TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.1 DEFINITIONS
Section 160.1 Definitions
"Act"
means the Sales Finance Agency Act [205 ILCS 660].
"Controlling
person" means a person, entity, or ultimate equitable owner that:
owns or controls, directly or
indirectly, 10% or more of any class of stock of the license applicant;
is not a depository institution,
as defined in Section 1007.50 of the Savings Bank Act [205 ILCS 205] that
lends, provides, or infuses, directly or indirectly, in any way, funds to or
into a license applicant, in an amount equal to or more than 10% of the license
applicant's net worth;
controls, directly or indirectly,
the election of 25% or more members of the board of directors of a license
applicant; or
the Director
finds influences management of the license applicant.
"Department"
means the Department of Financial and Professional Regulation.
"Director" means the
Director or Acting Director of the Department of Financial and Professional
Regulation-Division of Financial Institutions with the authority delegated by
the Secretary or the Director's designee.
"Division" means the
Department of Financial and Professional Regulation-Division of Financial
Institutions.
"Generally accepted
accounting principles" or "GAAP" means those published by the Federal
Accounting Standards Advisory Board (401 Merritt 7, PO Box 5116, Norwalk, CT
06856-5116).
"Licensee" means a
person, partnership, association, limited liability company, corporation or
other legal entity licensed under the Act. Any person or entity who holds
himself, herself, or itself out as a licensee or who is accused of unlicensed
practice is considered a licensee for purposes of enforcement, investigation, and
hearings.
"Net worth" means
total assets minus total liabilities. (Section 2 of the Act)
"Person" means an
individual, corporation, partnership, limited liability company, joint venture,
or any other form of business association. (Section 2 of the Act)
"Secretary" means the
Secretary or Acting Secretary of Financial and Professional Regulation or the
Secretary's designee.
(Source:
Amended at 49 Ill. Reg. 3936, effective March 21, 2025)
 | TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.2 SERVICE BY THE DEPARTMENT
Section 160.2 Service by the Department
All notices by the Department required under the Act or this
Part shall be deemed to be served when a copy is deposited in the United States
mail.
(Source: Added at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.5 DEFINITIONS (REPEALED)
Section 160.5 Definitions
(Repealed)
(Source: Repealed at 47
Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.10 RECORD KEEPING
Section 160.10 Record
Keeping
a) Every licensee shall keep the following records or their
equivalent:
1) Transaction register.
2) Individual accounts cards of all obligors.
3) File of all original papers or copies which have been
reproduced in any medium or format which accurately reproduces the original
papers.
4) Cash Book.
5) Alphabetical record of all buyers, co-purchasers, and obligors
on all obligations.
6) Permanent file.
b) Records pertaining to the conduct of business regulated by the
Sales Finance Agency Act shall be kept at the licensed office, separate or
readily identifiable from other types of business conducted in the office of
the licensee.
c) Electronic data processing, combination forms and special
office systems may be used to keep records if in accordance with standard
accounting procedures and if they contain the information enumerated in
subsection (a).
d) The licensee shall keep in the licensed office a record of all
transactions purchased from or sold to another affiliated or non-affiliated
licensee until examined and released by the examiner.
e) All books, records, files, and account cards required by
applicable State and federal law and regulations shall at all times be kept
current.
f) The Director may order a licensee to keep and maintain
additional records as necessary to determine whether the licensee is complying
with the Act or administrative rules promulgated pursuant to the Act.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.15 APPLICATION FOR LICENSE/CONTROLLING PERSON
Section 160.15 Application for License/Controlling
Person
a) An
application for a sales finance agency license must be under oath and in the
form the Director prescribes. The application shall contain the following:
1) The
name of the applicant, including any other names the applicant does or intends
to do business as, and the address of the proposed place of business.
2) The form of business
organization of the applicant, including:
A) a copy
of its filed articles of incorporation;
B) a copy
of the filed articles of organization, if the applicant is a limited liability
company; and
C) a
certified statement of the ownership of the partnership, if the applicant is a
partnership. Any changes to the statement of ownership occurring after the
application has been submitted shall be forwarded to the Director.
3) Information on Involved
Individuals
A) The
name, business and home address, credit report (except for a publicly traded
company), and a chronological summary of the business experience, material
litigation history, and felony convictions over the preceding 10 years of:
i) the proprietor, if the
applicant is an individual;
ii) every general partner,
if the applicant is a partnership;
iii) President,
Secretary, Executive and Senior Vice Presidents, and Directors;
iv) the
manager, if the applicant is a manager-managed limited liability company or the
member if the applicant is a member-managed limited liability company; and
v) any
controlling person.
B) A
licensee shall not submit the information required in subsections (a)(2) and
(3), if the licensee has previously submitted the information to the Department
in a previous license application within the last 5 years and there have been
no material changes, unless requested by the Director to submit this
information.
4) The
most current year end financial statements, prepared in accordance with
generally accepted accounting principles and a balance sheet and statement of
operations as of the most recent quarterly report before the date of the
application.
5) A
list of all states in which the applicant is licensed as a lender or sales
finance agency and whether a license of the applicant has ever been withdrawn,
refused, cancelled or suspended in any other state, with full details.
6) A business
plan, which shall at minimum detail the nature, amount, and terms of the retail
installment contracts, retail charge agreements or motor vehicle retail
installment contracts that will be purchased, or loans secured by retail
installment contracts, loans secured by motor vehicles retail installment
contracts, or loans secured by retail charge agreements that will be made.
