reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.20 - Loan Register

Current through Register Vol. 48, No. 28, July 12, 2024
a) The loan
				register shall contain the original entry and shall be a permanent record, and
				shall show for every loan the account number, date of loan, amount of loan,
				name of obligor, nature of security by types, amount of fees, cost and type of
				any insurance, and amount of the note, including precomputed interest, the
				simple interest rate contracted for or amount of precomputed
				interest.
b) The loan register
				shall be kept numerically by number of loans in order made and shall have
				headings for each of the items required.
c) Loan Registers shall be maintained in a
				form accessible to the Department and a licensee may maintain these files in
				any medium or format which accurately reproduces original documents or
				papers.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.40 - File of Original Papers

Current through Register Vol. 48, No. 28, July 12, 2024
a) Files
1) A separate file shall be maintained for
				each obligor and shall contain the note, security agreement, or financing
				statement, wage assignment, acknowledged copy of the disclosure statement of
				loan, insurance certificate, a separately signed statement indicating the
				borrower has received a copy of right to rescind (if required), or waiver, if
				any, and all other evidence of indebtedness or security pertaining to the loan,
				except when said documents are in the custody of a court or of an agent for
				collection, or are hypothecated as herein provided. Evidence of disclosure must
				be retained for two years from the date of the loan. A licensee may maintain
				these files in any medium or format which accurately reproduces original
				documents or papers.
2) When an
				obligor is also a co-maker or obligor on another loan, the file of such obligor
				shall be cross-referenced to the other, unless such cross-reference is included
				on the alphabetical record required by Section
				110.60.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.50 - Cash Book

Current through Register Vol. 48, No. 28, July 12, 2024
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
				payments on principal and interest and for fees collected from obligors for
				filing, recording, and releasing security agreements, financing statement for
				perfecting a lien on a motor vehicle, or for amounts received for any type of
				insurance coverage. In the case of precomputed loans, payments applied to the
				note may be shown as a total sum and need not be itemized between principal and
				precomputed charges. Additional charges collected for delinquency shall be
				itemized or otherwise separately indicated.
b) The cash book shall show all fees paid by
				the licensee for filing, recording, and releasing security agreements, for
				financing statements or for perfecting a lien on a motor vehicle, and the
				actual date of payment.
c) The cash
				book shall be a permanent record of all details of income and disbursements,
				including all entries to individual accounts of borrowers. A licensee may
				maintain these files in any medium or format which accurately reproduces
				original documents or papers.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.60 - Alphabetical Record of Co-Makers, Obligors or Guarantors

Current through Register Vol. 48, No. 28, July 12, 2024
The alphabetical record shall show the account number and the
				  name of each co-maker, obligor, or guarantor who is currently indebted to the
				  licensee, together with sufficient information to locate the account record. A
				  licensee may maintain these files in any medium or format that accurately
				  reproduces original documents or papers.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.65 - Permanent File

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee must maintain a permanent file which includes
				  the following:
a) A copy of all
				correspondence sent to or received from the Division within the past 24
				months.
b) A copy of the last two
				examination exception reports and any related correspondence.
c) A copy of the Act and a copy of this
				Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.70 - Payments

