TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL INSTITUTIONS
PART 160 SALES FINANCE AGENCY ACT
SECTION 160.250 SERVICING OF ACCOUNTS BY CONTRACT


 

Section 160.250  Servicing of Accounts by Contract

 

Upon prior approval of the Director, the licensee may contract for servicing of accounts.  A request for the Director's approval shall be in writing and include the following:

 

a)         Name and address of proposed servicer.

 

b)         Executed contract, conditioned upon approval by the Director, between licensee and servicer.

 

c)         Contact person and telephone number of the servicer.

 

d)         A statement that the licensee will make all books, records and account information readily available for examination by the Department.

 

e)         A statement that the licensee shall pay all examination expenses.

 

f)         Written consent of servicer for the Department to conduct its examination.

 

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