(765 ILCS 101/5-50)
Sec. 5-50. Registration review time frames. Every registration required to be filed with the Department under this Act shall be reviewed and issued a certificate of registration in accordance with the following schedule:
(1) Comprehensive registration. Registration shall
be effective only upon the issuance of a certificate of registration by the Department, which, in the ordinary course of business, should occur no more than 60 calendar days after actual receipt by the Department of the properly completed application. The Department shall provide a list of deficiencies in the application, if any, within 60 calendar days of receipt. The list may be in a written or electronic format.
(2) Abbreviated registration. Registration shall be
effective only upon the issuance of a certificate of registration by the Department, which, in the ordinary course of business, should occur no more than 30 calendar days after actual receipt by the Department of the properly completed application. The Department shall provide a list of deficiencies in the application, if any, within 30 calendar days of receipt. The list may be in a written or electronic format.
(3) Alternative assurance registration. Registration
shall be effective only upon the issuance of a certificate of registration by the Department, which, in the ordinary course of business, should occur no more than 30 calendar days after receipt by the Department. The Department shall provide a list of deficiencies in the application, if any, within 30 calendar days of receipt. The list may be in a written or electronic format.
(4) Preliminary permit registration. A preliminary
permit shall be issued only upon the written approval by the Department, which, in the ordinary course of business, should occur no more than 30 calendar days after actual receipt of the required documentation by the Department. The Department shall provide a list of deficiencies in the application, if any, within 30 calendar days of receipt. The list may be in a written or electronic format.
(5) Exchange company registration. Registration
shall be effective only upon the issuance of a certificate of registration by the Department, which, in the ordinary course of business, should occur no more than 60 calendar days after the actual receipt of a properly completed application by the Department. The Department shall provide a list of deficiencies in the application, if any, within 60 calendar days of receipt. The list may be in a written or electronic format.
(Source: P.A. 96-738, eff. 8-25-09.)
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Last modified: February 18, 2015