Section 207.50  Definitions

 

The following definitions shall apply to this Part:

 

"Department" means the Department of Financial and Professional Regulation.

 

"Director" means Director of the Department of Financial and Professional Regulation − Division of Financial Institutions, the Acting Director of the Department of Financial and Professional Regulation − Division of Financial Institutions and any authorized representative of the Director.

 

"Division" means the Division of Financial Institutions of the Department of Financial and Professional Regulation

 

"Secretary" means the Secretary of Financial and Professional Regulation, the acting Secretary, or a person authorized by the Secretary.  [205 ILCS 658/2-1]

 

(Source:  Added at 49 Ill. Reg. 14598, effective October 29, 2025)

 

Section 207.100  Conformity With Transmitters of Money Act Rules

 

All rules set forth in 38 Ill. Adm. Code 205 as amended from time to time shall apply to licensees, authorized delegates, and all persons and entities subject to the Uniform Money Transmission Modernization Act.

 

Section 207.105  Administration and Enforcement of the Act

 

The Division and Director shall administer and enforce the Act on behalf of the Secretary of Financial and Professional Regulation.  The provisions of the Financial Institutions Act [20 ILCS 1205] shall apply to licensees, authorized delegates, applicants, and any person or entity engaged in an activity covered by the Uniform Money Transmission Modernization Act.

 

(Source:  Added at 49 Ill. Reg. 14598, effective October 29, 2025)

 

Section 207.110  Cease and Desist Orders, Civil Penalty Orders and Administrative Penalty Orders

 

a)         The Secretary shall issue a formal written notice of the cease and desist order, civil penalty order, or administrative penalty order setting forth the specific reasons for the order and serve the licensee or the authorized delegate or other person, either personally or by certified mail. Service by certified mail shall be deemed completed when the notice is deposited in U.S. Mail. 

 

b)         A licensee or authorized delegate or other person or entity who is subject to a cease and desist order, civil penalty order, or administrative penalty order may request a hearing, in writing, within 10 days after the date of service. The Secretary shall schedule a hearing after the request for a hearing is received unless otherwise agreed to by the parties. 

 

c)         The Secretary shall conduct hearings pursuant to this Section and in accordance with 38 Ill. Adm. Code 100 as amended or recodified from time to time.

 

(Source:  Added at 49 Ill. Reg. 14598, effective October 29, 2025)