Ill. Admin. Code tit. 38, § 150.50 – Change of Ownership | Midpage
§ 150.50
Ill. Admin. Code tit. 38, § 150.50
Change of Ownership
AUTHORITY: Implementing the Collection Agency Act [205 ILCS 740] and authorized by Section 6 and 6a of the Financial Institutions Code [20 ILCS 1205].DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
When more than 50% of the assets, stock or equity of a collection agency are transferred, a new collection agency application shall be filed with the Division in accordance with Section 150.25.