Section 120.260  Corporate Officers and Directors

a)         Controlling Persons of Licensees

1)         The provisions of Sections 4 and 10 of the Act, relating to the qualifications of controlling persons of corporate licensees, shall apply to all officers and directors of corporate licensees without regard to the time of the election or to the designation of the officers or directors.

2)         Investigation fees when the officer or director of a licensee or licensed location changes, in whole or in Part, are as follows:

A)        $500 if the new officer or director is not current officer or director of a licensee or licensed location; or

B)        $300 if the new officer or director is a current officer or director of a licensee or licensed location. (See Section 4 of the Act.)

b)         When any corporate licensee elects or otherwise designates any person as an officer or director who is not then a controlling person of the corporate licensee, written notice of the fact of the election or designation of the new officer or director, certified by the secretary of the licensee, shall be promptly given to the Secretary. The new officer or director shall not assume the office to which that new officer or director has been elected or designated until that new officer or director has first complied with the provisions of Sections 4 and 10 of the Act, relating to the qualifications of controlling persons of community currency exchanges and ambulatory currency exchanges.

(Source:  Amended at 46 Ill. Reg. 18503, effective November 1, 2022)