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(240 ILCS 40/5-15)
Renewal of license.
(a) The application for renewal of a license shall be filed
with the Department annually within 90 days after the
licensee's fiscal year end. The Department may, upon request
of the licensee, payment of an extension fee of $100, $50 of
which shall be deposited into the General Revenue Fund and the balance of which
shall be deposited into the Regulatory Fund, and delivery
to the Department of a preliminary financial statement compiled by an
independent certified public accountant licensed under
Illinois law or an entity permitted to engage in the practice of public
accounting under item (b)(3) of Section 14 of the Illinois Public Accounting
or, in the case of a Class II warehouseman or incidental grain dealer, a
preliminary financial statement reviewed by an independent accountant
that meets the financial requirements of subsection (b) of Section 5-25,
extend, for up to but not exceeding 30
days, the period of time during which the application for renewal
of a license may be filed. The Department, however, may provide by rule for
reducing the filing period for an application for renewal of a license to no
less than 60 days after the licensee's fiscal year end if the Department
determines that an applicant has financial deficiencies, or there are other
factors, that would create a substantial risk of failure.
The Department must give written notice of the reduced filing period to the
licensee at least 60 days before the earlier deadline imposed by the Department
to file the application for renewal of a license. Notice is deemed given when
mailed by certified mail, return receipt requested, properly addressed and with
sufficient postage attached.
(b) The application for renewal shall be accompanied by the
financial statement required by Section 5-20.
(c) Failure to meet all of the conditions to renew the
license may result in a denial of renewal of the license. The licensee may
request an administrative hearing to dispute the denial of renewal, after which
the Director shall enter an order either renewing or refusing to renew the
(Source: P.A. 93-225, eff. 7-21-03.)