

If applicant is under direct or indirect common control with, or is controlled by any other person, partnership, corporation or other entity the application shall state: a. Name of such controlling or affiliated party or parties: b. Nature and extent of such control. (Source: Laws 1945, p. 1711.)

If applicant has heretofore been licensed: a

If applicant has heretofore been licensed: a. Date of prior license or licenses issued; b. Date prior license or licenses expired; c. Date prior licenses renewed or new licenses issued in place thereof. (Source: Laws 1945, p. 1711.)

Each application shall be accompanied by a supplementary statement executed and submitted by the individual owner of a sole proprietorship; by each partner (whether general or limited) of a partnership; by properly authorized officer or officers of a corporation; each manager, trustee or member of an unincorporated ass…

The nature and tenure of each period of employment or business of affiant for at least ten years immediately preceding the date of his statement shall be stated in the supplementary statement

The nature and tenure of each period of employment or business of affiant for at least ten years immediately preceding the date of his statement shall be stated in the supplementary statement. Any periods of attendance at educational institutions, periods of unemployment, and periods of self-employment during such ten-…

If the applicant named in the supplementary statement is a corporation, or an incorporated association, the amount of capital stock or invested interest owned of record by the affiant shall be stated

If the applicant named in the supplementary statement is a corporation, or an incorporated association, the amount of capital stock or invested interest owned of record by the affiant shall be stated. If the applicant is a partnership, the approximate percentage of the total partnership capital credited to the within a…

If partnership or unincorporated association, the limitation of liability of the affiant as a partner or member thereof shall be stated in the supplementary statement

If partnership or unincorporated association, the limitation of liability of the affiant as a partner or member thereof shall be stated in the supplementary statement. (Source: Laws 1945, p. 1711.)

The supplementary statement shall state whether or not the affiant is connected with, or holds financial interest, in, any other person, partnership, association or corporation engaged as a regular business in the keeping and letting of safety deposit boxes, safes, and vaults or other facilities for safekeeping of pers…

If affiant is engaged in, associated or connected in any way with, any other business, occupation, profession, or activities, other than that of the business of the applicant being conducted or to be conducted under the name at the address given for the applicant named in supplementary statement, that requires a licens…

The supplementary statement must contain the names and addresses of 3 reputable persons to whom the Director may address inquiries relative to the experience, character, integrity and standing of affiant. Names submitted are not to be those of persons related to or employed by the affiant or actively associated with th…

A statement as to whether or not the affiant under present name or any former name, has ever been denied a license, or has had suspended, cancelled or revoked any license with respect to any business organized for the purpose of the keeping and letting of safety deposit boxes, safes, vaults or other facilities for the…

No applicant shall be issued a license who: 1

No applicant shall be issued a license who: 1. (blank); 2. has been convicted of a felony; 3. has not provided a burglar alarm system for the safe, vault, and other fixtures; 4. has not provided a time lock for the safe, vault or other fixtures; 5. has not provided one or more combination locked steel doors (one in fro…

The application shall be accompanied by a Certificate of Inspection made by a vault service company which has been approved by the Director and a set of fingerprints of the person who signs the application. The Certificate shall show the type of vault construction and the condition of the safety devices employed by the…

Each applicant shall submit with his application, a specimen form of all types of contract, agreement, or other writings to be used between applicant and renters or users of safety deposit boxes, safes, vaults or other facilities furnished by applicant for the safekeeping of personal property. (Source: Laws 1945, p. 17…

The Director shall issue a license to an applicant who has complied with this Act and who has submitted with his application, a fee of $50

The Director shall issue a license to an applicant who has complied with this Act and who has submitted with his application, a fee of $50. Each license shall expire on the first day of July next after its issuance, and shall apply only to the premises described. Each separate establishment requires an individual licen…

All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act

All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act. (Source: P.A. 98-463, eff. 8-16-13.)

The Director, by his agents, may inspect the license, safety deposit boxes, safes, vault or other facilities furnished by the licensee at any time

The Director, by his agents, may inspect the license, safety deposit boxes, safes, vault or other facilities furnished by the licensee at any time. If the Director finds that the licensee is not complying with the provisions of this Act he may revoke the license of the licensee, and the licensee shall not be eligible f…