| Company Licenses
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Description
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Requirements Checklist
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| Consumer Installment Loan License |
Applicants whose main office location will be engaging in Consumer Installment Loan Act activity should apply for this license. Do NOT apply for this license if you are applying for the Consumer Installment Loan Act Registration.
This license is necessary for any “person, partnership, association, limited liability company, or corporation [that wishes to] engage in the business of making loans of money and charge, contract for, or receive on any such loan a greater annual percentage rate than 9%” (205 ILCS 670).
(More Details) |
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| Consumer Installment Loan Registration |
Applicants whose main office location will NOT be engaging in Consumer Installment Loan Act activity should apply for this registration. Do NOT apply for this registration if you are applying for a Consumer Installment Loan Act License.
This registration is necessary for any “person, partnership, association, limited liability company, or corporation [that wishes to] engage in the business of making loans of money and charge, contract for, or receive on any such loan a greater annual percentage rate than 9%” where the applicant’s headquarters location houses only administrative functions and does not engage in lending activity (205 ILCS 670).
Any applicant for a Consumer Installment Loan Registration must also apply for a Consumer Installment Loan Branch License for the location where lending activity will take place.
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| Consumer Legal Funding Company |
“It shall be unlawful for any person or entity to operate as a consumer legal funding provider in this State except as authorized by [the Consumer Legal Funding] Act and without first having obtained a license in accordance with [the Consumer Legal Funding] Act.”
"Consumer legal funding company" or "company" means a person or entity that enters into, purchases, or services a consumer legal funding transaction with an Illinois consumer.
"Consumer legal funding" or "funding" means a nonrecourse transaction in which a company purchases and a consumer transfers to the company an unvested, contingent future interest in the potential net proceeds of a settlement or judgment obtained from the consumer's legal claim; if no proceeds are obtained from the consumer's legal claim, the consumer is not required to repay the company the consumer legal funding amount or charges.
Public Act 102-0987
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| Debt Management License |
Any individual, firm, partnership, association, limited liability company, corporation, or not-for-profit corporation offering the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor's creditors in payment or partial payment of the debtor's obligations or soliciting financial contributions from creditors should apply for this license (205 ILCS 665). |
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| Debt Settlement Consumer Protection License |
This license is necessary for any person or entity planning to engage in, or hold itself out as engaging in, the business of providing debt settlement service in exchange for any fee or compensation, or any person who solicits for or acts on behalf of any person or entity engaging in, or holding itself out as engaging in, the business of providing debt settlement service in exchange for any fee or compensation. Debt settlement service is defined as:
(1) offering to provide advice or service, or acting as an intermediary between or on behalf of a consumer and one or more of a consumer's creditors, where the primary purpose of the advice, service, or action is to obtain a settlement, adjustment, or satisfaction of the consumer's unsecured debt to a creditor in an amount less than the full amount of the principal amount of the debt or in an amount less than the current outstanding balance of the debt;
(2) offering to provide services related to or providing services advising, encouraging, assisting, or counseling a consumer to accumulate funds for the primary purpose of proposing or obtaining or seeking to obtain a settlement, adjustment, or satisfaction of the consumer's unsecured debt to a creditor in an amount less than the full amount of the principal amount of the debt or in an amount less than the current outstanding balance of the debt; or
(3) student loan debt relief.
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| Exempt Company Registration |
This registration is available for any company that employs state-licensed mortgage loan originators, but is not required to be licensed as an Illinois Residential Mortgage Licensee under the laws of Illinois. Please consult the state regulator before applying for this registration. |
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| Exempt Entity Processor Registration |
Any entity engaged solely in providing loan processing services through the sponsoring of individuals acting pursuant to subsection (d) of Section 7-1A of this Act. (205 ILCS 635/1-4 (d) (7) ) |
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| Money Transmitter License |
See (205 ILCS 657/) Transmitters of Money Act for more information. Also see Title 38: Financial Institutions Chapter I: Department Of Financial Institutions Part 205 Transmitters Of Money Act. (More Details) |
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| Pawnbroker License |
See the Pawnbroker Regulation Act for more information. (More Details) |
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| Pawnbroker Registration |
Companies whose main office location will NOT be engaging in Illinois Pawnbroker activity should submit the Company Form (MU1) for the IL Pawnbroker Company Registration. Additional licensed locations should be designated as a “Branch" by submitting the Branch Form (MU3) for the IL Pawnbroker Branch License See the New Application Checklist or the Transition to NMLS Checklist for more information. |
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| Payday Reform License |
Applicants whose main office location will be engaging in Payday Loan Reform Act activity should apply for this license. Do NOT apply for this license if you are applying for the Payday Reform Registration.
