Section 1050.430  Late Audit Reports

Audit reports not delivered within 90 days after the date specified in Section 3-2 of the Act, unless extended for cause by the Director, shall cause the licensee to pay a fee at the rate of $50 per calendar day for up to three months.  An independent auditor may be appointed by the Director at the expense of the licensee at any time after the 90^th day.  To qualify for an extension of time, a licensee shall apply to the Director in writing at least 15 days prior to the deadline.  In determining whether to grant an extension of time, the Director shall consider whether the extension of time is based on conditions beyond the control of the licensee.  The Director shall appoint an independent auditor when the licensee is engaged in the activities of residential mortgage lending and has failed after the 90^th day to submit the required certified annual audited financial statements, and has not been granted an extension by the Director.

(Source:  Amended at 29 Ill. Reg. 14808, effective September 26, 2005)