Current through Register Vol. 48, No. 28, July 12, 2024
a) All payments
				shall be credited on the account record as of the date received. Interest
				charges, as provided by the Act, shall be collected only from the date the
				proceeds of the loan are delivered to or expended on behalf of the obligor,
				even though the note shall bear a prior date.
b) A receipt shall be issued to the obligor
				for each payment received.
c) When
				the finance charge is precomputed, the receipt for each payment shall show the
				date of payment, the amount applied to the balance of the loan and the amount
				applied to any other charges permissible under the Act. Payments shall be
				applied in the order in which they become due.
d) The receipt for each payment on an
				interest-bearing account shall show the date of payment, amount applied to
				interest, amount applied to insurance, amount applied to principal, balance due
				on the account, amount applied to any other charges permissible under the Act,
				and any amount of interest earned but not collected.
e) No licensee may retain any portion of a
				payment processing fee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.80 - Interest-Bearing Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a) No payment
				shall be accepted on the principal balance unless interest is paid to date or
				is agreed to by the licensee, except a payment may be credited to principal if
				the amount of the payment is not sufficient to pay the interest due for one
				day.
b) A calendar month is the
				period from a given date in one month to the same numbered date in the
				following month, and if there is no same numbered date in the following month,
				to the last day of the following month.
c) Interest shall be computed on the basis of
				one month's interest for each calendar month and
				1/30th of a month's interest for each day in a
				fraction of a month or, alternatively, 1/365th of
				the agreed annual rate for each day actually elapsed.
d) When an interest-bearing loan contract is
				refinanced, accrued but uncollected interest may be included in the principal
				amount of the new loan contract.
e)
				Loans must be fully amortizing and repayable in substantially equal and
				consecutive weekly, biweekly, semimonthly, or monthly installments. The first
				installment period shall be deemed to begin on the day that interest begins to
				accrue. No charge may be made for any days between the date of the loan and the
				beginning of the first installment period. Notwithstanding the foregoing, the
				days between the date of the loan and the commencement of the first installment
				period may exceed one weekly, biweekly, semimonthly, or monthly period by no
				more than the following:
1) For weekly
				payments, by 4 days;
2) For
				biweekly and semimonthly payments, by 7 days;
3) For monthly payments, by 15
				days.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.90 - Cancellation and Return of Documents

Current through Register Vol. 48, No. 28, July 12, 2024
The contract and promissory note executed by the obligor
				  bearing evidence of indebtedness shall be cancelled and returned to the obligor
				  promptly following the renewal or paid in full date. Where prior written
				  approval has been obtained from the Division and original documents are not
				  available, a licensee shall substitute copies reproduced from any medium or
				  format which accurately reproduces the original documents. On renewal,
				  continuing security agreements may be retained until subsequent loans are paid
				  in full. If an executed copy of a legal document is retained following payment
				  in full or renewal, it must be clearly indicated by physical or digital method
				  as "PAID" or "CANCELLED", 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.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.100 - Precomputed Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a) A standard
				payment schedule is one under which a precomputed loan is repayable in
				substantially equal and consecutive weekly, biweekly, semimonthly, or monthly
				installments of principal and charges combined, and the first installment is
				due one weekly, biweekly, semimonthly, or monthly period from the date of the
				note, except as provided in subsections (b)(1), (2) and (3).
1) The loan contract shall be drawn to
				reflect a standard payment schedule with payments to be made on a weekly,
				biweekly, semimonthly, or monthly basis, except that the first installment
				period may be longer than one month by not more than 15 days.
2) If a charge is made for extra days in the
				first installment period it may be added to the first installment payment. The
				interest for such period may be increased by 
				1/30 of the
				agreed monthly rate for each extra day. A charge for extra days in the first
				installment period does not change the amount of rebate required for prepayment
				in full on or after the first installment date.
3) If the first installment period is less
				than one month the loan charge shall be reduced by 
				1/30 of the
				agreed monthly rate for each day that the first installment period is less than
				one month, and the amount of the first installment shall be reduced by the same
				amount. This adjustment in the first installment period does not change the
				amount of rebate required for prepayment in full on or after the first
				installment date.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.105 - Delinquency or Default Charges

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Delinquency charges may be assessed and collected and added to the balance of
				the note, but interest shall not be collected on charge.
b) Earned, but uncollected delinquency
				charges shall be recorded on the account record on the date the delinquent
				payment is received, if the licensee intends to collect the charges at a later
				date.
c) A licensee shall not
				directly or indirectly, to levy or collect any delinquency charge on a payment,
				which payment is otherwise a full payment for the applicable period and is paid
				on its due date or within an applicable grace period when the only delinquency
				is attributable to late fees or delinquency charges assessed on earlier
				installments.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.110 - Hypothecation at the Time of the Sale of Obligor's Notes

