Section 1050.810  New Loans

a)         Payment instructions shall be issued in time to reasonably assure receipt by the customer at least 15 days before the first payment is due and shall include, but not be limited to the following:  

1)         The name, address and telephone number of the entity to whom payments are to be made and the name of the person to whom inquiries should be directed.  Such phone numbers shall be toll free to the customer;

2)         The exact amount of the monthly payment and a plain English explanation of the method of calculation; and

3)         A clear and conspicuous statement as to monthly date of each payment, regardless of interval between due date and assessment of any late-payment penalty.

b)         Accompanying the payment instructions on a new residential mortgage loan shall be a clear and conspicuous statement alerting the customer that if servicing on the loan is transferred, notice to that effect will come from both the current and new servicer.  The statement shall offer a toll free telephone arrangement for the customer to verify a notice of transfer of servicing.

(Source:  Amended at 29 Ill. Reg. 14808, effective September 26, 2005)