Section 176.420  Denial of Application for Remittance Agent’s License

a)         Pursuant to 5 ILCS 312/2-107, the Department will deny an application for a remittance agent’s license unless the applicant complies with that Section.  If a person’s application is denied, the person will be sent the application submitted and a notice of the denial by certified mail within 30 days after the date the application was submitted. The notice will contain the reason for the denial and inform the applicant of the opportunity to request an administrative hearing to contest the denial under Subpart K.

b)         Renewal of a remittance agent’s license shall be denied if upon investigation it is discovered that the remittance agent is not financially sound and of good business integrity or is otherwise ineligible for a license as provided in 5 ILCS 312/2-107.  The Index Department may audit the remittance agent at any time during the term of the license.  Any further investigation will be conducted by the Secretary of State Department of Police.

c)         The Department will consider written complaints regarding remittance agents.  Upon receipt of a complaint, Secretary of State police must investigate the matter.  If, upon this investigation, it is discovered that a basis for denial exists under any Section of the Act or this Part, the remittance agent’s current license will be suspended or revoked as provided in Section 176.430.

(Source:  Added at 47 Ill. Reg. 8640, effective June 5, 2023)