Current through Register Vol. 48, No. 28, July 12, 2024
a) A licensee may pledge, hypothecate, or
				sell a note made under the provisions of the Act without the prior approval of
				the Director provided that said transaction is with another licensee under the
				Act, Sales Finance Agency Act, a bank, savings bank, savings and loan
				association or credit union created under the laws of this State or the United
				States and that the following conditions are satisfied:
1) the licensee notifies the Division in
				writing within ten days of the transaction indicating the name of the
				purchaser/pledgee, location where the related notes can be examined, and that
				the licensee shall be responsible for all examination costs.
2) the licensee will provide the Division
				with an executed agreement entered into by the licensee and the
				purchaser/pledgee authorizing the Director to conduct an examination of these
				notes.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.120 - Legal Forms

Current through Register Vol. 48, No. 28, July 12, 2024
a) Submission to
				the Division
1) All forms of notes, security
				agreements or assignments of wages or other forms used in connection with the
				making of loans shall be submitted to the Division prior to the conduct of the
				business in the licensed location; provided, however, where the licensee or
				affiliate is engaged in the same business and licensed by this Division, the
				use of forms in the new location identical to those being used in the existing
				location shall not require filing. Notice of intent to use identical forms
				(change of name excepted) should be provided the Division by the
				licensee.
2) Should the licensees
				at any time following submission of forms modify the forms previously
				submitted, the forms as modified shall be submitted to the Division.
3) All forms shall be submitted in the format
				requested by the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.130 - Judgments

Current through Register Vol. 48, No. 28, July 12, 2024
a) When a note has
				been reduced to judgment, the face of the account record, in physical or
				digital form, shall show the amount and date of the judgment. When judgment is
				taken on a precomputed loan before maturity, the same rebate of interest is
				required that would be required for prepayment in full on the date of the entry
				of judgment.
b) All payments
				received shall be applied to the judgment balance and be properly identified.
				The rate of interest charged on a judgment balance must comply with applicable
				federal and State law. No higher rate of interest or charge shall be assessed
				or accepted.
c) The files of the
				licensee shall contain statements setting forth the following items:
1) Date of judgment.
2) Copy of the judgment.
3) Date suit was filed.
4) Amount of the judgment.
5) The amount of principal and the amount of
				interest for which judgment is taken.
6) In the case of a precomputed loan, the
				unpaid balance of note, the rebate of interest, subtracted therefrom, the
				resulting balance, plus the amount of any interest included in the
				judgment.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.140 - Sale of Security

Current through Register Vol. 48, No. 28, July 12, 2024
The following regulations shall be observed in the sale of
				  security:
a) The account record shall
				give the following information:
1) When
				possession of the security was obtained, and whether by voluntary or
				involuntary action.
2) Public or
				private sale and date sold.
3) When
				part or all of the security is sold, the fact must be noted on the account
				record.
4) All credits from
				proceeds of the sale must be properly identified (whether by sale of security,
				etc.).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.155 - Schedule of Fines

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Department may assess fines on any licensee or unlicensed person or entity that
				violates, through any act or omission, any provision of the Act or this Part,
				and shall determine the amount of the fine pursuant to this Section:
1) Fine Schedule:
Tier
Conduct
Fine Amount
Tier 1
For each identified act or omission related to
							 information disclosure, information reporting, advertising, document
							 maintenance, or other similar statutory and regulatory requirements.
A fine not to exceed $1,000 per violation except as
							 provided for in Tier 3.
Tier 2
For each identified act or omission related to the
							 terms of a loan, additional fees, costs, or charges, ancillary products,
							 security interests, underwriting, servicing, collection or any other act or
							 omission not expressly covered by Tiers 1 or 3.
A fine not to exceed $5,000 per violation except as
							 provided for in Tier 3.
Tier 3
Any action or omission that is an intentional or
							 reckless violation of the Act regardless of type.
A fine not to exceed $10,000 per violation.
2) In
				determining the amount of any fine assessed under subsection (a)(1), the
				Department will take into account the totality of the circumstances, including,
				but not limited to:
A) Proactive consumer
				remediation provided by the licensee or unlicensed person or entity to address
				harm caused by the act or omission;
B) Frequency or pervasiveness of the act or
				omission;
C) Adequacy of compliance
				policies, procedures, and practices to avoid recurrence of the act or omission
				and/or agreement to alter compliance policies, procedures, and practices to
				avoid recurrence of the act or omission in the future;
D) History of compliant or non-compliant
				behavior, including past legal violations;
E) Cooperation with the Department in its
				regulatory and examination activities; and
F) Any other remedial measures the licensee
				or unlicensed person or entity has undertaken or has agreed to undertake in the
				future.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.160 - Lien Charges

