TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
SECTION 1050.2190 DISCIPLINARY ACTION FOR EDUCATIONAL LOAN DEFAULTS
Section 1050.2190 Disciplinary Action for Educational Loan Defaults
The Director shall deny a Certificate of Registration or renewal to an applicant or Loan Originator who has defaulted on an educational loan or scholarship provided or guaranteed by the Illinois Student Assistance Commission (ISAC) or any governmental agency of this State as determined by ISAC; provided, however, that the Director may issue a Certificate of Registration or renewal if the applicant or Loan Originator has established and maintains a satisfactory repayment record as determined by ISAC or other appropriate governmental agency.
(Source: Amended at 29 Ill. Reg. 14808, effective September 26, 2005)