Ill. Admin. Code tit. 38 § 150.20

Current through Register Vol. 48, No. 50, December 13, 2024

Section 150.20 - Officer

a) If the collection agency is an association or a sole proprietorship, the owner of the agency or any person exercising managerial control shall be considered an officer.

b) If the collection agency is a partnership, any partner who has at least 10% ownership interest or any partner who exercises managerial control shall be considered an officer.

c) If the collection agency is a corporation, any officer of the corporation or director or any person who has at least 10% direct or indirect ownership interest in such corporation or who exercises managerial control shall be considered an officer.

d) If the collection agency is a limited liability company, any manager of the limited liability company or any person who has at least 10% direct or indirect ownership interest in such limited liability company shall be considered an officer.

Ill. Admin. Code tit. 38, § 150.20

Adopted at 47 Ill. Reg. 17827, effective 11/20/2023