Current through Register Vol. 48, No. 28, July 12, 2024
a) All official
				fees paid for the purpose of perfecting or releasing a security interest in
				property given as collateral for a loan may be collected by a licensee from the
				obligor.
b) As a prerequisite for a
				loan, the licensee may require the prospective obligor to provide evidence of
				ownership and condition of title.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.180 - Office and Office Hours

Current through Register Vol. 48, No. 28, July 12, 2024
Every licensee shall maintain a place of business or website
				  to which the general public shall have free access and where all obligations
				  entered into shall be payable.
a)
				Except as provided in subsection (c), or otherwise authorized by the Division,
				each licensed office shall be open not less three consecutive hours between
				8:00 A.M. and 6:00 P.M. on every business day, except Saturdays, Sundays and
				legal holidays, during the term of the license, and the licensee shall file
				with the Division a schedule of the hours during which it elects to keep such
				office open, provided that any licensee may keep its office open for any period
				it sees fit in addition to the hours listed in such schedule.
b) Whenever a licensee desires to change the
				schedule of hours during which its office shall remain open then on file with
				the Division, it may do so upon filing with the Division a schedule setting
				forth such change of time at least three days before such change shall go into
				effect. The schedule of hours shall be prominently displayed in the place of
				business of the licensee.
c) If any
				payment of principal or interest, or both, shall be due on any obligations to
				such licensee on any closed day, then such payment shall be considered for all
				purposes, including the computation of interest, as having been received on the
				closed day, if such payment shall be received, whether through the mail or
				otherwise, at any time before the close of business on the next regular
				business day following the closed day.
d) The license of each licensee and the
				Annual License Fee Renewal Certificate shall be prominently displayed and be
				made available for easy reading by the public in the place of business and
				website of the licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.190 - Advertising

Current through Register Vol. 48, No. 28, July 12, 2024
a) Licensees shall
				not advertise "No co-makers required", "No endorsers required", "Signature
				only" loans, "Loans made on your plain note" or the like, unless the loans
				constitute at least 50% of all loans made by the licensee.
b) Licensees shall not make reference, in any
				form of advertising such as newspapers, circulars, letters, radio, or other
				media, to "Low rates", or "Lower rates", or "Lowest rates", or "Lowest cost",
				or indicate by direct or indirect means through such expression as "Low cost",
				"Lower cost", or "Easier to repay", or by any device that the charges for a
				loan are low.
c) Licensees may
				advertise "New reduced rates" or "Reduced rates", or similar phrases for not
				more than 60 days after the effective date of the reduction in rates.
d) Upon specific request by the Division,
				licensees shall forward to the Supervisor of the Consumer Credit Section the
				complete text of all advertising copy, whether printed or broadcast, for which
				questions have been raised concerning compliance with the Act.
e) A licensee may indicate in advertising and
				otherwise that its business is "regulated" or "examined" or "supervised" or
				"licensed" by the State of Illinois. A licensee may not advertise in
a
				false, misleading, or deceptive manner
or imply or indicate that the
				rates or charges for loans made are "approved", "set" or "established" by the
				State government. [205 ILCS 670/18 ]
f) Should any advertisement by a licensee
				state the amount of any installment payment, dollar amount of any finance
				charge or number of installments, or period of repayment, the advertisement
				shall comply with the provisions of the federal Consumer Credit Protection Act
				(15 U.S.C.
				41 et seq.) and the regulations applicable to
				that Act.
g) Any statement of the
				payment schedule for a loan in an advertisement must show the proceeds of the
				loan exclusive of the finance charge and indicate the number and amount of the
				weekly, biweekly, semimonthly, or monthly installments required to pay the loan
				contract. The total of the installments must be sufficient to pay the total of
				the proceeds and finance charge for the loan according to the payment schedule.
				When a payment schedule is used, it must disclose the Annual Percentage Rate
				for each amount of loan advertised, using that term.
h) If the advertisement includes an offer of
				insurance, the advertisement must disclose the type of insurance offered and
				whether or not the installments include the cost of the insurance.
i) The licensee shall not advertise the
				conduct of business other than at the license location or other location
				approved by the Director.
j) On a
				finding that an advertisement is false, misleading, or deceptive, the Director
				may issue a cease and desist order and may issue an order imposing a fine,
				suspension, or revocation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.200 - Business Practices