Any individual, firm, partnership, association, limited liability company, corporation, or not-for-profit corporation offering payday loans, defined as “a loan with a term that does not exceed 120 days, including any transaction conducted via any medium whatsoever, including, but not limited to, paper, facsimile, Internet, or telephone, in which:
(1) A lender accepts one or more checks dated on the date written and agrees to hold them for a period of days before deposit or presentment, or accepts one or more checks dated subsequent to the date written and agrees to hold them for deposit; or
(2) A lender accepts one or more authorizations to debit a consumer's bank account; or
(3) A lender accepts an interest in a consumer's wages, including, but not limited to, a wage assignment
should apply for this license.
(More Details) |
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| Payday Reform Registration |
Applicants whose main office location will NOT be engaging in Payday Loan Reform Act activity should apply for this registration. Do NOT apply for this registration if you are applying for a Payday Reform Act License.
Any individual, firm, partnership, association, limited liability company, corporation, or not-for-profit corporation offering payday loans, defined as “a loan with a term that does not exceed 120 days, including any transaction conducted via any medium whatsoever, including, but not limited to, paper, facsimile, Internet, or telephone, in which:
(1) A lender accepts one or more checks dated on the date written and agrees to hold them for a period of days before deposit or presentment, or accepts one or more checks dated subsequent to the date written and agrees to hold them for deposit; or
(2) A lender accepts one or more authorizations to debit a consumer's bank account; or
(3) A lender accepts an interest in a consumer's wages, including, but not limited to, a wage assignment
should apply for this registration if its headquarters location houses only administrative functions and does not engage in lending activity.
Any applicant for a Payday Reform Registration must also apply for a Payday Reform Branch License for the location where lending activity will take place.
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| Residential Mortgage License |
This License is required for any person (sole proprietorship), partnership, association, corporation or other entity to engage in the business of brokering, funding, originating, servicing or purchasing residential mortgage loans on residential real estate situated in Illinois as subject to the Illinois Residential Mortgage License Act of 1987 (the “RMLA”) and the rules promulgated under the RMLA (the “RMLA Rules”). (More Details) |
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| Sales Finance Agency License |
Applicants whose main office location will be engaging in Sales Finance Agency Act activity should apply for this license. Do NOT apply for this license if you are applying for the Sales Finance Agency Registration.
This license is necessary for any individual, corporation, partnership, limited liability company, joint venture, or any other form of business association, irrespective of his or her state of domicile or place of business, engaged in this State, in whole or in part, in the business of purchasing, or making loans secured by, retail installment contracts, retail charge agreements or the outstanding balances under such contracts or agreements entered into in this State (205 ILCS 660).
(More Details) |
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| Sales Finance Agency Registration |
Applicants whose main office location will NOT be engaging in Sales Finance Agency Act activity should apply for this registration. Do NOT apply for this registration if you are applying for a Sales Finance Agency License.
This license is necessary for any individual, corporation, partnership, limited liability company, joint venture, or any other form of business association, irrespective of his or her state of domicile or place of business, engaged in this State, in whole or in part, in the business of purchasing, or making loans secured by, retail installment contracts, retail charge agreements or the outstanding balances under such contracts or agreements entered into in this State where the applicant’s headquarters location houses only administrative functions and does not engage in Sales Finance Agency activity (205 ILCS 660).
Any applicant for a Sales Finance Agency Registration must also apply for a Sales Finance Agency Branch License for the location where lending activity will take place.
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| Student Loan Servicer |
See the Student Loan Servicing Rights Act for more information. (More Details) |
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| Branch Licenses
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Description
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Requirements Checklist
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| Additional Full Service Office License (Branch) |
This License is required for any office located in Illinois that is not the Licensee’s corporate office and is advertised or offered to consumers as a location for the conduct of any mortgage broker activities and as subject to the RMLA and RMLA Rules. |
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| Consumer Installment Loan Branch License |
This license is necessary for any additional location where an entity holding a Consumer Installment Loan License or Consumer Installment Loan Registration plans to engage in the business of making loans of money and charge, contract for, or receive on any such loan a greater annual percentage rate than 9%.”