7) The
applicable fees as required by the Act.
8) Any
additional information the Director considers necessary to evaluate the
application.
b) A
licensee shall seek prior approval from the Division whenever a person proposes
to become a controlling person of the licensee. The request for approval of
added controlling persons shall be accompanied by an amendment fee of $1,000.
c) A
licensee shall provide all information the Director requests to evaluate the
license, in the form requested, at the time of renewal of license under Section
6 of the Act.
(Source: Added at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.20 TRANSACTION REGISTER
Section 160.20 Transaction
Register
a) The Transaction Register shall contain the original entry and
be a permanent record. It shall show for every transaction the account number,
date of transaction, nature of security, type and cost of insurance and amount
of fees.
b) It shall show the amount financed, finance charge, annual
percentage rate, itemization of all other charges not specified in subsection
(a), schedule of payments, and total of payments which will include all
charges.
c) The Register shall be kept numerically by number of transactions
in the order made and shall have proper headings for the items required.
d) The Transaction Register shall be maintained in a form
accessible to the Department and a licensee may maintain these files in any
medium or format which accurately reproduces original documents or papers.
(Source: Amended at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.30 INDIVIDUAL ACCOUNT CARDS
Section 160.30 Individual
Account Cards
An individual account card shall
be kept for each transaction or appropriate combination of records with respect
to each finance agreement, which the licensee acquires pursuant to Section 2(a)
of the Sales Finance Agency Act.
a) Such account card or records shall show the name and address
of buyer, names of co-purchasers or obligors, transaction number, date of
transaction, nature of security, type and cost of insurance, official fees
charged and paid, amount and date of each installment due and paid; the
schedule of installments as set forth in the instrument purchased, total
finance charge where applicable, and the name of holder if the instrument is
hypothecated. The record shall also show the amount of official fees received
and paid out for filing, recording or releasing a financing statement or
security agreement, including the fee required by the Secretary of State for
perfecting a lien on a motor vehicle title.
1) The record for an interest-bearing contract shall show the
original principal amount of the contract, rates of interest, and finance
charge where applicable.
2) The record for a precomputed contract shall show the original
principal amount of the contract, excluding the precomputed interest and
charges, the amount of the finance charge and the face amount of the contract
including the finance charge.
b) The record for an interest-bearing contract shall show the
amount and date of each payment of principal and interest, the balance due on
principal, and the date to which interest is paid. If the amount paid is
insufficient to meet the entire amount of interest due, the record shall be
clearly marked to indicate the extent of credit given for such interest payment
and the date to which interest is paid. Upon the Division’s or obligor’s request
involving a specific account or accounts, the licensee shall provide the amount
of accrued but unpaid interest.
c) The account record for a precomputed contract shall show the
amount and date of each payment applied to the contract, the unpaid balance of
the contract after applying such payment, and the date and amount of any
additional interest collected for delinquency, default or deferment. If
deferment interest is collected in whole or in part, the record shall indicate
the deferred due date of the final installment and any uncollected portion of
the deferment interest. The account record shall also show the original
principal of the contract excluding the charge, the amount of the charge, the
face amount of the note including the charge, and any additional charge made
for extra days in the first installment process.
d) The card shall also show the date of purchase by licensee, the
name of the seller, the amount financed, the amount and description of all
charges to debtor not specified above and total of payments including all
charges.
e) When a transaction is prepaid in full, the account card shall
show the date of prepayment, the amount paid to discharge the debt, the amount
of the rebate for each insurance and finance charge, if any, and any deduction
from the rebate for previously earned but uncollected delinquency charges and
insurance.
f) The card shall contain the date and amount of all late charges
and extension charges collected indicating the period for which said charges
are applicable.
g) If payment is made in any other way than in the ordinary
course of business, it shall be so designated. (For example, payment by a
third party, insurance claim or sale of collateral.)
h) If receivables are sold, the individual account cards or
copies thereof for such receivables shall show the name of the purchaser and
the date of such sale.
i) No erasures whatsoever may be made in the payment or charge
section of any account card. In case of error, a line shall be drawn in ink
through the improper entry and the correct entry made on the following line.
The entries on the card shall correspond with the receipts given the borrower.
j) Every licensee shall preserve the account card for at least
two years after final entry. Records shall be maintained in a form accessible
to the Department. A licensee may maintain these files in any medium or format
which accurately reproduces original documents or papers.
(Source: Amended at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.40 FILE OF ORIGINAL PAPERS
Section 160.40 File of
Original Papers
a) A separate file shall be maintained for each obligor. Each
such file shall contain the contract, security agreement or financing
statement, wage assignment, evidence of compliance with the requirements of the
federal Consumer Credit Protection Act (15 U.S.C. 41) and all other instruments
which are evidence of indebtedness or security pertaining to the transaction,
except when the documents are in the custody of a court or of an agent for
collection or are hypothecated or sold as provided in this Part. Other papers
relating to the obligor, or the obligor's debt may be kept in the same or a
separate file in the same office. A licensee may maintain these files in any
medium or format that accurately reproduces original documents or papers.
b) All legal instruments evidencing indebtedness in connection
with a transaction and executed by an obligor, including a copy of the Disclosure
Statement, if a separate instrument, must bear the transaction number.
c) Except for the account number, no licensees shall take the
assignment or purchase any instruments in which the blanks are not filled in
completely.
d) All spaces or sections not used in the preparation of legal
documents shall be ruled out or designated as “non” or “n/a”.
e) Any amendments to the retail installment contract shall be
signed by the obligor and creditor or assignee.
f) The name and address of the original seller must be
incorporated into or appear on all legal instruments taken from an obligor and
acquired by a licensee.
g) Every licensee shall preserve the records of all retail
installment contracts , retail charge agreements, and/or loans secured by
retail installment contracts for at least two years after making the final
entry for such contract, agreement, or loan. Records shall be maintained in a
form accessible to the Department.
