TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.225 VERIFICATION OF AMOUNT OWING


 

Section 110.225  Verification of Amount Owing

 

a)         Upon written request by either the obligor or the obligor's appointed designee to obtain the amount owing to satisfy the loan in full, the licensee shall provide the following information in writing no later than 3 business days after receiving the request:

 

1)         Net amount owing as of the date of response;

 

2)         For simple interest loans, the per diem interest that will accrue for every day after the response;

 

3)         For precomputed loans, the date that the amount owing, as stated in the response, will expire.

 

b)         The licensee shall only be required to provide this information once every 6 months.

 

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