Any person, firm, association, corporation or partnership applying for and/or receiving for holding a business license in the city to operate a consumer installment loan business, as defined in § 120.02 of this chapter, must also hold a license to operate from the state (whenever such license is required pursuant to the Consumer Installment Loan Act, 205 ILCS 670/1 et seq., or pursuant to any other licensing provision of the state) and must show that such state license is current and active. In addition, any person, firm, association, corporation or partnership operating a consumer installment loan business within the city must, at all times, be in full compliance with all state laws, rules and/or regulations pertaining to the operation of such business. Failure to achieve and maintain full compliance with all laws, rules and regulations shall be deemed a violation of this chapter.
(1960 Code, § 7-24-4) (Ord. 7035, passed 9-17-2007) Penalty, see § 120.99