(205 ILCS 740/7) (was 225 ILCS 425/7)

(Section scheduled to be repealed on January 1, 2026)

Sec. 7. Qualifications for license. In order to be qualified to obtain a license or a renewal license under this Act, a collection agency's owners or officers shall:

(a) have the financial responsibility, financial condition, business experience, character, and general fitness such as to merit the confidence and trust of the public that an applicant, licensee, or regulated person is fit, willing, and able to carry on his or her proposed business in a lawful and fair manner;

(a-5) be 18 years of age or more;

(b) (blank); and

(c) have an acceptable credit rating, have no unsatisfied judgments; and not have been officers and owners of 10% or more interest of a former licensee under this Act whose license was suspended or revoked without subsequent restoration.

(Source: P.A. 102-975, eff. 1-1-23.)