TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.50 CASH BOOK


 

Section 110.50  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 payments on principal and interest and for fees collected from obligors for filing, recording and releasing security agreements, financing statement for perfecting a lien on a motor vehicle, or for amounts received for any type of insurance coverage. In the case of precomputed loans, payments applied to the note may be shown as a total sum and need not be itemized between principal and precomputed charges. Additional charges collected for delinquency shall be itemized or otherwise separately indicated.

 

b)         The cash book shall show all fees paid by the licensee for filing, recording and releasing security agreements, for financing statements or for perfecting a lien on a motor vehicle, and the actual date of payment.

 

c)         The cash book shall be a permanent record of all details of income and disbursements, including all entries to individual accounts of borrowers.

 

(Source:  Amended at 30 Ill. Reg. 12558, effective July 7, 2006)