TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL INSTITUTIONS
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.30 INDIVIDUAL ACCOUNT CARDS


 

Section 160.30  Individual Account Cards

 

An individual account card shall be kept for each transaction or appropriate combination of records with respect to each finance agreement, which the licensee acquires pursuant to Section 2(a) of the Sales Finance Agency Act.

 

a)         Such account card or records shall show the name and address of buyer, names of co-purchasers or obligors, transaction number, date of transaction, nature of security, type and cost of insurance, official fees charged and paid, amount and date of each installment due and paid; the schedule of installments as set forth in the instrument purchased, total finance charge where applicable, the name of holder if the instrument is hypothecated.

 

b)         The card shall also show the date of purchase by licensee, the name of the seller, the amount financed, the amount and description of all charges to debtor not specified above and total of payments including all charges.

 

c)         When a transaction is prepaid in full, the account card shall show the date of prepayment, the amount paid to discharge the debt, the amount of the rebate for each insurance and finance charge, if any, and any deduction from the rebate for previously earned but uncollected delinquency charges and insurance.

 

d)         The card shall contain the date and amount of all late charges and extension charges collected indicating the period for which said charges are applicable.

 

e)         If payment is made in any other way than in the ordinary course of business, it shall be so designated.  (For example, payment by a third party, insurance claim or sale of collateral.)

 

f)         If receivables are sold, the individual account cards or copies thereof for such receivables shall show the name of the purchaser and the date of such sale.

 

g)         No erasures whatsoever may be made in the payment or charge section of any account card.  In case of error, a line shall be drawn in ink through the improper entry and the correct entry made on the following line.  The entries on the card shall correspond with the receipts given the borrower.

 

h)         Every licensee shall preserve the account card for at least two years after final entry.

 

(Source:  Amended at 22 Ill. Reg. 13699, effective July 14, 1998)