1. (a) A credit services organization shall file a registration statement with the Secretary of State before conducting business in this State. The registration statement shall contain:

   1. (1) the name and address of the credit services organization;
   2. (2) the name and address of the registered agent authorized to accept service of process on behalf of the credit services organization;
   3. (3) the name and address of any person who directly or indirectly owns or controls 10 percent or more of the outstanding shares of stock in the credit services organization; and
   4. (4) the name, numbers, and location of the surety company issuing a surety bond maintained as required by Section 10 of this Act.

2. (b) The registration statement must also contain either:

   1. (1) a full and complete disclosure of any litigation or unresolved complaint filed with a governmental authority of this State, any other state or the United States relating to the operation of the credit services organization; or
   2. (2) a notarized statement that states that there has been no litigation or unresolved complaint filed with a governmental authority of this State, any other state or the United States relating to the operation of the credit services organization.
3. (c) The credit services organization shall update such statement not later than the 90th day after the date on which a change in the information required in the statement occurs.
4. (d) Each credit services organization registering under this Section shall maintain a copy of the registration statement in their files. The credit services organization shall allow a buyer to inspect the registration statement on request.
5. (e) The Secretary of State may charge each credit services organization that files a registration statement a reasonable fee not to exceed $100 to cover the cost of filing.

(from Ch. 121 1/2, par. 2109)

(Source: P.A. 85-1384.)