Section 360.10  Definitions

For purposes of this Part:

"Act" means the Pawnbroker Regulation Act [205 ILCS 510].

"Applicant" means the individual or business entity applying to the Secretary for a license.

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

"Director" means the Director of the Division of Banking with the authority delegated by the Secretary.

"Division" means the Department of Financial and Professional Regulation-Division of Banking.

"License" means the authority to operate a pawnshop as issued by the Secretary.

"Licensee" means the individual or business entity who has been issued a license by the Secretary.

“NMLS” means the Nationwide Multistate Licensing System and Registry.

"Pawnbroker" shall have the same meaning ascribed to that term in Section 1 of the Act.

"Pledger" means any person who has pledged tangible personal property as collateral for a pawn loan.

"Principal party" means any officer or director of a pawnshop or a corporation that owns or seeks to own a pawnshop; any manager of a limited liability company that is a pawnshop or that owns or seeks to own a pawnshop; any shareholder or member owning 10% or more of the outstanding stock or membership interests of a pawnshop or a business entity that owns or seeks to own a pawnshop; or any partner, whether general or limited, of a partnership that is a pawnshop or that owns or seeks to own a pawnshop.

"Respondent" means the person named in an administrative decision.

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

(Source:  Amended at 46 Ill. Reg. 17955, effective October 27, 2022)