Translate
Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(205 ILCS 660/10.2) (from Ch. 17, par. 5225)
Sec. 10.2.
Closing of business; surrender of license.
At least 10 days
prior to a licensee ceasing operations, closing business, or filing for
bankruptcy, the licensee shall:
(a) Notify the Department of its action in writing.
(b) With the exception of filing for bankruptcy, surrender its license
to the Director for cancellation. The surrender
of the license shall not affect the licensee's civil or criminal liability for
acts committed prior to surrender or entitle the licensee to a return of any
part of the annual license fee.
(c) The licensee shall notify the department of the location where the
books, accounts, contracts, and records will be maintained and the procedure to
ensure prompt return of contracts, titles, and releases to the customers.
(d) The accounts, books, records, and contracts shall be maintained and
serviced by the licensee or another licensee under this Act, or an entity
exempt from licensure under this Act.
(e) The Department shall have the authority to conduct examinations of the
books, records, and loan documents at any time after surrender of the license,
filing of bankruptcy, or the cessation of operations.
(Source: P.A. 90-437, eff. 1-1-98; 90-575, eff. 3-20-98.)
|