(205 ILCS 657/55)
Sec. 55.
Reporting; examination; investigation.
(a) The Director may require from a licensee any reports, under penalty of
perjury, concerning the licensee's or its authorized seller's business
conducted
under the license issued under this Act that the Director considers
necessary for the enforcement of this Act.
(b) A licensee must report to the Director any change of its principal
place of business, or its headquarters office if different from its principal
place of business, even if located outside of this State and a change of any
other location
at which it or any of its authorized sellers are conducting business regulated
by this Act, within 15 days after the effective date of the change.
(c) A licensee must report to the Director any of the following
significant developments pertaining to it or any authorized seller within 15
days after the licensee has actual notice of its occurrence:
(1) The filing for bankruptcy or for reorganization under the bankruptcy
laws.
(2) The institution of license revocation or suspension procedures against the licensee |
(d) A licensee that is a publicly traded corporation or a subsidiary of
a publicly traded corporation or a nonpublicly traded corporation must notify
the Director within 15 days whenever a person becomes a controlling person.
Upon notification, the Director may require all information he considers
necessary to determine if a new application is required. A licensee that is
an entity other than a corporation shall submit a new application to the
Director
seeking prior approval whenever a person proposes to become a controlling
person or acquire an ownership interest.
(e) The Director at any time either in person or through an appointed
representative may visit and examine a licensee or authorized seller.
Unless it will interfere with the Director's duties under this Act, reasonable
notice shall be given to the licensee or authorized seller. In conducting the
examination, the Director or appointed representative shall have full and free
access to all the books, papers, and records of the licensee that relate to its
business and to the books, papers, and records kept by any of its authorized
sellers and may examine the directors, officers, members, agents, and employees
of any licensee or authorized seller or any other person in relation to its
affairs, transactions, and condition.
(f) On-site examinations of licensees or authorized sellers prescribed by
this Act may be conducted in conjunction with representatives of other State
agencies or agencies of another state or of the United States, as determined by
the Director.
(g) For the purpose of defraying examination expenses incurred by the
Director, a licensee or authorized seller shall pay an examination fee
established by rule and
the actual expenses of the examination.
(Source: P.A. 88-643, eff. 1-1-95.)
|