Prior to a change of ownership or control, a change of name
or address or a change of officers or directors, a licensee shall complete and
file the appropriate application and the appropriate fee as set forth in
Section 1050.210 of this Part so that
the Director may determine whether such a change would alter the findings for
issuance of a new license as set forth in Section 2-2(a) of the Act or would
change materially any of the information in the licensee's new license
application or license renewal application.
a) Change of Ownership or Control. A
completed application for a new Illinois Residential Mortgage License shall be
submitted to the Director, along with payment of the appropriate fee as set
forth in Section
1050.210 of this Part, by the
prospective purchaser at least 10 days prior to the proposed date of the
change. The Director shall issue either a new license or a finding that the
proposed change of ownership or control does not require a new
license.
b) Change of Name or
Address. At least 10 days before the proposed effective date of the change, a
licensee shall file with the Director a completed Application for Change of
Name or Address on a form prescribed by the Director and accompanied by the fee
set forth in Section
1050.210 of this Part. The
Director shall approve the name change unless the Director finds the proposed
name is the same as, or deceptively similar to, another licensee's name. In
determining whether a name is deceptively similar, the Director shall consider
the geographic area in which each licensee operates. If the Director denies an
Application for Change of Name or Address, the Director shall inform both the
applicant licensee and the licensee that has the deceptively similar or same
name. Upon approval of the application and upon receipt of payment of the
appropriate fee as set forth in Section
1050.210 of this Part, the
Director shall issue an amended license.
c) Change of Officers or Directors. Whenever
one or more of a licensee's principal officers or directors resign, or are
replaced, or whenever additional principal officers or directors are installed,
the change shall be reported to the Director within 30 days, or by the end of
the calendar month in which the change occurred, whichever is later, of the
effective date of the change. The change shall be reported on a form prescribed
by the Director, accompanied by the appropriate fee set forth in Section
1050.210 of this Part. For
purposes of this Section, "principal officers or directors" shall mean those
officers who engage in activities covered by the Act.
