Section 360.120  Processing of Application

a)         Initial Review.  The Secretary shall evaluate all applications within 30 business days after receipt and acknowledge completeness, identify deficiencies, and request additional information, if necessary.  A completed application is one that conforms to the instructions provided in the application package and for which all fees have been paid.  The Secretary may reject an incomplete application.

b)         Failure to Complete Application.  If a complete application has not been filed with the Secretary promptly after the Secretary's request for additional information, the application shall be denied and the applicable fee shall be forfeited, unless a further extension of time has been granted by the Secretary.

c)         Consideration of Completed Application.  Upon receipt of a completed application and all required fees, a determination will be made by the Secretary within 30 business days to approve or deny the application request, unless the Secretary determines additional time is necessary (e.g., pending background investigations).  A written notice of the Secretary's decision will be submitted to the NMLS. If the Secretary is unable to issue positive findings stating that the financial responsibility, experience, character, and general fitness of the license applicant and each principal party, the Secretary shall not issue the license, and the Secretary shall notify the license applicant of the denial in writing and mailed to the applicant.  The written notice for all denied applications will also include the reasons for denial.  The investigation and application fees for all denied applications will not be refunded to the applicant.

d)         Review of a License Denial.  An applicant whose application is denied by the Secretary may obtain review of that decision within the Department [205 ILCS 511/10-75(a)] pursuant to 38 Ill. Adm. Code Part 100.

(Source:  Amended at 49 Ill. Reg. 14602, effective October 29, 2025)