TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1210 COLLECTION AGENCY ACT
SECTION 1210.180 ACCOUNTING AND REMITTING COLLECTED FUNDS
Section 1210.180 Accounting and Remitting Collected Funds
a) Accounting and Remitting to Creditors
1) Unless otherwise authorized in writing by creditor, an agency shall, within 60 days after any payment is received on any account, render an itemized statement of account to the creditor and remit all money then due the creditor. After court costs, if any, are recovered on any claim or group of claims by a creditor against a debtor, moneys shall be applied first to the reduction of principal, unless another priority has been authorized by the debtor's creditor.
2) If any creditor fails to advise the agency, in writing or orally, of all payments or credits paid directly to the creditor on any claim or account, within 30 days after receipt thereof, the agency may make written demand for a statement of the payments or credits, by certified mail with return receipt requested. The agency shall not be obliged to make any further remittance to the creditor until the creditor has rendered the statement. The failure or refusal of a creditor to render a statement of payments or credits shall not relieve the agency of the obligation to render an itemized statement of account.
b) Accounting and Remitting to Debtors - Within 60 days after an overpayment of one dollar or more on any claim is received from a debtor or it is determined that a refund of one dollar or more is due to a debtor on any claim that has been paid, the agency shall remit to the debtor any money due the debtor.
(Source: Amended at 17 Ill. Reg. 1535, effective January 25, 1993)