TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.265 SERVICING OF ACCOUNTS BY CONTRACT


 

Section 110.265  Servicing of Accounts by Contract

 

Upon prior approval of the Director, the licensee may contract for servicing of accounts.  A request for the Director's approval shall be in writing and include the following:

 

a)         Name and address of proposed servicer;

 

b)         Executed contract, conditioned upon approval by the Director, between licensee and servicer;

 

c)         Contact person and telephone number of the servicer;

 

d)         A statement that the licensee will make all books, records, and account information readily available for examination by the Division;

 

e)         A statement that the licensee will pay all examination expenses; and

 

f)         Written consent of servicer for the Division to conduct its examination.

 

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