§1019.5. Definitions

a)         For purposes of this Part, the following definitions shall apply:

 

"Applicant" – person requesting that a title and/or registration be issued in his/her name.

 

"Dealer" – every person engaged in the business of acquiring or disposing of vehicles or their essential parts and who has an established place of business for such purpose. [625 ILCS 5/1-115]

 

"Department" – Department of Vehicle Services within the Office of the Secretary of State.

 

"Financially Sound" – solvent and able to pay expenses and debts as due, as evidenced by the surety bond obtained pursuant to Section 3-905 of the Illinois Vehicle Title & Registration Law of the Illinois Vehicle Code (Ill. Rev. Stat. 1987, ch. 95½, par. 3-905).

 

"Fraudulent Activity" – any activity in which a person knowingly falsifies information.

 

"Good Business Integrity" – soundness or good moral principle and character in business dealings as evidenced by the surety bond obtained pursuant to Section 3-905 of the Illinois Vehicle Title & Registration Law of the Illinois Vehicle Code (Ill. Rev. Stat. 1987, ch. 95½, par. 3-905), or good moral principle and character in business dealings.

 

"Immediate Family" – spouse, offspring, sibling, or parent.

 

"Licensee" – a licensed remittance agent.

 

"Revocation" – the termination by formal action of a person's license to operate as a remittance agent.

 

"Secretary" – Secretary of the State of Illinois.

 

"Suspension" – the temporary withdrawal by formal action by the Secretary of a person's license to operate as a remittance agent for thirty (30) days pending compliance and re-audit.

 

"Transaction" – an application for title and/or registration of a vehicle, any supporting documents and fees for remittance to the Department.

 

(Source:  Amended at 42 Ill. Reg. 223, effective December 19, 2017)