(Source: Amended at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.50 CASH BOOK
Section 160.50 Cash Book
a) All receipts and disbursements of any amount whatsoever shall
be entered on the day they occur in the cash book or equivalent record.
Separate headings shall be provided for installments, charges, and for official
fees collected and disbursed, and for amounts received and disbursed for any
type of insurance coverage.
b) The cash book shall be a permanent record of all details of
income and disbursements including all entries to individual accounts of
obligors. A licensee may maintain these files in any medium or format which
accurately reproduces original documents or papers.
c) For precomputed contracts, payments applied to a transaction
may be shown as a total sum and need not be itemized between amount financed
and finance charges, but additional charges collected for delinquency shall be
itemized or otherwise separately indicated.
d) For interest-bearing contracts, payments applied to a
transaction must be itemized between principal, interest, other charges and
additional charges collected for delinquency.
(Source: Amended at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.55 PERMANENT FILE
Section 160.55 Permanent
File
Each licensee shall maintain a
permanent file which includes the following:
a) A copy of all correspondence sent to or received from the
Department within the past 24 months.
b) A copy of the last two examination exception reports and any
related correspondence.
c) A copy of the Sales Finance Agency Act, a copy of this Part,
the Motor Vehicle Retail Installment Sales Act and the Retail Installment Sales
Act.
d) A list of Business Source and Affiliates as prescribed in
Section 160.200 of this Part.
(Source: Added at 22 Ill. Reg. 13699, effective July 6, 1998)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.60 ALPHABETICAL RECORD OF BUYERS, CO-PURCHASERS AND OBLIGORS
Section 160.60 Alphabetical
Record of Buyers, Co-Purchasers and Obligors
The alphabetical record shall
show the name of each buyer, co-buyer and obligor who is currently indebted to
the licensee, together with sufficient information to locate the account card. A
licensee may maintain these files in any medium or format that accurately
reproduces original documents or papers.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.70 PAYMENTS
Section 160.70 Payments
a) All payments shall be credited on the account card as of the
date received.
b) A receipt shall be issued to the obligor for each payment
received.
c) When the finance charge is precomputed, the receipt for each
payment shall show the date of payment, the amount applied to the balance of
the contract and the amount applied to any other charges permissible under the
applicable State law. Payments shall be applied in the order in which they
become due.
d) The receipt for each payment on an interest-bearing account
shall show the date of payment, amount applied to interest, amount applied to
insurance, amount applied to principal, balance due on the account, amount
applied to any other charges permissible under the applicable State law and any
amount of interest earned by not collected.
e) No licensee may retain any portion of a payment processing
fee.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.80 DELINQUENCY CHARGES (DEFAULT CHARGES)
Section 160.80 Delinquency
Charges (Default Charges)
All delinquency charges (Default
Charges) shall comply with any requirements and provisions of applicable federal
and State law under which the contract was made.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.90 CANCELLATION AND RETURN OF DOCUMENTS
Section 160.90 Cancellation
and Return of Documents
All original legal documents
executed by the obligor evidencing indebtedness shall be cancelled and returned
to the obligor promptly following the renewal or payment in full. Where
original documents are not available, a licensee shall substitute copies reproduced
from any medium or format which accurately reproduces the original documents.
Continuing security agreements shall be retained until subsequent debts are
paid in full. If an executed copy of a legal document is retained following
payment in full or renewal, it must be clearly indicated by physical or digital
method as "PAID" or "CANCELLED" or "RENEWED",
indicating the date of payment, cancellation, or renewal. Copies clearly
identified with the legend "COPY NOT NEGOTIABLE" or similar language,
may be used in lieu of this requirement.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.100 EXTENSIONS RENEWALS REBATES
Section 160.100 Extensions –
Renewals – Rebates
a) The obligor may prepay in full by cash, extension, renewal or
otherwise at any time before maturity and shall be entitled to a refund in
accordance with Section 7 of the Motor Vehicle Retail Installment Sales Act [815
ILCS 375] or in accordance with Section 7 of the Retail Installment Sales Act
[815 ILCS 405], whichever is applicable.
b) The holder of the contract may, if the obligor requests, renew
or extend the maturity date of all or part of the contract for which the
licensee may charge and collect a refinance charge in accordance with Section
20 of the Retail Installment Sales Act or Section 19 of the Motor Vehicle
Retail Installment Sales Act, whichever is applicable.
c) If the contract provides for precomputed interest, a deferment
charge may be calculated as the difference between the rebate that would be
required for prepayment in full as of the scheduled due date of the deferred
installment and the rebate which would be required for prepayment in full as of
one month prior to said date.
d) If the contract provides for precomputed interest, any
required rebate of finance charge may be calculated using the actuarial method,
defined by the federal Truth in Lending Act (15 U.S.C. 1601 et seq.) and
Regulation Z, Appendix J (12 CFR 226) or any other method permitted by
applicable State law. The rebate for prepayment in full after extension
charges have been levied must be larger than the rebate which otherwise would
be required. For the purpose of computing rebates, the number of elapsed
months must be reduced by one month for each month for which an extension
charge has been collected; and the number of months of prepayment must be
increased by one month for each month for which an extension charge has been
collected.