Current through Register Vol. 48, No. 28, July 12, 2024
a) Unless
				otherwise authorized by the Act, no other business may be conducted at the
				licensed location unless authorized in writing by the Director. The Director's
				authorization to conduct other businesses at the licensed location shall be
				referred to as an Other Business Authorization. The Director's authorization
				will be predicated upon the licensee's agreeing to the following:
1) That the authorization will not conceal
				nor facilitate concealment of an evasion of the Act;
2) To comply with any State or federal
				statute or regulation;
3) To obtain
				any license or registration required by a federal, State, or local government
				agency to engage in the other business authorized;
4) That the Division may examine all records
				and investigate any or all transactions of the licensee;
5) The Director retains the right, upon
				notice and opportunity to be heard, to alter, amend or revoke an Other Business
				Authorization;
6) That, if any
				federal or State statute or regulation enacted after the authorization
				prohibits the activity, the authorization shall become null and void
				immediately;
7) At the time of
				making the request for the authorization, the licensee shall pay to the
				Director a nonrefundable Other Business Authorization Request fee of
				$300;
8) At the time of renewing
				the annual license, the licensee shall pay to the Director the sum of $100 as a
				renewal fee for each Other Business Authorization. Regardless of the number of
				licensed locations, only one fee per Other Business Authorization is required
				to be remitted.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.210 - Examinations

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Division may
				examine all records and investigate any or all transactions in the office of
				the licensee and shall charge the licensee $1,200 for each examiner day or
				portion of an examiner day.
b) The
				examination of the books and records of the licensee may be conducted
				concurrently with the examination of any other business conducted by the
				licensee that is regulated or licensed by the Division. A separate charge shall
				be made for each examiner day or portion of an examiner day.
c) The Division may conduct an examination
				for the purpose of verifying that the licensee has taken necessary actions to
				correct violations of the Act and/or this Part and shall charge the licensee
				$1,500 for each examiner day or portion of an examiner day.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.215 - Remittances

Current through Register Vol. 48, No. 28, July 12, 2024
a) Licensees shall
				forward all remittances to the Division, at any address designated by the
				Director.
b) All fees and charges
				shall be remitted in the form deemed acceptable by the Department.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.216 - Small Consumer Loans; Charges Permitted [Repealed]

Current through Register Vol. 48, No. 28, July 12, 2024
A licensee may charge fees for Small Consumer Loans as
				  permitted by Section 17.2 of the Act and as otherwise permitted in the
				  Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.220 - Credit Practices

Current through Register Vol. 48, No. 28, July 12, 2024
No licensee or agent of the licensee, while collecting or
				  attempting to collect an alleged debt, shall engage in any of the following
				  acts:
a) Using or threatening to use
				force violence or physical harm to an obligor, their family or their
				property;
b) Threatening arrest or
				criminal prosecution when no basis for that action lawfully exists;
c) Threatening the seizure, attachment, and
				sale of an obligor's property when that action can only be taken pursuant to
				court order, unless disclosure is made that prior court proceedings are
				required;
d) Disclosing or
				threatening to disclose information adversely affecting an obligor's reputation
				for credit worthiness with knowledge or reason to know the information is
				false;
e) Threatening to initiate
				or initiating communication with an obligor's employer unless there has been a
				default in the payment of the obligation and at least 5 days prior written
				notice is given to the last known address of the obligor of the intent to
				communicate with the employer and except as expressly permitted by statute or
				court order;
f) Communicating or
				threatening to communicate with an obligor or their family with such
				unreasonable frequency as to constitute harassment, or at times reasonably
				considered to be unusual hours or known to be inconvenient;
g) Using profane, obscene, or abusive
				language with an obligor or their family;
h) Disclosing or threatening to disclose
				information relating to an obligor's indebtedness to any other person, except
				when the other person has a legitimate business need for the
				information;
i) Disclosing or
				threatening to disclose information concerning the existence of a debt the
				licensee knows to be reasonably disputed by the obligor without disclosing the
				fact that the debt is disputed;
j)
				Attempting or threatening to attempt enforcement of a right or remedy with
				knowledge or reason to know that the right or remedy does not exist;
k) Use of any form of communication
				simulating legal or judicial process that gives the appearance of being
				authorized, issued, or approved by a governmental agency, official or attorney
				at law when it is not;
l) Use of
				badges, uniforms, or other indicia of any governmental agency or official,
				except as authorized by law;
m)
				Misrepresenting the amount of the debt alleged to be owed;
n) Representing that an alleged debt may be
				increased by the addition of attorney's fees, investigation fees or any other
				fees or charges when there is no contractual or statutory authorization for
				that addition.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.225 - Verification of Amount Owing

