Section 760.651  Finder Licensing

 

a)         License required and limited exemptions.

 

1)         A person attempting or seeking to act as a finder must be licensed as a finder by the administrator pursuant to Section 15-1503 of the Act. [765 ILCS 1026/15-1302(e)] No person shall, without a valid license issued by the administrator, represent or present to the public in any manner to be a finder in the State of Illinois or act as a finder. [765 ILCS 1026/15-1303(a)]

 

2)         Attorneys acting to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property are not required to be licensed as finders. [765 ILCS 1026/15-1302(f)]

 

A)        This exemption from the requirement that finders be licensed is limited to attorneys who have an attorney-client relationship with the claimant.

 

B)        Being an attorney licensed in Illinois is a necessary, but not sufficient, precondition for this exemption to be applicable. The attorney must be in an attorney-client relationship with the claimant.

 

C)        An attorney representing a person or entity other than the claimant is not covered by this exemption.

 

D)        Attorneys are required to comply with the Illinois Supreme Court's Rules of Professional Conduct.

 

E)        This exemption does not authorize an attorney to bypass the claims process established by Section 15-903 of the Act.

 

3)         A CPA firm licensed under the Illinois Public Accounting Act, or an affiliate of such firm, is not required to be licensed under the Act, if all of the following apply:

 

A)        the CPA firm has registered with the administrator and is in good standing with the Illinois Department of Financial and Professional Regulation;

 

B)        the apparent owner is not a natural person; and

 

C)        the CPA firm, or an affiliate of such firm, also provides the apparent owner professional services to assist with the apparent owner's compliance with the reporting requirements of the Act. [765 ILCS 1026/ 15-1302(g)]

 

b)         Qualifications for licensure. An applicant is qualified for licensure as a finder if the applicant meets all the following qualifications:

 

1)         If the applicant is a natural person, the person is at least 21 years of age.

 

2)         The applicant is of good moral character. When determining the moral character of an applicant, the administrator shall take into consideration the following:

 

A)        Whether the applicant has engaged in any unethical or dishonest business practices.

 

B)        Whether the applicant has been adjudicated, civilly or criminally, to have committed fraud or to have violated any law of any state involving unfair trade or business practices, has been convicted of a misdemeanor of which fraud is an essential element or which involves any aspect of the finder business or claiming or reporting of unclaimed property, or has been convicted of any felony.

 

C)        Whether the applicant has intentionally violated any provision of the Act or a predecessor law or any regulations relating thereto.

 

D)        Whether the applicant has been permanently or temporarily suspended, enjoined, or barred by any government agency or court of competent jurisdiction in any state from engaging in or continuing any conduct or practice involving any aspect of the finder business, the claiming or reporting of unclaimed property, or any other regulated business or occupation.

 

E)        Whether any charges or complaints lodged against the applicant for which fraud, deceptive business practices, or similar offenses involving moral turpitude were an essential element that resulted in civil or criminal litigation or administrative proceedings.

 

F)         Whether the applicant has made any misrepresentations or false statements or concealed any material fact. [765 ILCS 1026/15-1303(b)]

 

3)         If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then for any person holding 25% or more of corporate stock who is a principal, owner, member, officer, or shareholder, the administrator shall take into consideration for compliance with subsection (b) of this Section. (See Section 15-1303(a)(3) of the Act.)

 

4)         The applicant demonstrates knowledge and understanding of the Act, including, but not limited to, the provisions of Article 13 of the Act. [765 ILCS 1026/15-1303(b)(4)]

 

c)         Application for license. Every person seeking to be licensed as a finder shall apply to the administrator in writing on forms or electronically as prescribed by the administrator.

 

1)         Every application shall be accompanied by a $500 fee payable to "Illinois State Treasurer". The $500 application fee shall be deposited into the State Treasurer's Administrative Fund. The application fee is not refundable.

 

2)         All applicants shall provide a valid mailing address and email address to the administrator, which shall serve as the address of record and email address of record, respectively, at the time of application for licensure or renewal of a license. Applicants and licensees shall inform the administrator in writing of any change in address of record or email address of record within 14 days after the change.

 

3)         The applicant shall authorize the administrator to conduct a criminal background check to determine if the applicant has ever been charged with a crime and, if so, the disposition of those charges. If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then the authorization shall include each person who holds 10% or more of corporate stock and is a principal, owner, member, officer, or shareholder, as applicable.

