Illinois Compiled Statutes 625 ILCS 5/18c-5103 – The Fitness Standard
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A person shall be rebuttably presumed unfit to act or to continue to act as a broker if:
(1) The person has violated any provision of this Chapter, Commission regulations or orders, or any other law governing its activities as a broker;
(2) The person has violated any fiduciary or other obligation with regard to transmittal of monies, bills, or other matters entrusted to it as broker; or
(3) The person is applying for a broker’s license and any other person the ownership, management, or control of which is or was in substantial identity with the applicant has committed an act of the type described in (1) or (2), above. The Commission may consider any relevant facts in determining whether a person is fit to act or to continue to act as a broker, or whether any presumption which arises under this Section has been rebutted.
(1) The person has violated any provision of this Chapter, Commission regulations or orders, or any other law governing its activities as a broker;
Terms Used In Illinois Compiled Statutes 625 ILCS 5/18c-5103
- Broker: means any person other than a motor carrier of property, that arranges, offers to arrange, or holds itself out, by solicitation, advertisement, or otherwise, as arranging or offering to arrange for-hire transportation of property or other service in connection therewith by a motor carrier of property which holds or is required to hold a license issued by the Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Fiduciary: A trustee, executor, or administrator.
- License: means any certificate, permit, broker's license, or other license issued under this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any natural person or legal entity, whether such entity is a proprietorship, partnership, corporation, association, or other entity, and, where a provision concerns the acts or omissions of a person, includes the partners, officers, employees, and agents of the person, as well as any trustees, assignees, receivers, or personal representatives of the person. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
(2) The person has violated any fiduciary or other obligation with regard to transmittal of monies, bills, or other matters entrusted to it as broker; or
(3) The person is applying for a broker’s license and any other person the ownership, management, or control of which is or was in substantial identity with the applicant has committed an act of the type described in (1) or (2), above. The Commission may consider any relevant facts in determining whether a person is fit to act or to continue to act as a broker, or whether any presumption which arises under this Section has been rebutted.