Section 176.430  Suspension and Revocation of Remittance Agent’s License

a)         The Department shall suspend a remittance agent’s license under the following circumstances:

1)         the licensee fails to keep records detailing transactions with the Secretary of State;

2)         the licensee fails to furnish information requested by the Department; or

3)         it is discovered that the licensee or a member of the person’s immediate family is an employee of the Secretary of State.

b)         The suspension will remain in effect for 60 days, during which an audit shall be conducted to determine compliance with the Act.  If the remittance agent has come into compliance, the suspension will be lifted.  If the remittance agent has not come into compliance during the 60-day suspension, the remittance agent’s privileges will be revoked.

c)         A remittance agent’s license will be revoked under the following circumstances:

1)         the licensee attempts to do business or does business as a remittance agent while privileges are suspended;

2)         the licensee fails to remit to the Department the fees provided by applicants as required by 5 ILCS 312/2-107, or the check submitted is returned by the bank because of insufficient funds, or the payment submitted electronically is dishonored for any reason, and the licensee fails to submit the proper fees within 10 days after a written request by the Department;

3)         the licensee engages in fraudulent activity or forgery while operating as a remittance agent, as determined by the Department after the investigation;

4)         the Department determines that the licensee has been adjudicated by a court of law or an administrative hearing officer as guilty of violating any provision of the Act;

5)         the licensee has been suspended 2 or more times in one year; or

6)         the licensee has been convicted of any felony.

d)         The Department will consider written complaints in determining whether a remittance agent’s license shall be suspended or revoked.  Upon receipt of a complaint, the Secretary of State Department of Police will investigate the matter to determine if a basis exists under this Section for a suspension or revocation.

e)         Revocation.  The remittance agent will be notified by certified mail that the license to operate as a remittance agent is being revoked.  The notice shall contain the effective date of the revocation, the violation that is the cause of the revocation, and how the applicant can contest the revocation.  The remittance agent will be given 10 business days from the date of the notice before the revocation will become effective. A revocation shall be entered for no less than a period of two years. After that date, the former licensee may reapply for reinstatement. To be reinstated following a revocation, the licensee must request an administrative hearing as provided in Subpart K.  The remittance agent’s license will not be restored until the Secretary is satisfied that the licensee will comply with the provisions of the Act and is financially sound and of good business integrity.

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