Section 160.555  Verification of Ability to Repay

No lender shall make a subject loan prior to verifying the borrower's ability to repay the loan.  Such verification shall require, at a minimum, the following:

a)         The borrower prepares and submits to the lender a personal income and expense statement in a form prescribed by the Director.

b)         Income is verified by means of tax returns, pay stubs, accounting statements or other prudent means.

c)         A credit report is obtained regarding the borrower.

(Source:  Added at 25 Ill. Reg. 6261, effective May 17, 2001)