Illinois Statutes Chapter 205. Financial Regulation § 740/30. Expiration, renewal, and restoration of license

§ 30. Expiration, renewal, and restoration of license. The expiration date and renewal period for each license shall be set by rule. A collection agency whose license has expired may restore its license at any time within one year after the expiration thereof by making a renewal application and by paying the required fee.

However, any licensed collection agency whose license has expired while the licensed person or a shareholder, partner, or member owning 50% or more of the interest in the collection agency was (i) on active duty with the Armed Forces of the United States or called into service or training by the State militia; or (ii) in training or education under the supervision of the United States preliminary to induction into the military service, may have his or her license renewed or restored without paying any lapsed renewal fee or restoration fee if, within 2 years after termination of the service, training, or education, he or she furnishes the Department with satisfactory evidence of service, training, or education and it has been terminated under honorable conditions.

Any collection agency whose license has expired for more than one year may have it restored by applying to the Department, paying the required fee, and filing acceptable proof of fitness to have the license restored as set by rule.