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(205 ILCS 665/4) (from Ch. 17, par. 5304)
Sec. 4. Application for license. Application for a license to engage in the debt
management
service
business in this State shall be made to the Secretary and shall
be in writing, under oath, and in the form prescribed by the Secretary.
Each applicant, at the time of making such application, shall pay to the
Secretary the sum of $30.00 as a fee for investigation of the applicant, and
the additional sum of $100.00 as a license fee.
Every applicant shall submit to the Secretary, at the time of the
application for a license, a bond to be approved by the Secretary in which
the applicant shall be the obligor, in the sum of $25,000 or
such additional amount as required by the Secretary based on the amount of
disbursements made by the
licensee in the
previous year, and in which an
insurance company, which is duly authorized by the State of Illinois, to
transact the business of fidelity and surety insurance shall be a surety.
The bond shall run to the Secretary for the use of
the Department or
of any person or persons who may have a cause of action against the obligor
in said bond arising out
of any violation of this
Act or rules by a license.
Such
bond
shall be conditioned that the obligor will faithfully conform to
and abide
by the provisions of this Act and of all rules, regulations and directions
lawfully made by the Secretary and will pay to the Secretary or to
any person or persons any and all money that may become due or owing
to the State or to such person or persons, from said obligor under and by
virtue of the provisions of this Act.
(Source: P.A. 96-1420, eff. 8-3-10.)
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