TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL INSTITUTIONS
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.90 CANCELLATION AND RETURN OF DOCUMENTS


 

Section 160.90  Cancellation and Return of Documents

 

All original legal documents executed by the obligor evidencing indebtedness shall be cancelled and returned to the obligor promptly following the renewal or payment in full.  Where prior written approval has been obtained from the Department and original documents are not available, a licensee shall substitute copies reproduced from any medium or format which accurately reproduces the original documents.  Continuing security agreements shall be retained until subsequent debts are paid in full.  If an executed copy of a legal document is retained following payment in full or renewal, it must be clearly marked "PAID", "CANCELLED" or "RENEWED", indicating the date of payment or renewal.  Copies clearly identified with the legend "COPY NOT NEGOTIABLE" or similar language, may be used in lieu of this requirement.

 

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