(A) An application for a payday loan license, as provided for in this subchapter, shall be made to the Village President in writing, signed by the applicant if an individual, or by a duly authorized agent thereof if a corporation or other legal entity, verified by oath or affidavit, and shall contain the following statements and information:
(1) The name, age and address of the applicant in the case of an individual; in the case of a co-partnership, the persons who are entitled to a share in the profits thereof; and in the case of a corporation, the objects for which organized, the names and addresses of the officers and directors, and if a majority interest in the stock of such corporation is owned by one person or his or her nominee, the name and address of such person;
(2) The citizenship of the applicant, his or her place of birth, and if a naturalized citizen, the time and place of his or her naturalization;
(3) The character of business of the applicant and, in the case of a corporation, the objects for which it was formed, the length of time the applicant in question has been in business of that character, or in the case of a corporation, the date when its charter was issued;
(4) Three reference letters, one of which must be from a financial institution;
(5) A credit report for the business and all principals of the business or, if an individual, for the individual; and if a co-partnership, for all partners;
(6) A criminal record report from the state police of the state of residence for each owner, partner, board member, officer and any individual who will be managing the Bellwood location;
(7) A statement of whether the applicant has made an application for a similar or other license on premises other than those described in his or her application, and the disposition of the application;
(8) A CPA prepared, audited or reviewed financial statement showing at least $100,000 net worth with $50,000 in liquid assets for the applicant;
(9) The name of the person who will be managing the business. The applicant must show a minimum of two years of finance related experience for anyone who will be managing a Bellwood location;
(10) A business resume for the manager, owner, partners, and all other officers and a statement that the applicant will not violate any of the laws of the State of Illinois or of the United States of any of the provisions of this code in the conduct of the business.
(B) The applicant shall file with the Village President a the time of the application, two copies of a list of names and residences of all board member, and similarly file within ten days of the election of any additional member of his or her name and address; and provided that its affairs and management are conducted by a board of directors, executive committee or similar body chosen by the members at their annual meeting, a list of names and residences of its board of directors, executive committee members or other members of the governing body.
(Ord. 02-23, passed 6-19-02)