Section 145.150  Procedures for Registration as a Loan Broker Under Section 15-15 of the Act

No person shall be registered as a loan broker unless such person submits a completed application as set forth in this Section.

a)         Each applicant for registration as a loan broker shall file with the Secretary of State Securities Department a completed and current application on IL LB Form 15-10 and pay to the Securities Department all appropriate fees as specified in Section 145.2110 of this Part.  The application shall be accompanied by the following:

1)         A Consent to Service of Process for the applicant on Illinois Form LB15, unless the applicant is a corporation organized or authorized to transact business under the laws of this State;

2)         The disclosure statement required under Section 15-30(b) of the Act or Section 15-30(b)(1) of the Act; and

3)         Evidence of the bond required under Section 15-15(b) of the Act consisting of a certificate from the issuing bonding authority.

            The Securities Department shall review the application in a timely manner and notify the applicant in writing of any material deficiencies.

b)         Upon the grant of registration of a loan broker, the Securities Department shall issue to the loan broker proof of registration as evidence of such registration;

c)         The application and documents on file with the Securities Department with respect to the loan broker shall be amended whenever a change occurs which renders the information contained therein not accurate in any material respect. Such amendment shall be filed with the Securities Department within ten business days after the occurrence of the change; and

d)         An applicant may request that certain information in its application be kept confidential.  The Securities Department shall honor such request if the information is personal in nature or if public access to the information is not reasonably necessary to further the purposes of the Act.