e) The licensee may not charge an acquisition cost in computing
rebates on prepayment in full following extension or renewal if such cost was
included as an item in arriving at the net balance to be extended or renewed
when the account was at any prior time renewed or extended.
f) When a contract is prepaid in full, the obligor shall be
advised as to the amount of the rebate of finance charge and unearned insurance
premiums.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.110 HYPOTHECATION OF SECURITY INSTRUMENTS
Section 160.110
Hypothecation of Security Instruments
a) All instruments held by licensees as evidence of indebtedness
may be pledged without the prior consent of the Department, except the pledgee
must provide the Department, in writing, in a form satisfactory to the
Department that the Director or the Director's representatives may at any time
examine the pledged instruments, and such pledgee shall also agree, in writing,
to provide suitable working quarters for the examiner of the Department to make
such examination.
b) Should the physical records or documents of the accounts
pledged be located outside of the geographic boundaries of the State of
Illinois, the licensee must pay all of the expense of examination by the
representatives of this Department, in addition to the examination fees as
specified in Section 160.210.
c) Each instrument hypothecated must bear the following
endorsement or substantially similar language:
"This
instrument is non-negotiable in form but may be pledged as collateral
security. If so pledged, any payment made to the pledgor, upon the debt
evidenced by this obligation, shall be considered and construed as a payment on
this instrument, the same as though it were still in the possession and under
the control of the pledgor named herein; and the pledgee holding this
instrument as collateral security hereby makes said pledgor its agent to accept
and receive payments hereon, either of installments or charges."
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.120 LEGAL FORMS
Section 160.120 Legal Forms
a) All forms of contracts and assignments of wages furnished by
the licensee to a retail seller in connection with a regulated transaction
under the Sales Finance Agency Act are required to be submitted to the
Department. Where the licensee or affiliate is engaged in the same business
and licensed by this Department to engage in such business in another location,
the use of identical forms in the new location is not required to be submitted
to the Department.
b) Should the licensees at any time following submission of the
forms modify the forms, the forms as modified shall be submitted to the
Department.
c) All forms shall be submitted in the format requested by the
Division.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.130 JUDGMENTS
Section 160.130 Judgments
a) When an account has been reduced to judgment, the face of the
account card, in physical or digital form, shall show the amount and date of
the judgment. When judgment is taken before maturity on a precomputed contract,
the same rebate of finance charge is required that would be required for
prepayment in full on the date of the entry of judgment.
b) All payments received shall be applied to the judgment balance
and be properly identified. The rate of interest charged on a judgment balance
must comply with current applicable federal and State law. No higher rate of
interest or charge shall be assessed or accepted.
c) The files of the licensee must contain statements setting
forth the following items:
1) Date of judgment.
2) Copy of judgment.
3) Date suit was filed.
4) The amount of principal and the amount of charges for which
judgment was taken.
5) In the case of a precomputed contract, the unpaid balance of
contract, the rebate of interest subtracted therefrom, the resulting balance,
plus the amount of any interest included in the judgment.
6) Attorney’s fees if permitted by the terms of the instrument.
7) Court costs.
8) Amount of the judgment.
d) Court costs charged to the obligor must be itemized and
verified by receipts.
e) Where property is foreclosed or sold pursuant to any judgment
or judicial process, the file must contain a copy of the decree of judicial
sale.
f) If records related to the judgment are kept off-site, the
licensee shall make these documents available from that site or return the
records to the licensed location within 72 hours after the Department's
request.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.140 SALE OF SECURITY
Section 160.140 Sale of
Security
a) When part or all of the collateral is repossessed or sold, the
fact must be noted on the account card.
b) All credits from proceeds of the sale of security must be
properly identified.
c) The files of the licensee must contain:
1) When possession of the security was obtained, and whether by
voluntary or involuntary action.
2) Whether the collateral was sold by public or private sale and
date of sale.
3) Evidence of compliance by licensee with the requirements of
Article 9 of the Uniform Commercial Code, the Motor Vehicle Retail Installment
Sales Act, the Retail Installment Sales Act and related statutes where
applicable in the sale and disposition by a secured party of collateral after
default, including copies of all notices directed to the obligor as required
therein or as required by any other law, statute or regulation, State or federal.
4) A report of condition of property at time of retaking.
5) Copy of notice of intended sale which must contain notice of
default, balance owing, date, place and time of public sale or the date after
which a private sale may occur. Such notice must be forwarded to the obligor
by certified mail to the last known address of the obligor.
6) Signed receipts from the purchasers (or from the auctioneer if
the sale is public), describing the property purchased, showing the amount paid
for same, and copies of any competitive bids if the sale is private.
7) Copy of the statement of final accounting, original of which
shall be sent to the obligor after the sale, which statement shall set forth
the sale price of the property, itemization of the costs of sale, and any
surplus or deficiency balance due on the account.
