TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL INSTITUTIONS
PART 140 DEBT MANAGEMENT SERVICE ACT
SECTION 140.140 PENALTIES


 

Section 140.140  Penalties

 

a)         The Director may penalize a licensee, or other person doing business without the required license, in an amount not exceeding $10,000 per violation, when in the opinion of the Director:

 

1)         the licensee, or other person, is violating or is about to violate any provision of the Act or any rule or condition imposed in writing by the Department; or

 

2)         any fact or condition exists that, if it had existed at the time of the original application for the license, would have warranted the Director refusing to issue the license.

 

b)         The Director may penalize a licensee, or other person, prior to a hearing.

 

c)         The Director shall serve notice of this penalty, including a statement of the reasons for the penalty, either personally or by certified mail, return receipt requested.  Service by mail shall be deemed completed if the notice is deposited in the U.S. mail.

 

d)         Within 10 days after service of the notice of penalty, the licensee or other person may request, in writing, a hearing.

 

e)         The hearing shall be conducted in accordance with the hearing procedures in Section 140.120 of this Part.

 

(Source:  Added at 26 Ill. Reg. 14243, effective October 1, 2002)