TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.400 LOAN PROCEEDS


 

Section 110.400  Loan Proceeds

 

A lender must issue the proceeds of a title-secured loan in the form of a check drawn on the licensee's bank account, in cash, or by money order.  When the proceeds are issued in the form of a check drawn on the lender's bank account or by money order, the lender may not charge a fee for cashing the check or money order if cashing service is offered at the location. When the proceeds are issued in cash, the lender must provide the obligor with a written verification of the cash transaction and shall maintain a record of the transaction.

 

(Source:  Amended at 33 Ill. Reg. 4142, effective April 1, 2009)