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Illinois Statutes Chapter 815. Business Transactions § 175/15-15. Application for registration; contents; bond; issuance; effective date; consent to Secretary of State as process agent

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 15-15. Application for registration; contents; bond; issuance; effective date; consent to Secretary of State as process agent.

(a) In order to be registered under this Act a loan broker shall file an application for registration with the Secretary of State. The application for registration shall contain:

(1) the disclosure document required under subsection (b) of Section 15-30 of this Act and the form of disclosure statement proposed to be used under item (1) of subsection (b) of Section 15-30 of this Act;

(2) consent to service of process under subsection (e) of this Section;

(3) evidence of the bond required in subsection (b) of this Section;

(4) a fee in the amount as specified in subsection (a) of Section 15-25 of this Act, and shall not be returnable in any event.

(b) A loan broker who engages in any loan brokerage transactions where the loan is subject to the Truth-in-Lending Act  1 must maintain a bond satisfactory to the Secretary of State in the amount of $25,000, which shall be in favor of the State.

(c) Whenever the provisions of this Act have been complied with, the Secretary of State shall issue a certificate of registration to the applicant, authorizing the applicant to engage in the business of loan brokering.

(d) An application for registration becomes effective 30 days after it is filed, unless a certificate of the Secretary of State establishes an earlier effective date. Every registration is effective until January 1 of the year after it goes into effect.

(e) Every applicant for registration shall file with the Secretary of State, in such form as the Secretary of State may prescribe by rule or regulation, an irrevocable consent appointing the Secretary of State to be the applicant's agent to receive service of any lawful process in any noncriminal suit, action or proceeding against the applicant arising from the violation of any provision of this Act.

(f) An application shall be considered filed when all required documentation and fees are received by the Office of the Secretary of State.

1 15 U.S.C.A. § 1601 et seq.
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Cite this article: FindLaw.com - Illinois Statutes Chapter 815. Business Transactions § 175/15-15. Application for registration; contents; bond; issuance; effective date; consent to Secretary of State as process agent - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-815-business-transactions/il-st-sect-815-175-15-15/

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