8) When the property is abandoned and the address of the obligor
is uncertain or unknown, notice of sale and a statement of final accounting
shall be sent to the last known address by registered or certified mail, return
receipt requested.
d) In connection with the sale after default of collateral for a
debt, the licensee shall only make charges for expenses incurred as are
permitted by the applicable provisions of the federal and State law which
charges must be reasonable, taking into consideration the nature of the
security, the circumstances surrounding retaking and the sale, the fair market
value of the collateral and the amount of the indebtedness. Such charges must
be substantiated by paid receipts. The licensee may charge any necessary
expense in connection with the retaking and sale of collateral, including all
expense incurred for required repairs to restore the collateral to a saleable
condition, and for mechanic's liens, storage liens, and similar liens
occasioned by the obligor.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.150 TROUBLE FILE (REPEALED)
Section 160.150 Trouble File
(Repealed)
(Source: Repealed at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.160 LIEN CHARGES
Section 160.160 Lien Charges
All official fees paid for the
purpose of perfecting or releasing a security interest in property which may be
the subject of any sale contract may be collected from the obligor.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
ADMINISTRATIVE CODE TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.170 INSURANCE AND OTHER PRODUCTS
Section 160.170 Insurance
and Other Products
a) Credit Life, Health and Accident:
Licensees, at
their option, may provide, but not require, decreasing term credit life
insurance and credit accident and health insurance and make a charge to the
obligor, providing the obligor has indicated in a specific dated and separately
signed statement that the coverage is not required by seller and obligor
desires the insurance coverage which is included as a charge or paid by the
obligor.
1) The licensee may provide joint credit life or joint credit
accident and health insurance if both insured are obligated for the debt.
2) The maximum charge for credit life and credit accident and
health insurance shall be as prescribed by the State of Illinois Department of
Insurance.
3) When an account is prepaid in full, cancelled, renewed,
refinanced, or reduced to judgement prior to maturity, the licensee shall, not
later than the 60th day after an account is prepaid in full,
cancelled, renewed, refinanced, or reduced to judgment prior to maturity,
refund or credit the unearned insurance premium or provide written instruction
to the person or entity able to refund premium. The licensee shall make all
reasonable efforts to ensure that the person able to refund the unearned
insurance premium completes the refund with 60 days of the licensee sending the
written instruction. The required refund or credit shall be computed in
accordance with 50 Ill. Admin. Code 1053.10. When the refund or credit due is
less than $1.00, no refund or credit is required. The licensee shall maintain
records to demonstrate its compliance with this Section for at least two years
from the date of refund, credit, or written instruction for each account.
4) If the obligor dies during the term of the transaction, the
life insurance, if any, shall pay the benefits due according to the terms of
the policy. The obligor's estate shall be paid the difference between the net
unpaid balance and the insurance benefit paid. Evidence of this payment shall
be maintained by the licensee.
5) For death claims on account of credit life insurance, the
account cards shall indicate the date of death and the refunds of finance
charge and unearned insurance premiums paid to the estate. The refund check or
voucher number shall be available on demand.
6) Credit life and credit accident and health insurance provided
by a licensee may be cancelled within 15 days after the date of the loan by
written request of all parties to the obligation. In the event of
cancellation, the entire premium cost, if any, shall be refunded to the
obligors and insurance shall then be void from its inception.
b) Property Insurance:
1) Insurance against loss or damage to property, or liability
arising out of ownership may be required of an obligor by the licensee.
2) The amount of insurance shall be only in the amount sufficient
to cover the cash price of the item being financed.
c) All insurance provided by a licensee for an obligor must be
issued by insurance companies licensed to do business in the State of Illinois
and in compliance with the applicable provisions of the Illinois Insurance Code
and the administrative rules of the Department of Insurance.
1) No obligor shall be required to purchase any policy of
insurance from any company, agent, broker or person as a condition precedent to
the extension or renewal of an obligation.
2) Insurance for a period less than the full term may be agreed
upon between the parties which agreement may be a part of the contract or
separate instrument.
3) No licensee shall decline new or existing insurance which
meets the standards set forth in the federal and State law or prevent any
obligor from obtaining insurance coverage from other sources. If insurance is
included in a transaction by the seller, the licensee shall upon prepayment by
the obligor notify the obligor and seller of the possibility of rebate due by
reason of such prepayment and the amount of rebate so due.
4) It shall be the licensee's responsibility to explain clearly
to the obligor the type, cost, benefits and limitations of any insurance
requested by licensee after acquisition of the account.
5) The licensee shall also deliver or cause to be delivered to
the obligor a copy of the policy, or policies, certificate, or other evidence
thereof acquired by the licensee in connection with the indebtedness.
d) In the event of a judgment prior to maturity of the loan, the
judgment shall be decreased by the amount equal to any unearned premium.
Evidence of this payment shall be maintained by the licensee.
e) If an obligor has purchased a debt cancellation product or
other credit-related ancillary product, when an account is prepaid in full,
cancelled, renewed, refinanced, or reduced to judgment prior to maturity, the
licensee shall, not later than 60th day after the date an account is
prepaid in full, canceled renewed, refinanced, or reduced to judgment prior to
maturity, refund or credit the unearned debt cancellation charge or unearned
charge or unearned credit-related ancillary product charge or provide written
instruction to the person able to refund the unearned debt cancellation charge
or unearned credit-related ancillary product charge. The licensee shall make
all reasonable efforts to ensure that the person able to refund the unearned
debt cancellation charges or credit-ancillary product charges completes the
refund within 60 days of ending of the written instruction. The refund or
credit shall be calculated according to a method at least as favorable to the
obligor as the actuarial method. The licensee shall maintain records to
demonstrate its compliance with this Section for at least two years from the
date of refund, credit, or written instruction for each account.
f) Vehicle service contracts as defined in 215 ILCS 152/5, and
vehicle protection products or warranties as defined in 215 ILCS 5/155.39(a)
are not subject to subsection (e) of this Section.