Current through Register Vol. 48, No. 28, July 12, 2024
Upon written request by either the obligor or the obligor's
				  appointed designee to obtain the amount owing to satisfy the loan in full, the
				  licensee shall provide the following information in a form agreed to in the
				  loan contract no later than 3 business days after receiving the request:
a) Net amount owing as of the date of
				response;
b) For interest-bearing
				loans, the per diem interest that will accrue for every day after the
				response;
c) For precomputed loans,
				the date that the amount owing, as stated in the response, will
				expire.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.230 - Wage Assignments

Current through Register Vol. 48, No. 28, July 12, 2024
a) A wage
				assignment may only be taken from any employed obligor. An "obligor", as the
				word is used in this Part, includes co-makers or sureties as well as the person
				actually receiving the money. Any wage assignment must comply with all
				applicable federal and State law.
b) Any loan that is a transaction in which
				the licensee accepts a wage assignment must meet the requirements of this Act,
				the requirements of the Illinois Wage Assignment Act, and the requirements of
				16 C.F.R.
				444.2(a)(3)(i) (2003) (no
				subsequent amendments or editions are included). A violation of this Section
				constitutes a material violation of the Consumer Installment Loan
				Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.235 - Relocation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Whenever a
				licensee desires to change the licensed place of business to a location other
				than that set forth in the license and the proposed site is 15 miles or less
				from the current location, the licensee shall provide the Director with the
				following at least ten days prior to the relocation in the format prescribed by
				the Director:
1) A written notice providing
				the complete address of the new location;
2) Photographs of both the exterior and
				interior of the new location;
3) A
				written sworn statement that the new location will not share the premises with
				that of another business and the exact distance in miles between the existing
				location and new location; and
4) A
				relocation fee of $500.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.236 - Name Change

Current through Register Vol. 48, No. 28, July 12, 2024
Whenever the licensee desires to amend the name of the
				  licensed business, the licensee shall submit to the Division, within 15 days
				  after amending the name, the following in the format prescribed by the
				  Director:
a) $300 amended name change
				fee.
b) Amended Articles of
				Incorporation if the licensee is a corporation.
c) Amended organization papers, if the
				licensee is an entity other than a corporation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.250 - Limited Purpose Branch

Current through Register Vol. 48, No. 28, July 12, 2024
A licensee applying for a limited purpose branch shall submit
				  to the Division the following:
a) A
				written application in the form prescribed by the Director.
b) Fee as prescribed by the Act.
c) Photograph of proposed site and a
				description of the location, including any other business conducted
				there.
d) Written statements:
1) that no other activity shall be conducted
				at the site, including, but not limited to, accepting payments, servicing the
				accounts, or collections; and
2)
				that the proposed site shall not be within 1,000 feet of a facility operated by
				an inter-track wagering licensee or an organization licensee subject to the
				Illinois Horse Racing Act of 1975, or casino or riverboat subject to the
				Illinois Gambling Act, or within 1,000 feet of the location at which the
				riverboat docks.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.260 - Off-Site Records

