(810 ILCS 5/9-616)
    Sec. 9-616. Explanation of calculation of surplus or deficiency.
    (a) Definitions. In this Section:
        (1) "Explanation" means a writing that:
            (A) states whether a surplus or deficiency is
        
owed and the amount of the surplus, if applicable;
            (B) states, if applicable, that future debits,
        
credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency;
            (C) provides a telephone number or mailing
        
address from which the debtor or consumer obligor may obtain additional information concerning the transaction and from which such person may request the amount of the deficiency and further information regarding how the secured party calculated the surplus or deficiency; and
            (D) at the sender's option, the information set
        
forth in subsection (c).
        (2) "Request" means a record:
            (A) authenticated by a debtor or consumer obligor;
            (B) requesting that the recipient provide
        
information of how it calculated the surplus or deficiency; and
            (C) sent after disposition of the collateral
        
under Section 9-610.
    (b) Explanation of calculation. In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under Section 9-615, the secured party shall:
        (1) send an explanation to the debtor or consumer
    
obligor, as applicable, after the disposition and:
            (A) before or when the secured party accounts to
        
the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency, other than in instances in which such demand is made by a third-party debt collector covered by the Fair Debt Collection Practices Act; and
            (B) within 14 days after receipt of a request
        
made by the debtor or consumer obligor within one year after the secured party has given an explanation under this Section or notice to such debtor or consumer obligor under Section 9-614 of this Article; or
        (2) in the case of a consumer obligor who is liable
    
for a deficiency, within 14 days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.
    (c) Required information for response to request. To comply with a request, the secured party must provide a response in writing which includes the following information:
        (1) the aggregate amount of obligations secured by
    
the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:
            (A) if the secured party takes or receives
        
possession of the collateral after default, not more than 35 days before the secured party takes or receives possession; or
            (B) if the secured party takes or receives
        
possession of the collateral before default or does not take possession of the collateral, not more than 35 days before the disposition;
        (2) the amount of proceeds of the disposition;
        (3) the aggregate amount of the obligations after
    
deducting the amount of proceeds;
        (4) the amount, in the aggregate or by type, and
    
types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorney's fees secured by the collateral which are known to the secured party and relate to the current disposition;
        (5) the amount, in the aggregate or by type, and
    
types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1); and
        (6) the amount of the surplus or deficiency.
    (d) Substantial compliance. A particular phrasing of the explanation or response to a request is not required. An explanation or a response to a request complying substantially with the requirements of this Section is sufficient even if it is:
        (1) accompanied by or combined with other
    
notifications;
        (2) includes information not specified by this
    
Section;
        (3) includes minor errors that are not seriously
    
misleading; or
        (4) includes errors in information not required by
    
this Section.
    (e) Charges for responses. A debtor or consumer obligor is entitled without charge to one response to a request under this Section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b)(1). The secured party may require payment of a charge not exceeding $25 for each additional response.
(Source: P.A. 91-893, eff. 7-1-01.)