This license is only available to applicants applying for or already holding a Consumer Installment Loan License or Consumer Installment Loan Registration.
(More Details) |
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| Debt Management Branch License |
This license is necessary for any additional location where an entity holding a Debt Management license plans to engage in the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor's creditors in payment or partial payment of the debtor's obligations or soliciting financial contributions from creditors should apply for this license.
This license is only available to applicants applying for or already holding a Debt Management license.
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| Debt Settlement Consumer Protection Branch License |
This license is necessary for any additional location where an entity holding a Debt Settlement Consumer Protection license plans to engage in, or hold itself out as engaging in, the business of providing debt settlement service in exchange for any fee or compensation, or any person who solicits for or acts on behalf of any person or entity engaging in, or holding itself out as engaging in, the business of providing debt settlement service in exchange for any fee or compensation. Debt settlement service is defined as:
(1) offering to provide advice or service, or acting as an intermediary between or on behalf of a consumer and one or more of a consumer's creditors, where the primary purpose of the advice, service, or action is to obtain a settlement, adjustment, or satisfaction of the consumer's unsecured debt to a creditor in an amount less than the full amount of the principal amount of the debt or in an amount less than the current outstanding balance of the debt;
(2) offering to provide services related to or providing services advising, encouraging, assisting, or counseling a consumer to accumulate funds for the primary purpose of proposing or obtaining or seeking to obtain a settlement, adjustment, or satisfaction of the consumer's unsecured debt to a creditor in an amount less than the full amount of the principal amount of the debt or in an amount less than the current outstanding balance of the debt; or
(3) student loan debt relief.
This license is only available to applicants applying for or already holding a Debt Settlement Consumer Protection license.
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| Pawnbroker License |
See the Pawnbroker Regulation Act for more information. (More Details) |
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| Payday Reform Branch License |
This license is necessary for any additional location where an entity holding a Payday Reform License or Payday Reform Registration plans offer payday loans, defined as “a loan with a term that does not exceed 120 days, including any transaction conducted via any medium whatsoever, including, but not limited to, paper, facsimile, Internet, or telephone, in which:
(1) A lender accepts one or more checks dated on the date written and agrees to hold them for a period of days before deposit or presentment, or accepts one or more checks dated subsequent to the date written and agrees to hold them for deposit; or
(2) A lender accepts one or more authorizations to debit a consumer's bank account; or
(3) A lender accepts an interest in a consumer's wages, including, but not limited to, a wage assignment
This license is only available to applicants applying for or already holding a Payday Reform License or Payday Reform Registration.
(More Details) |
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| Sales Finance Agency Branch License |
This license is necessary for any additional location where an individual, corporation, partnership, limited liability company, joint venture, or any other form of business association, irrespective of his or her state of domicile or place of business, engages in this State, in whole or in part, in the business of purchasing, or making loans secured by, retail installment contracts, retail charge agreements or the outstanding balances under such contracts or agreements entered into in this State where the applicant’s headquarters location houses only administrative functions and does not engage in Sales Finance Agency activity (205 ILCS 660).
This license is only available to applicants applying for or already holding a Sales Finance Agency License or Payday Reform Registration.
(More Details) |
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| Individual Licenses
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Description
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Requirements Checklist
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| Mortgage Loan Originator License |
This License is required for an individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application, or offers or negotiates terms of an Illinois residential mortgage loan. Note: individuals must be employed by an Illinois residential mortgage licensee, may be employed by no more than one Illinois residential mortgage licensee at a time, and all individuals meeting the definition must be licensed including owners of entities with Illinois residential mortgage licenses. (More Details) |
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| Temporary Military Mortgage Loan Originator License |
This license is available if you are a service member or the spouse of a service member, defined as any person who, at the time of application, is an active duty member of the United States Armed Forces or the National Guard of any state, commonwealth, or territory of the United States or the District of Columbia or whose active duty service concluded within the preceding 2 years before application, pursuant to Civil Administrative Code of Illinois 20 ILCS 5/5-715. |
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