Current through Register Vol. 48, No. 28, July 12, 2024
With the Director's prior written approval, the licensee may
				  retain records at a location other than the licensed location. The licensee
				  shall make a written request that shall include the following:
a) Address of off-site location.
b) Contact person and telephone number at the
				off-site location.
c) Statement
				that all books, records, and account information shall be made available within
				72 hours after the Division's request at either the licensed location or the
				off-site location.
d) At the
				Director's discretion, the examination may be conducted at either the licensed
				location or the off-site location.
e) The licensee shall pay for all examination
				expenses in accordance with Section 10 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.265 - Servicing of Accounts by Contract

Current through Register Vol. 48, No. 28, July 12, 2024
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 Division;
e) A statement
				that the licensee will pay all examination expenses in accordance with Section
				10 of the Act;
f) Written consent
				of servicer for the Division to conduct its examination; and
g) A list of all Illinois licensees held by
				the proposed servicer.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.270 - Revocation or Suspension of License

Current through Register Vol. 48, No. 28, July 12, 2024
If it is determined that the Director had the
				  authority to issue the
suspension or revocation of a license pursuant
				  to Section 9 of the Act, the Director
may issue orders reasonably
				  necessary to correct, eliminate or remedy the situation
. (Section
				  20.5 of the
				  Act)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.290 - Consumer Service

Current through Register Vol. 48, No. 28, July 12, 2024
a) For the
				purposes of this Part, "certified database" or "database" means the consumer
				reporting service database established pursuant to the Payday Loan Reform Act
				[815 ILCS
				122 ].
b)
				The Division shall approve a database as a method of reporting loans as
				required by Section 17.5 of the Act and by the
				Payday Loan Reform Act. Upon approving a database, the Department shall provide
				reasonable notice to all lenders identifying the approved database.
c) Except as otherwise provided in this
				Section, all personally identifiable information regarding any prospective
				obligor or obligor obtained by way of the approved database and maintained by
				the Department is strictly confidential and shall be exempt from disclosure
				under Section 7(1)(c) of the Freedom of Information Act [5 ILCS
				140 ].
d)
				The certified database shall comply with all requirements of the Payday Loan
				Reform Act and associated Payday Loan Reform Act rules (38 Ill. Adm. Code 210)
				and all requirements of the Consumer Installment Loan Act.
e) A lender may rely on the information
				contained in the approved database as accurate and is not subject to any
				administrative penalty or liability as a result of relying on inaccurate
				information contained in the database.
f) The database provider shall meet all
				qualifications outlined in the Payday Loan Reform Act.
g) The surety bond required by
				815 ILCS
				122/2-17 shall also secure the faithful performance of
				the database's obligations under the Consumer Installment Loan Act.
h) For any loan other than a title-secured
				loan the licensee shall enter the following information into the certified
				database within 90 days after the loan is made:
1) Obligor's Social Security Number, Alien
				Identification Number, or other official identification number, as approved by
				the USA Patriot Act rules and regulations (see
				31 CFR
				1020.220(a)(2)(i)(A)(4)(ii)),
				issued by a foreign government or government in the United States;
2) Principal amount of the loan;
3) Total of payments;
4) Whether the loan is precomputed or
				interest-bearing;
5) Maturity date
				of the loan;
6) Date of the
				loan;
7) Number and amount of
				scheduled payments;
8) Zip code of
				obligor and any co-maker;
9)
				Security taken;
10) APR;
11) PLPA APR;
12) Whether the loan pays off any prior loan;
				and
13) Any additional information
				the Director may require.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.300 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Motor vehicle" shall mean a motor vehicle as defined in the
				  Illinois Vehicle Code [625 ILCS 5/1-146 ].
"Title-secured lender" shall mean any licensee engaged in
				  making any title-secured loans.
"Title-secured loan" shall mean a loan made pursuant to the
				  Act and in which at commencement, an obligor provides to the licensee, as
				  security for the loan, physical possession of the obligor's title to a motor
				  vehicle. "Title-secured loan" means only a loan secured by a motor vehicle
				  title which a consumer has possessed (physically or the electronic equivalent)
				  at any time prior to the making of the loan, free and clear of any lienholder.
				  "Title-secured loan" does not include:
Any loan or credit transaction that is expressly intended to
				  finance the purchase of motor vehicle or other item.
Any loan or credit transaction that is expressly intended to
				  re-finance a transaction which financed the purchase of a motor vehicle or
				  other item.
"Title-secured loan" includes loan or credit transactions
				  that include motor vehicle title as a security and is intended to refinance a
				  prior title-secured loan. A licensee may rely on a consumer's signed
				  representation or certification that the motor vehicle title provided has never
				  been held by the consumer free and clear. The certification that the motor
				  vehicle title has never been held free and clear must include:
Date
State
City
Loan Number
Year and Make of Vehicle
Model of Vehicle
VIN
Certification from the consumer that:
The consumer has pledged to Lender the above Motor Vehicle as
				  security for the requested loan; and
The consumer has never held the title to the above Motor
				  Vehicle free and clear of any lienholder.
Signed acknowledgement that the consumer agrees that Lender
				  will rely on the above certifications in connection with the requested
				  loan.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.310 - Applicability of Rule

