Application and Approval Process

TITLE 38: FINANCIAL INSTITUTIONS CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION PART 360 LICENSING AND REGULATION OF PAWNBROKERS SECTION 360.800 APPLICATION AND APPROVAL PROCESS Section 360.800  Application and Approval Process a)         Before any person or entity can offer responsible pawnbroker training, it shall first apply to and receive approval as a vendor from the Department and pay the applicable fee.  The application submission window is the period between August 1 st and August 31 st of every fourth year beginning in 2024, during which the Department will receive applications to be approved as a responsible pawnbroker provider.  If the date falls on a holiday or weekend, the window is extended to the next business day.  The application submission window shall close at 5 PM Central Time on the final day on which applications are accepted. b)         Applications for approval shall be submitted on forms provided by the Department and shall include: 1)         The first and last name of each responsible pawnbroker trainer currently employed by the program and the following document for each current trainer: A)        A resume and/or a curriculum vitae; B)        A written statement detailing the trainer's relevant experience; and 2)         A general outline of the Responsible Pawnbroker Training program; 3)         All training materials and curriculum consistent with Section 360.810; 4)         The application fee of $2,000 payable to the NMLS or to the Department in a form specified by the Director, which may include certified check, money order, or credit card. c)         The application shall be signed by a representative of the entity applying to be a vendor certifying that all information contained in the application is true and accurate. d)         All required materials shall be submitted during the application submission window.  The Department will not accept applications any other time.  Early or late applications will not be accepted. e)         The Department will refuse to issue an approval to any applicant: 1)         Who is unqualified to perform the duties required of a vendor as specified in Section 10-65(a) of the Act; 2)         Who fails to disclose or makes misrepresentations of any information called for in the application; 3)         Who fails to provide all required application materials; or 4)         Who does not demonstrate knowledge of the rules and laws applicable to pawnbrokers in Illinois or demonstrates a misunderstanding of the rules and laws. f)         If an application is submitted in the application window, the Department may inform the applicant of any deficiencies in the application.  An applicant may modify their training materials to meet the requirements of this Section for 30 days following such notice.  If the applicant is unable or unwilling to meet the requirements of this Section, then the Department shall deny the approval.  If the Department denies the approval, it shall provide a detailed description of the reasons for the denial. g)         The Department will send approval notices to successful applicants who meet the requirements of this Section, as well as non-approval notices to unsuccessful applicants.  Approved vendors may begin offering training upon receipt of its approval notice.  Only vendors approved by the Department can provide Responsible Pawnbroker Training. h)         An approval for a vendor shall be valid only for the vendor named in the application.  An approval is not transferable or assignable. i)          A vendor may not subcontract or engage with an outside third-party to offer any of its training without prior Department approval. j)          If the vendor hires new trainers who were not previously disclosed at the time of the vendor's original application under subsection (b)(1), the vendor shall promptly submit the required information and documents of any such new trainers to the Department. k)         The Department may rescind its approval of a vendor that allows an individual or entity that has not been disclosed to the Department to offer its training course. l)          All vendor approvals will expire on September 30 of each even-numbered year.  Applications for re-approval must be submitted between August 1 and August 31 of each even-numbered year and are subject to a $2,000 non-refundable fee.