Section 360.180  Examination of Pawnbrokers

a)         All licensees shall be subject to examination by the Director.  The Director may enter into cooperative agreements with other state or federal regulatory authorities and the Director may accept examination reports from those regulatory authorities that meet the requirements of this Section.

b)         The Director shall administer examinations in-person. In its discretion, the Director may administer a virtual pawnbroker examination if:  

1)         the pawnbroker's most recent examination had no findings of compliance, financial or operational weaknesses; or

2)         despite any prior findings, in the Director's opinion, a virtual examination of the pawnbroker would result in cost savings that outweigh the need for an in-person examination.

c)         If no findings of compliance, financial or operational weaknesses are made and no other agency has made such a request, a pawnbroker shall be subject to an examination by the Director no more than once every 3 years.

d)         Notwithstanding subsections (b) and (c) of this Section, the Director may conduct a virtual or in-person examination at any time based on one or more of the following:

1)         an allegation or evidence that a licensee is engaged in fraudulent, unsafe, unsound, or unlawful activities;

2)         receipt of one or more complaints regarding a licensee;

3)         a change in ownership of a licensee;

4)         other governmental inquiries; or

5)         vendor complaints.

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