Current through Register Vol. 48, No. 28, July 12, 2024
This Subpart B, as well as Subpart A, shall apply to any
				  title-secured lender as defined in Section
				  110.300 of this
				  Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.340 - Loan Terms

Current through Register Vol. 48, No. 28, July 12, 2024
a) Beginning
				August 1, 2023, any required rebate of finance charge for a precomputed
				title-secured loan may be calculated using the actuarial method, defined by the
				federal Truth in Lending Act (15 U.S.C. 1601 et seq.) and
				Regulation Z, Appendix J (12
				C.F.R. 226). The required rebate shall not be
				calculated using the Rule of 78s.
b) Title-secured loans must be fully
				amortized and repayable in substantially equal installments.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.350 - Release of Lien

Current through Register Vol. 48, No. 28, July 12, 2024
a) A title-secured
				lender must immediately take into possession the registered electronic or
				physical title evidencing the obligor's ownership in the motor vehicle and
				shall note on the face of the loan agreement the vehicle's make, model, year of
				manufacture and vehicle identification number.
b) Within 24 hours after payment in full of
				the amount due under the agreement, the licensee must move to release any filed
				or recorded liens, provide evidence of the release of lien to the obligor, and
				return the title to the obligor or cause the title to be returned to the
				obligor. If payment has been made by a personal or business check, the licensee
				may delay the release of lien or return of title by 5 business days for the
				purpose of confirming availability of funds.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.360 - Availability of Debt Management Services

Current through Register Vol. 48, No. 28, July 12, 2024
a) Before entering into a title-secured loan
				agreement, licensee must give to the obligor a pamphlet, approved by the
				Director, describing the availability of debt management services and the
				obligor's rights and responsibilities in the transaction.
b) Each title-secured loan agreement and
				refinancing agreement executed by a licensee shall include a statement, which
				shall be initialed by the obligor, as follows: "I have received from (name of
				lender) a toll free number from the Department of Financial and Professional
				Regulation-Division Financial Institutions that I can call for information
				regarding debt management services."
c) At the time a title-secured lender conveys
				any written notice to an obligor indicating the obligor is in arrears or that
				the obligor is in default, the lender shall include with the notice a statement
				indicating a toll free number of the Division that the obligor may contact for
				the purpose of the obligor receiving information from the Division regarding
				debt management services. The form and method of providing the information
				shall be subject to approval of the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.370 - Lending Limits and Refinancing

Current through Register Vol. 48, No. 28, July 12, 2024
a) No
				title-secured loan shall be made in an amount that the scheduled principal and
				interest payment for any one monthly payment on the loan exceeds
				22.5 % of the obligor's gross
				monthly income.
b) The loan
				agreement shall advise the obligor that matters involving improprieties in the
				making of the loan or in loan collection practices may be referred to the
				Division and shall prominently disclose the Division's address and telephone
				number, and website.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.380 - Second Notice

Current through Register Vol. 48, No. 28, July 12, 2024
At the time a title-secured lender conveys a second notice to
				  an obligor indicating the obligor is in arrears or any notice that the obligor
				  is in default for a debt issued by the lender under the Act, the licensee shall
				  include with the notice a statement indicating a telephone number of the
				  Division that the obligor may contact for the purpose of the obligor receiving
				  information from the Division regarding debt management services for assisting
				  the obligor. The form and method of the notice provided by lenders shall be
				  subject to approval by the Director.