(Source: Amended at 49 Ill. Reg. 11649, effective September 5, 2025)
|
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.180 OFFICE AND OFFICE HOURS
Section 160.180 Office and
Office Hours
Every licensee shall maintain a
place of business or website to which the general public shall have free access
and where all obligations shall be payable.
a) Except as authorized by the Department, each licensed office
shall be open not less than three consecutive hours, between 8:00 A.M. and 6:00
P.M. on every business day, except Saturdays, Sundays and legal holidays,
during the term of the license, and the licensee shall file with the Department
a schedule of the hours during which the licensee elects to keep the office
open, provided that any licensee may keep the office open for any period the
licensee sees fit, in addition to the hours listed in such schedule.
b) Whenever a licensee desires to change the schedule of hours
during which the office shall remain open, the licensee may do so upon filing
with the Department a new schedule setting forth the changes at least three
days before the change shall go into effect. The schedule of hours shall be
prominently displayed in the licensee's place of business.
c) If any payment shall be due on any obligation to such licensee
on any closed day, then such payment shall be considered for all purposes,
including the computation of interest or charges, as having been received on
any closed day, if such payment shall be received, whether through the mails or
otherwise, at any time before the closing of business on the next regular
business day following such closed day.
d) The license of each licensee and the license renewal
certificate shall be prominently displayed in the licensee's place of business
and website.
e) Whenever a licensee changes the place of business to a
location other than that set forth in his license, he shall submit his license
to the Department for change of address 10 days before he intends to occupy new
quarters. The relocation fee of $500 shall accompany the license.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.190 ADVERTISING
Section 160.190 Advertising
a) No licensee shall represent either orally or in writing,
directly or indirectly, by any means whatsoever, including but not limited to,
the use of any office sign (except its duly issued license) or the use and
circulation of any letterheads, billheads, blank forms, notes, receipts,
certificates, circulars or any written or printed matter that it is licensed by
or subject to the supervision of the Department, or the State of Illinois,
except by use of the following phrase:
"Licensed
by the Illinois Department of Financial and Professional Regulation pursuant to
the Sales Finance Agency Act."
Provided,
however, that the use or circulation of any written or printed matter
containing the foregoing phrase may only be in connection with the licensee's
business as a Sales Finance Agency.
b) The licensee shall not advertise in a false, misleading or
deceptive manner or imply or indicate that the rates or charges for loans or
extensions of credit are "approved", "set", or
"established" by the State of Illinois or the Department.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.200 BUSINESS PRACTICES
Section 160.200 Business Practices
a) Notary
fees shall not be charged to or collected from the obligor, co-maker, or
surety.
b) No
licensee shall take any power of attorney except to cancel any policies of
insurance financed by the licensee as permitted by the Act and to receive
either rebate of unearned premiums or loss payments.
c) No
licensee shall transact business licensed under the Sales Finance Agency Act
under any other name or at any other place of business than that named in the
license.
d) Interest
charges shall be collected only from the date the proceeds of the contract are
delivered to or expended on behalf of the obligor, even if the contract bears a
prior date.
e) No
licensee shall knowingly purchase contracts from one who does either of the
following:
1) In
the course of the seller’s business, employs a chain referral sales technique
prohibited by the Consumer Fraud and Deceptive Business Practices Act [815 ILCS
505].
2) Uses
a contract, a security instrument or other document not in conformance with the
provisions of the Retail Installment Sales Act [815 ILCS 405], Motor Vehicle
Retail Installment Sales Act [815 ILCS 375], the federal Consumer Protection
Act (15 U.S.C. 1601-1665b), or other applicable federal or State law.
f) Except
as provided in this Part and as contained in the Act, the licensee may not
charge the obligor a loan fee, points, finder’s fee, service fee, transaction
fee, activity fee, appraisal fee, investigation fee, credit report form or any
such similar charge or fee.
g) Contract Provisions
1) When
a licensee owns a substantial interest in the business of a retail seller from
whom the licensee purchases a contract, agreement or other evidence of
indebtedness, the document shall clearly reflect the relationship in the
following language:
“The retail buyer hereunder has
been informed by the retail seller that his contract will be sold and assigned
by the retail seller to _____________________ (a licensed Sales Finance
Agency) and that the said Sales Finance Agency has a substantial interest in
the business of the retail seller and that pursuant to the Sales Finance Agency
Act [205 ILCS 660/8.12] the retail buyer may assert all defenses equally
against the retail seller and said ______________________, Sales Finance
Agency.”
2) The statement
in subsection (g)(1) shall be printed, typed or otherwise placed on the sales
contract, agreement or other evidence of indebtedness, in a size and style
equal to 8 point bold type.
h) The
licensee shall maintain in its permanent file the following:
1) A list of all entities with which the licensee transacts
business as a Sales Finance Agency.
2) The name of any person or other entity that has a 10% or
greater ownership interest in the licensee.
3) The name of any entity in which the licensee has a 50% or
greater ownership interest.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.205 NAME CHANGE
Section 160.205 Name Change
Whenever the licensee desires to amend the name of the
licensed business, the licensee shall submit to the Department, within 15 days
after amending the name, the following:
a) $300 amended name change
fee.
b) Amended Articles of
Incorporation, if the licensee is a corporation.
c) Amended organization
papers, if the licensee is an entity other than a corporation.
