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sufficiently rehabilitated to warrant the public trust; and (2) a corporation, if any officer, manager, or director thereof, or any stockholder or stockholders owning in the aggregate more than 5% of the stock of such corporation, would not be eligible to receive a license under this Act for any reason; a limited liability company, if any member or managing member would not be eligible to receive a license under this Act for any reason; a partnership, if any partner would not be eligible to receive a license under this Act for any reason. The Department, upon receipt of an application and license fee, in proper form, from a person who is eligible to receive a retailer's license under this Act, shall issue to such applicant a license in form as prescribed by the Department, which license shall permit the applicant to which it is issued to engage in business as a retailer under this Act at the place shown in the his application. All licenses issued by the Department under this Section shall be valid for a period not to exceed one year after issuance unless sooner revoked, canceled or suspended as provided in this Act. No license issued under this Section is transferable or assignable. Such license shall be conspicuously displayed in the place of business conducted by the licensee in Illinois under such license. No licensee acquires any vested interest or SB3019 Enrolled LRB104 20255 HLH 33706 b Public Act 104-0468