Section 205 ILCS 657/20 - [Section Scheduled to be Repealed 1/1/2026] Qualifications for a license(a) In order to obtain a license under this Act, an applicant must prove to the satisfaction of the Director all of the following: (1) That the applicant has and maintains the net worth specified in Column A, computed according to generally accepted accounting principles, corresponding to the number of locations in this State at which the applicant is conducting business or proposes to conduct business by itself and by any authorized sellers specified in Column B: Column A Column B $35,000 1 50,000 2-3 100,000 4-5 150,000 6-9 200,000 10-14 300,000 15-19 400,000 20-24 500,000 25 or more
(2) That the applicant is in good standing and in statutory compliance in the state or country of incorporation or when the applicant is an entity other than a corporation, is properly registered under the laws of this State or another state or country, and if required, the corporation or entity is authorized to do business in the State of Illinois.(3) That the applicant has not been convicted within the 10 years preceding the application of a felony under the laws of this State, another state, the United States, or a foreign jurisdiction.(4) That no officer, director, controlling person, or principal of the applicant has been convicted within the 10 years preceding the application of a felony under the laws of this State, another state, the United States, or a foreign jurisdiction.(5) That the financial responsibility, financial condition, business experience, character, and general fitness of the applicant and its management are such as to justify the confidence of the public and that the applicant is fit, willing, and able to carry on the proposed business in a lawful and fair manner.(b) The Director may, for good cause shown, waive the requirement of items (3) and (4) of subsection (a) of this Section.Repealed by P.A. 103-0991,§ 900-30, eff. 1/1/2026.P.A. 88-643, eff. 1/1/1995.