(Source: Added at 47 Ill. Reg. 9324,
effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.210 EXAMINATIONS
Section 160.210 Examinations
a) Licensees shall forward all examination remittances to the Division
by any means designated by the Director.
b) All fees and charges shall be remitted in the form designated and
communicated by the Director.
c) Examination
1) The Department may examine all records and investigate any
transactions in any office of the licensee operating under the Act, or at any
other location where records or instruments of the licensee are situated to
determine that the business complies with all applicable laws and regulations.
The Department will charge the licensee $1,200 for each examiner day or portion
thereof required to make and complete an examination or investigation of the
licensee.
2) The examination of the books and records of the licensee may
be conducted concurrently with the examination of any other business conducted
by the licensee which is regulated or licensed by the Department. A separate
charge shall be made for each examiner day or portion thereof required to
complete each examination as to each regulated or licensed business.
3) Should any part of the records or documents be located outside
of the geographic boundaries of the State of Illinois, the licensee shall pay
all the expenses the Department incurs to perform the examination.
4) The Department may conduct an examination for the purpose of
verifying that the licensee has taken necessary actions to correct violations
to the Act and/or related administrative rules and shall charge the licensee
$1,500 for each examiner day or portion thereof.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.220 CREDIT PRACTICES
Section 160.220 Credit
Practices
No licensee or agent of the
licensee while collecting or attempting to collect an alleged debt shall engage
in any of the following acts:
a) Using or threatening to use force or violence to cause
physical harm to an obligor, the obligor's family or the obligor's property.
b) Threatening arrest or criminal prosecution when no basis for
such action lawfully exists.
c) Threatening the seizure, attachment and sale of an obligor's
property when such action can only be taken pursuant to court order unless
disclosure is made that prior court proceedings are required.
d) Disclosing or threatening to disclose information adversely
affecting an obligor's reputation for credit worthiness with knowledge or
reason to know such information is false.
e) Threatening to initiate or initiating communication with an
obligor's employer unless there has been a default in the payment of the
obligation and at least 5 days prior written notice to the last known address
of the obligor of the intent to communicate with the employer and except as
expressly permitted by statute or court order.
f) Communicating or threatening to communicate with an obligor or
the obligor's family with such unreasonable frequency as to constitute
harassment, or at times reasonably considered to be unusual hours or known to
be inconvenient.
g) Using profane, obscene or abusive language with an obligor or the
obligor's family.
h) Disclosing or threatening to disclose information relating to
an obligor's indebtedness to any other person except when such other person has
a legitimate business need for the information.
i) Disclosing or threatening to disclose information concerning
the existence of a debt which the licensee knows to be reasonably disputed by
the obligor without disclosing the fact that the debt is disputed.
j) Attempting or threatening to attempt enforcement of a right
or remedy with knowledge or reason to know that the right or remedy does not
exist.
k) Use of any form of communication simulating legal or judicial
process which gives the appearance of being authorized, issued or approved by a
governmental agency, official or attorney at law when it is not.
l) Use of badges, uniforms, or other indicia of any governmental
agency or official except as authorized by law.
m) Misrepresenting the amount of the debt alleged to be owed.
n) Representing that an alleged debt may be increased by the
addition of attorney's fees, investigation fees or any other fees or charges
when there is no contractual or statutory authorization for such addition.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.230 REPORTS
Section 160.230 Reports
a) Licensees shall file with the Department such written reports
as the Department may from time to time consider necessary.
b) All applications, forms, and any other documents required to
be filed or submitted under the Act or this Part shall be verified as to their
truth and accuracy.
(Source: Amended at 47 Ill.
Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.240 HEARING PROCEDURES
Section 160.240 Hearing
Procedures
All administrative hearings
shall be conducted in accordance with 38 Ill. Adm. Code 100.
(Source: Amended at 46 Ill. Reg. 12529, effective July 8, 2022)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.250 SERVICING OF ACCOUNTS BY CONTRACT
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 under Section 7 of the Act.
f) Written consent of servicer for the Department to conduct its
examination.
g) A list of all Illinois licensees held by the proposed
servicer.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.260 OFF-SITE RECORDS
Section 160.260 Off-site
Records
Upon prior written approval of
the Director a licensee may retain physical records at a location other than
the licensed facility. A request for the Director's approval shall be in
writing and include the following:
a) Address of proposed off-site location.
b) Contact person and telephone number at the proposed off-site
location.
c) Statement that all books, records and account information will
be made available within 72 hours after the Department's request at either the
licensed facility or the off-site location.
d) A statement that, at the Director's discretion, an examination
may be conducted at either the licensed facility or the off-site facility.
e) A statement that the licensee shall pay for all examination
expenses under Section 7 of the Act.
(Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.270 REVOCATION OR SUSPENSION OF LICENSE
Section 160.270 Revocation
or Suspension of License
If it is determined that the
Director had the authority to issue the suspension or revocation of a
license pursuant to Section 10 of the Act, the Director may issue orders as
may be reasonably necessary to correct, eliminate or remedy the conduct at
issue. (See Section 16.5(g) of the Act.)
(Source: Amended at 47 Ill.
Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.280 LOAN SALES
Section 160.280 Loan Sales
a) For purposes of this Section:
1) "Act" means the Sales Finance Agency Act [205 ILCS
660]; and
2) "Licensee" means licensees under the Act and the
Consumer Installment Loan Act [205 ILCS 670].
