(815 ILCS 175/15-55)
Sec. 15-55.
Violations; administrative fines; enforcement.
(a) If the Secretary of State determines, after notice and
opportunity for a hearing, that a person has violated this Act,
the Secretary of State may in addition to all other remedies,
impose an administrative fine upon the person in an amount not to
exceed $10,000 for each violation.
(b) The Secretary of State may bring an action in the
circuit court of Sangamon or Cook county to enforce payment of
fines imposed under this Section.
(c) If the Secretary of State shall find that any person has
violated any provision of this Act, the Secretary of State may, by
written order temporarily or permanently prohibit or suspend such
person from acting as a loan broker.
(d) If the Secretary of State shall find that any person is
acting or has acted as a loan broker as defined in Section 15-5.15 of
this Act, without prior thereto or at the time thereof having
complied with the registration requirements of this Act, the
Secretary of State may by written order prohibit such person from
acting as a loan broker in this State.
(e) Anything herein contained to the contrary
notwithstanding, the Secretary of State may temporarily prohibit
or suspend, for a maximum period of 90 days, by an order effective
immediately,
any individual or entity acting as a loan broker or engaging in the business of
providing loan brokerage services, without notice and prior
hearing, if the Secretary of State in his or her opinion,
based upon credible evidence, deems it necessary to prevent an
imminent violation of this Act or to prevent losses to clients
which the Secretary of State reasonably believes will occur as a
result of a prior violation of this Act. Immediately after taking
action without such notice and hearing, the Secretary of State
shall deliver a copy of the temporary order to the respondent named
therein by personal service or registered mail or certified mail,
return receipt requested. The temporary order shall set forth the
grounds for the action and shall advise that the respondent may
request a hearing to be held as soon as reasonably practicable, that the
request for a hearing will not stop the effectiveness of the
temporary order and that respondent's failure to request a hearing
within 30 days after the date of the entry of the temporary order,
shall constitute an admission of any facts alleged therein and
shall constitute sufficient basis to make the temporary order
final.
(f) The Secretary of State may issue a temporary order
suspending or delaying the effectiveness of any registration of a
loan broker under this Act subsequent to and upon the basis of the
issuance of any stop, suspension or similar order by any agency of
the United States regulating loan brokers or any state or federal
courts with respect to the person who is the subject of the
registration under this Act, and such order shall become effective
as of the date and time of effectiveness of the agency or court
order and shall be vacated automatically at such time as the order
of the agency or court order is no longer in effect.
(Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
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