 

4)         The administrator shall pay for criminal background checks from the State Treasurer's Administrative Fund. If the actual cost of the criminal background check does not exceed $500, then the administrator shall not charge an additional fee for the criminal background check. If the actual cost of the criminal background check exceeds $500, then the administrator shall charge the applicant a fee equal to the amount that the actual costs exceeds $500.

 

5)         The applicant shall provide the applicant's Social Security Number, Individual Taxpayer Identification Number, or Federal Employer Identification Number. If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then the applicant shall provide the Social Security Number or Individual Taxpayer Identification Number for each person holding 10% or more of corporate stock who is an owner, member, officer, or shareholder, as applicable.

 

6)         The applicant shall provide a color digital copy of a valid government issued ID of the applicant. If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then the applicant shall provide a color digital copy of a valid government issued ID for each person holding 10% or more of corporate stock who is an owner, member, officer, or shareholder, as applicable.

 

7)         Applications for licensure shall also be accompanied by a fidelity bond issued by a bonding company or insurance company authorized to do business in this State in the amount of $100,000. This bond shall run to the benefit of the administrator and the administrator's successor for the benefit of the Unclaimed Property Trust Fund.  [765 ILCS 1026/15-1303]

 

8)         The applicant shall submit a written statement under penalty of perjury that the applicant has read and understands the Act, including Article 13 of the Act, and has read and understands this Part. If the applicant is a corporation, limited liability company, partnership, or other entity permitted by law, then such written statement under penalty of perjury shall be submitted by the chief executive or other principal of the entity authorized to legally bind the entity. The statement required by this provision may be submitted electronically. The administrator may prepare and provide a written statement that satisfies the requirements of this provision.

 

d)         Issuing license. Upon approval of the application by the administrator, the administrator shall issue a license to the applicant. The license shall be valid for a period of three years.

 

e)         License renewal. The holder of a finder license issued by the administrator may apply to renew the license within 90 days preceding the expiration date by:

 

1)         completing and submitting to the administrator a renewal application in writing on forms or electronically as prescribed by the administrator; and

 

2)         paying a license renewal fee of $250 payable to "Illinois State Treasurer". The $250 renewal fee shall be deposited into the State Treasurer's Administrative Fund. The renewal fee is not refundable. (See Section 15-1303(e) of the Act.)

 

f)         When license deemed denied. Any fully completed application for licensure or for renewal not acted upon by the administrator within 90 calendar days may be deemed denied. (See Section 15-1303(f) of the Act.)

 

g)         Grounds for denial, suspension, or revocation of license. The administrator may refuse to issue or may suspend or revoke a license on any of the following grounds:

 

1)         The applicant or licensee has made any misrepresentations or false statements or concealed any material fact.  

 

2)         The applicant or licensee is insolvent.

 

3)         The applicant or licensee has conducted or is about to engage in dishonorable, unethical, or unprofessional conduct of a character likely to deceive, defraud, or harm the public.

 

4)         The applicant or licensee has failed to satisfy any enforceable judgment or decree rendered by any court of competent jurisdiction against the applicant or licensee.

 

5)         The applicant or licensee fails to make a substantive response to a request for information by the administrator within 30 days after the request.

 

6)         The applicant or licensee, including any member, officer, or director thereof if the applicant or licensee is a firm, partnership, association, or corporation or any shareholder holding more than 10% of the corporate stock, has violated any provision of the Act or this Part or a valid order entered by the administrator under the Act.

 

7)         The applicant or licensee aided or assisted another person in violating any provision of the Act or this Part.

 

8)         The applicant or licensee engaged in solicitation of professional services by using false or misleading advertising.  

 

9)         The administrator finds any fact or condition existing which, if it had existed at the time of the original application for the license, would have warranted the administrator in refusing the issuance of the license.  [765 ILCS 1026/15-1303(g)]

 

h)         Process for denial, suspension, or revocation of license.

 

1)         If the administrator determines that an application for licensure or for renewal of a license should be denied, then the applicant shall be sent a notice of intent to deny and the applicant shall be given the opportunity to request, within 20 days after the notice, a hearing on the denial.

 

2)         If the administrator determines that a license should be suspended or revoked, then the licensee shall be sent a notice of intent to suspend or revoke the license and the licensee shall be given the opportunity to request, within 20 days after the notice, a hearing on the suspension or revocation.

 

3)         Any hearing on the denial, suspension, or revocation shall be conducted in accordance with 74 Ill. Adm. Code 730.  [765 ILCS 1026/15-1303(h)]

 

(Source:  Added at 50 Ill. Reg. 778, effective December 31, 2025)