TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.230 GENERAL


 

Section 110.230  General

 

a)         A wage assignment may be taken from any employed obligor.  An "obligor", as the word is used in this Part, includes co-makers or sureties as well as the person actually receiving the money.

 

b)         No person who is an obligor of a licensee may become a surety or co-maker for one or more obligors of the same licensee, if the obligor's aggregate direct or contingent liability is in excess of maximum principal amounts specified in Section 15 of the Act.

 

c)         Notary fees shall not be charged to or collected from the obligor.

 

d)         Examination of Records

 

1)         The Division may examine all records and investigate any or all transactions in the office of the licensee and shall charge the licensee $400 for each examiner day or portion of an examiner day.

 

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 that is regulated or licensed by the Division.  A separate charge shall be made for each examiner day or portion of an examiner day.

 

3)         The Division may conduct an examination for the purpose of verifying that the licensee has taken necessary actions to correct violations of the Act and/or this Part and shall charge the licensee $550 for each examiner day or portion of an examiner day, when the Director determines the verification examination must be performed on site at any facility of the licensee.

 

e)         No penalty charge other than provided by the Act or this Part shall be imposed by the licensee in the event of prepayment of the principal of the obligation, in whole or in part.

 

f)         For the purpose of any reports required by the Division, expenses of all businesses conducted in the licensed office shall be allocated to each business at the end of each year.  The Division shall require information as to all such business in the licensee's annual report.

 

g)         Loans secured by real estate made under the Act shall disclose on the face of the contract that the loan is being made pursuant to the Consumer Installment Loan Act.

 

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