TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.70 PAYMENTS


 

Section 110.70  Payments

 

a)         All payments shall be credited on the account record as of the date received.  Interest charges, as provided by the Act, shall be collected only from the date the proceeds of the loan are delivered to or expended on behalf of the obligor, even though the note shall bear a prior date.

 

b)         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 loan and the amount applied to any other charges permissible under the Act.  Payments shall be applied in the order in which they become due.

 

c)         The receipt for each payment on a simple interest account shall show the date of payment, amount applied to interest, amount applied to insurance, amount applied to principal, balance due on the account, and any amount of interest earned but not collected.

 

d)         When a payment is made in cash, the licensee shall give a receipt to the obligor.  A receipt is not required for payment by check or money order unless requested by the obligor.

 

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