IL HB6181

Amends the Structured Settlement Protection Act to require transferees (entities acquiring structured settlement payment rights) to obtain a license from the Director of the Division of Financial Institutions before operating, advertising, or soliciting transfers in Illinois.

Establishes licensing requirements including submission of a bond in the minimum amount of $125,000 (or higher based on prior year disbursements), payment of an application fee, and demonstration of financial responsibility, character, and fitness to operate fairly and honestly.

Specifies that applicants, officers, directors, partners, or managers must not have felony or misdemeanor convictions involving dishonesty, breach of trust, prior violations of the Act, or pending disciplinary proceedings.

Provides the Director authority to revoke or suspend licenses for failure to pay fees, maintain bonds, violate Act provisions, or make false statements; includes notice and hearing procedures with appeals available within 30 days for denials and 10 days for suspensions or revocations.

Authorizes the Director to examine licensees' business affairs, require 5-year retention of transfer-related records, and pursue injunctive relief against unlicensed transferees, with all Director decisions subject to judicial review under the Administrative Review Law.