50-State Financial Services Licensing Compliance Guide
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Illinois Finance Licensing

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Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Illinois.

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Company Licenses

Illinois Financial Services Company Licenses

Illinois Collection Agency Branch Office License

Agency:Illinois Department of Financial and Professional Regulation

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Triennially by May 31. Upcoming renewal years are 2021, 2024, 2027, etc.

Original Ink:Not required
Notarization Required?:Not required

Amendment

Agency Fee:

$0

Notes:

Changes to company address, email addresses, and telephone numbers can be reported online.

Illinois Collection Agency License

Agency:Illinois Department of Financial and Professional Regulation
Foreign Qualification is Prerequisite:Yes
Bond Requirements:

$25,000 surety bond.

Initial Registration

Form:

Collection Agency Registration Application

Agency Fee:

$750

Registration Renewal

Filing Method:

Online

Agency Fee:

$750

Due:

Triennially by May 31. Upcoming renewal years are 2021, 2024, 2027, etc.

Original Ink:Not required
Notarization Required?:Not required

Amendment

Agency Fee:

$0

Notes:

Changes to company address, email addresses, and telephone numbers can be reported online.

Illinois Consumer Installment Loan Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$300 application fee + license/registration fee (1/1-6/30 = $450; 7/1-12/31 = $225) + $15 credit report fee

Illinois Consumer Installment Loan License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$300 application fee + license/registration fee (1/1-6/30 = $450; 7/1-12/31 = $225) + $15 credit report fee

Illinois Consumer Installment Loan Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Illinois Consumer Legal Funding Company

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 application fee + $800 investigation fee

Illinois Debt Management Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$130 license/registration fee

Illinois Debt Management License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$130 license/registration fee

Illinois Debt Settlement Consumer Protection Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$350 application fee + $1000 license/registration fee

Illinois Debt Settlement Consumer Protection License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/registration fee + $350 application fee

Illinois Exempt Entity Loan Processor Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 application fee + $100 registration fee

Illinois Exempt Residential Mortgage Company Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 NMLS processing fee

Illinois Money Transmitter License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$2500 application fee + $400 investigation fee

Illinois Pawnbroker Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$2000 application fee

Illinois Pawnbroker Company License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$2000 application fee + $36.25 background check fee

Illinois Pawnbroker Company Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$36.25 background check fee

Illinois Payday Reform Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 application fee

Illinois Payday Reform License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 application fee + $15 credit report fee

Illinois Payday Reform Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Illinois Residential Mortgage License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$2800 + $15 credit report fee + $36.25 background check fee

Illinois Residential Mortgage License Full Service Branch License

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 application fee + $20 NMLS processing fee + $15 credit report fee per branch manager

Illinois Sales Finance Agency Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

Application fee (1/1-6/30 = $100, 7/1-12/31 = $50)

Illinois Sales Finance Agency License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$15 credit report fee + license fee (1/1-6/30 = $300, 7/1-12/31 = $150)

Illinois Sales Finance Agency Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Illinois Student Loan Servicer License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 application fee + $800 investigation fee + $15 credit report fee + $36.25 background check fee

Individual Licenses

Illinois Individual Financial Services Licenses

Illinois Mortgage Loan Originator License

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$30 + $200 license/registration fee + $15 credit report fee + $36.25 background check fee

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