TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL INSTITUTIONS
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.50 CASH BOOK


 

Section 160.50  Cash Book

 

a)         All receipts and disbursements of any amount whatsoever shall be entered on the day they occur in the cash book or equivalent record. Separate headings shall be provided for installments, charges, and for official fees collected and disbursed, and for amounts received and disbursed for any type of insurance coverage.

 

b)         The cash book shall be a permanent record of all details of income and disbursements including all entries to individual accounts of obligors.

 

c)         For precomputed contracts, payments applied to a transaction may be shown as a total sum and need not be itemized between amount financed and finance charges, but additional charges collected for delinquency shall be itemized or otherwise separately indicated.

 

d)         For simple interest contracts, payments applied to a transaction must be itemized between principal, interest, other charges and additional charges collected for delinquency.

 

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