Definitions

Section 360 TITLE 38: FINANCIAL INSTITUTIONS CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION PART 360 LICENSING AND REGULATION OF PAWNBROKERS SECTION 360.10 DEFINITIONS Section 360.10  Definitions For purposes of this Part: "Act" means the Pawnbroker Regulation Act of 2023 [205 ILCS 511]. "Applicant" means a person applying for a license pursuant to this Act. [205 ILCS 511/1-5] "Department" means the Department of Financial and Professional Regulation. [205 ILCS 511/1-5] "Director" means the Director of the Division of Banking with the authority delegated by the Secretary. "Division" means the Department of Financial and Professional Regulation-Division of Banking. "License" means the authority to operate a pawnshop as issued by the Secretary. "Licensee" means a person licensed pursuant to this Act. [205 ILCS 511/1-5] "NMLS" means the Nationwide Multistate Licensing System and Registry. "Pawn" means the advance of money on the deposit or pledge of physically delivered personal property, other than property the ownership of which is subject to a legal dispute or other exempt property or instruments. [205 ILCS 511/1-5] "Pawnbroker" means every individual or business entity that: advances money on the pledge of tangible personal property, other than securities, printed evidence of indebtedness, or printed evidence of ownership of the personal property; or deals in the purchase of personal property on the condition of selling the property back again at a stipulated price. [205 ILCS 511/1-5] "Pledger" means any person who has pledged tangible personal property as collateral for a pawn transaction. "Principal party" means any officer or director of a pawnshop or a corporation that owns or seeks to own a pawnshop; any manager or member that retains any authority or responsibility under the operating agreement of a limited liability company that is a pawnshop or that owns or seeks to own a pawnshop; any shareholder or member owning 10% or more of the outstanding stock or membership interests of a pawnshop or a business entity that owns or seeks to own a pawnshop; or any member of a partnership or association that is a pawnshop or that owns or seeks to own a pawnshop. "Respondent" means the person named in an administrative decision. "Responsible Pawnbroker Training" or "Program" means a Department approved training course or module offered by an approved vendor that provides at least four hours of class, seminar, or internet-based instruction on topics outlined in Section 360.820. "Secretary" means the Secretary of Financial and Professional Regulation, or his or her designee, including the Director of the Division of Banking of the Department of Financial and Professional Regulation. [205 ILCS 511/1-5] "Vendor" means an individual or entity approved as a provider of Responsible Pawnbroker Training.