Illinois Code § 7

§ 7.

The Comptroller may refuse to issue or may suspend or revoke a license on any of the following grounds: (a) The applicant or licensee has made any misrepresentations or false statements or concealed any material fact; (b) The applicant or licensee is insolvent; (c) The applicant or licensee has been engaged in business practices that work a fraud; (d) The applicant or licensee has refused to give pertinent data to the Comptroller; (e) The applicant or licensee has failed to satisfy any enforceable judgment or decree rendered by any court of competent jurisdiction against the applicant; (f) The applicant or licensee has conducted or is about to conduct business in a fraudulent manner; (g) The trust agreement is not in compliance with State or federal law; (h) The pre-construction performance bond, if applicable, is not satisfactory to the Comptroller; (i) The fidelity bond is not satisfactory to the Comptroller; (j) As to any individual listed in the license application as required pursuant to Section 6, that individual has conducted or is about to conduct any business on behalf of the applicant in a fraudulent manner, has been convicted of any felony or misdemeanor an essential element of which is fraud, has had a judgment rendered against him or her based on fraud in any civil litigation, has failed to satisfy any enforceable judgment or decree rendered against him by any court of competent jurisdiction, or has been convicted of any felony or any theft-related offense; (k) The applicant or licensee has failed to make the annual report required by this Act or to comply with a final order, decision, or finding of the Comptroller made pursuant to this Act; (l) The applicant or licensee, including any member, officer, or director thereof if the applicant or licensee is a firm, partnership, association, or corporation and any shareholder holding more than 10% of the corporate stock, has violated any provision of this Act or any regulation or order made by the Comptroller under this Act; or (m) The Comptroller finds any fact or condition existing which, if it had existed at the time of the original application for such license would have warranted the Comptroller in refusing the issuance of the license. (Source: P.A. 92-419, eff. 1-1-02.)