Illinois Compiled Statutes 625 ILCS 5/3-904.5 – Remittance agent prelicensing education program courses
Current as of: 2024 | Check for updates
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(a) An applicant for a license as a remittance agent shall complete a minimum of 8 hours of prelicensing education program courses under this Section prior to submitting an application to the Secretary of State.
(b) To meet the requirements of this Section, at least one person who is associated with the remittance agent as an owner, principal, corporate officer, director, or member or partner of a limited liability company or limited liability partnership shall complete the education program courses.
(c) The prelicensing education program courses shall be provided by public or private entities with an expertise in the area as approved by the Secretary of State. The Secretary of State must approve course curricula and instruction, in consultation with the Department of Transportation and any private entity with expertise in the area in the Secretary’s discretion.
(d) Each person who successfully completes an approved prelicensing education program under this Section shall be issued a certificate by the education program provider. The current certificate of completion, or a copy of the current certificate, shall be posted conspicuously in the principal office of the licensee.
(e) The provisions of this Section apply to all remittance agents including, but not limited to, persons, corporations, and partnerships, except for the following:
(1) motor vehicle rental companies having a national
(b) To meet the requirements of this Section, at least one person who is associated with the remittance agent as an owner, principal, corporate officer, director, or member or partner of a limited liability company or limited liability partnership shall complete the education program courses.
Terms Used In Illinois Compiled Statutes 625 ILCS 5/3-904.5
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) The prelicensing education program courses shall be provided by public or private entities with an expertise in the area as approved by the Secretary of State. The Secretary of State must approve course curricula and instruction, in consultation with the Department of Transportation and any private entity with expertise in the area in the Secretary’s discretion.
(d) Each person who successfully completes an approved prelicensing education program under this Section shall be issued a certificate by the education program provider. The current certificate of completion, or a copy of the current certificate, shall be posted conspicuously in the principal office of the licensee.
(e) The provisions of this Section apply to all remittance agents including, but not limited to, persons, corporations, and partnerships, except for the following:
(1) motor vehicle rental companies having a national
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franchise;
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(2) national motor vehicle auction companies;
(3) wholesale dealer-only auction companies;
(4) used vehicle dealerships owned by a franchise
(3) wholesale dealer-only auction companies;
(4) used vehicle dealerships owned by a franchise
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motor vehicle dealer; and
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(5) banks, credit unions, and savings and loan
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associations.
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