Section 160.250  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 Department.

e)         A statement that the licensee shall pay all examination expenses.

f)          Written consent of servicer for the Department to conduct its examination.

(Source:  Added at 22 Ill. Reg. 13699, effective July 14, 1998)