TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.90 CANCELLATION AND RETURN OF DOCUMENTS


 

Section 110.90  Cancellation and Return of Documents

 

The contract and promissory note executed by the obligor bearing evidence of indebtedness shall be cancelled and returned to the obligor promptly following the renewal or paid in full date.  Where prior written approval has been obtained from the Division and original documents are not available, a licensee shall substitute copies reproduced from any medium or format which accurately reproduces the original documents.  On renewal, continuing security agreements may be retained until subsequent loans are paid in full.  If an executed copy of a legal document is retained following payment in full or renewal, it must be clearly marked "PAID", "CANCELLED" or "RENEWED", indicating the date of payment 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 30 Ill. Reg. 12558, effective July 7, 2006)