Section 110.265  Servicing of Accounts by Contract

Upon prior approval of the Director, the licensee may contract for servicing of accounts.  A request for the Director's approval shall be in writing and include the following:

a)         Name and address of proposed servicer;

b)         Executed contract, conditioned upon approval by the Director, between licensee and servicer;

c)         Contact person and telephone number of the servicer;

d)         A statement that the licensee will make all books, records, and account information readily available for examination by the Division;

e)         A statement that the licensee will pay all examination expenses in accordance with Section 10 of the Act;

f)         Written consent of servicer for the Division to conduct its examination; and

g)         A list of all Illinois licensees held by the proposed servicer.

(Source:  Amended at 47 Ill. Reg. 9271, effective June 20, 2023)