Illinois Code § 7
Illinois Code § 7. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 7.
Qualifications for license. In order to be qualified to obtain a license or a renewal license under this Act, a collection agency's owners or officers shall: (a) have the financial responsibility, financial condition, business experience, character, and general fitness such as to merit the confidence and trust of the public that an applicant, licensee, or regulated person is fit, willing, and able to carry on his or her proposed business in a lawful and fair manner; (a-5) be 18 years of age or more; (b) (blank); and (c) have an acceptable credit rating, have no unsatisfied judgments; and not have been officers and owners of 10% or more interest of a former licensee under this Act whose license was suspended or revoked without subsequent restoration. (Source: P.A. 102-975, eff. 1-1-23.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 7
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 7?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 7 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 7 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Illinois law to your facts requires a licensed Illinois attorney who can review the specifics.