3) "Transaction" means the pledge, hypothecation, sale,
or other conveyance of contracts purchased, or loans made, under the provisions
of the Act.
b) A licensee may not pledge, hypothecate, sell, or otherwise
convey contracts purchased, or loans made, under the provisions of the Act,
except as provided in this Section.
c) A licensee may not pledge, hypothecate, sell, or otherwise
convey contracts purchased, or loans made, under the Act, except to:
1) another
licensee under the Act;
2) a
Consumer Installment Loan Act licensee;
3) a special purpose vehicle as defined by the Act;
4) a person or entity that lends against or purchases
retail installment contracts, retail charge agreements, or the outstanding
balances or any portion of the outstanding balances under those contracts or
agreements from an Illinois licensed sales finance agency or Consumer
Installment Loan Act licensee in connection with a securitization, private
placement, or similar type of investment transaction. A licensee may
pledge, hypothecate, sell, or otherwise convey contracts purchased, or loans
made, under the Act to a person or entity described in this subsection (c)(4)
only if the conveyor licensee retains servicing of the loan agreements or
contracts and maintains the records for those loan agreements or contracts
(see Section 17(b) of the Act);
5) the retail seller from which the conveyor licensee originally
purchased the retail installment contracts or retail charge agreements; or
6) a credit union, bank, banking association, trust company,
savings bank, or savings and loan association authorized to do business under
the laws of this State or of the United States.
d) The conveyor licensee shall notify the Department in writing,
no more than 10 days after the transaction, indicating the name of the
purchaser/pledgee/recipient and evidence of their qualifications to purchase
contracts under this Section.
(Source:
Amended at 47 Ill. Reg. 9324, effective June 20, 2023)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.300 POSITIVE NET WORTH
Section 160.300 Positive Net
Worth
a) A licensee shall maintain a positive net worth of a minimum of
$30,000 at all times.
b) A licensee shall provide a year-end balance sheet
demonstrating that it has maintained a positive net worth of $30,000 no later
than March 31 of the next year. The balance sheet shall be prepared in
accordance with generally accepted accounting principles.
c) The Secretary may require a licensee to produce financial
statements demonstrating that the licensee has maintained a positive net worth
of a minimum of $30,000 at any other time when the Secretary has good cause to
believe that the licensee may not have a positive net worth of a minimum of
$30,000. Any such financial statements shall be prepared in accordance with generally
accepted accounting principles.
(Source: Added at 49 Ill. Reg. 3936,
effective March 21, 2025)
SUBPART B: HIGH RISK HOME LOANS
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.500 DEFINITIONS (REPEALED)
Section 160.500 Definitions
(Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.505 APPLICABILITY OF RULE (REPEALED)
Section 160.505
Applicability of Rule (Repealed)
(Source:
Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.510 GOOD FAITH REQUIREMENTS (REPEALED)
Section 160.510 Good Faith
Requirements (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.515 FRAUDULENT OR DECEPTIVE PRACTICES (REPEALED)
Section 160.515 Fraudulent
or Deceptive Practices (Repealed)
(Source:
Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.520 PROHIBITED REFINANCES (REPEALED)
Section 160.520 Prohibited
Refinances (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.525 NEGATIVE AMORTIZATION (REPEALED)
Section 160.525 Negative
Amortization (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.530 NEGATIVE EQUITY (REPEALED)
Section 160.530 Negative
Equity (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.535 BALLOON PAYMENTS (REPEALED)
Section 160.535 Balloon
Payments (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.540 FINANCING OF CERTAIN POINTS AND FEES (REPEALED)
Section 160.540 Financing of
Certain Points and Fees (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.545 FINANCING OF SINGLE PREMIUM INSURANCE PRODUCTS (REPEALED)
Section 160.545 Financing of
Single Premium Insurance Products (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.550 LENDING WITHOUT DUE REGARD TO ABILITY TO REPAY (REPEALED)
Section 160.550 Lending
Without Due Regard to Ability to Repay (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.555 VERIFICATION OF ABILITY TO REPAY (REPEALED)
Section 160.555 Verification
of Ability to Repay (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.560 PAYMENTS TO CONTRACTORS (REPEALED)
Section 160.560 Payments to
Contractors (Repealed)
(Source:
Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.565 COUNSELING PRIOR TO PERFECTING FORECLOSURE (REPEALED)
Section 160.565 Counseling
Prior to Perfecting Foreclosure (Repealed)
(Source:
Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.570 MORTGAGE AWARENESS PROGRAM (REPEALED)
Section 160.570 Mortgage
Awareness Program (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.575 OFFER OF MORTGAGE AWARENESS PROGRAM (REPEALED)
Section 160.575 Offer of
Mortgage Awareness Program (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.580 THIRD PARTY REVIEW (REPEALED)
Section 160.580 Third Party
Review (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
Section 160.APPENDIX A Estimated Monthly Income and Expenses Worksheet (Repealed)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.APPENDIX A ESTIMATED MONTHLY INCOME AND EXPENSES WORKSHEET (REPEALED)
Section
160.APPENDIX A Estimated Monthly Income and Expenses Worksheet (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August
28, 2017)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 160
SALES FINANCE AGENCY ACT
SECTION 160.APPENDIX B MORTGAGE RATIO WORKSHEET (REPEALED)
Section 160.APPENDIX B Mortgage
Ratio Worksheet (Repealed)
(Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)
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