TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.280 GROSS MONTHLY INCOME VERIFICATION - OFFICIAL DOCUMENTATION


 

Section 110.280  Gross Monthly Income Verification − Official Documentation

 

a)         Prior to making a Small Consumer Loan under the Act, the licensee must obtain from the consumer one or more of the following types of documentation to verify the gross monthly income of the consumer as required by Section 17.4 of the Act.

 

1)         A copy of the consumer's most recent pay stub or payroll receipt.

 

2)         A copy of the consumer's most recent statement from the paying government agency documenting the government benefits or a copy of the consumers' most recent bank statement showing direct deposit of government benefits.

 

3)         A copy, from the current or prior year, of the consumer's State or federal tax return or the consumer's W-2 or 1099 forms.

 

4)         Signed and verifiable documentation prepared by the source of the income.

 

5)         A contract that provides for funds to have been paid to the consumer within the 30 days prior to the date on which the loan is made, and documentation reflecting that the funds have actually been paid.

 

6)         Other documentation as approved by the Director.

 

b)         If two or more persons jointly apply for credit, each must list income on the application, and the aggregate of all borrowers' income may be taken into account when calculating the maximum gross monthly income under Section 17.4 of the Act.  The licensee must obtain documentation of gross monthly income pursuant to this Section with respect to all applicants.

 

(Source:  Added at 35 Ill. Reg. 7319, effective April 21, 2011)