reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.80 - Advertising

Current through Register Vol. 48, No. 28, July 12, 2024
a) Advertising
			 shall not be false, misleading or deceptive [205 ILCS
			 665/13 ]. No statement shall be permitted that states
			 or implies that no financial problem is too great for the licensee to solve. No
			 statement shall be permitted that states or implies that the licensee will use
			 his own cash to pay the debtor's accounts. All advertisements shall contain the
			 phrase, "we do not lend money".
b)
			 Upon specific request by the Division, licensees shall forward to the Director
			 the complete text of all advertising copy.
c) All advertising shall contain the true
			 name and address of the licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.100 - Examination

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Director may
			 make an examination of the office and records of each licensee and shall charge
			 $400 for each examiner day or portion thereof.
b) All communications shall be addressed to
			 the Director, Division of Financial Institutions, to any address designated by
			 the Director. All fees shall be paid to the "Secretary of the Department of
			 Financial and Professional Regulation".
c) The Division may conduct an examination
			 for the purpose of verifying that the licensee has taken necessary actions to
			 correct violations to the Act and/or related rules and shall charge the
			 licensee $550 for each examiner day or portion thereof, when the Director
			 determines the verification examination must be performed on site at any
			 facility of the licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.110 - Revocation - Suspension - Surrender of License

Current through Register Vol. 48, No. 28, July 12, 2024
a) If it is determined that the Director had
			 the authority to issue the suspension or revocation of a license pursuant to
			 Section 10 of the Act, he or she may issue orders as may be reasonably
			 necessary to correct, eliminate or remedy the situation.
b) A licensee may surrender any license by
			 delivering to the Director written notice that it thereby surrenders the
			 license, but the surrender shall not affect the licensee's civil or criminal
			 liability for acts committed prior to surrender, or affect the liability on its
			 bond or bonds, or entitle the licensee to a return of any part of the annual
			 license fee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.130 - Proof of Payment

Current through Register Vol. 48, No. 28, July 12, 2024
Upon completion of the contract, the licensee shall mail a
				statement to the debtor stating that the account has been closed and listing
				the name and address of each creditor paid in full and names and addresses of
				any creditors remaining unpaid.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.140 - Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Director may
			 penalize a licensee, or other person doing business without the required
			 license, in an amount not exceeding $10,000 per violation, when in the opinion
			 of the Director:
1) the licensee, or other
			 person
has failed to comply with any provision of
the
Act or any order, decision, finding, rule, regulation, or direction of
			 the
Director
lawfully made pursuant to the authority
			 of
the
Act
;
or
2)
any fact or condition
			 exists
that,
if it had existed at the time of the original
			 application for the license, would have warranted the
Director
refusing to issue the license.
[205 ILCS
			 665/16(c) ]
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.150 - Disposal of Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) When
			 disposing of records that contain personal information, including, but not
			 limited to, social security numbers, driver's license numbers or non-driver
			 identification card numbers, financial account numbers or codes, debit card
			 numbers or codes, automated teller machine card numbers or codes, electronic
			 serial numbers, or personal identification numbers, a debt settlement provider
			 shall take all reasonable measures necessary to protect against unauthorized
			 access to or use of the records.
b)
			 Licensees must implement policies and procedures to implement this Section and
			 the measures that may be taken to comply with this Section include the
			 following:
1) implementing and monitoring
			 compliance with policies and procedures that require the burning, pulverizing
			 or shredding of paper documents containing personal information so that the
			 personal information cannot practicably be read or reconstructed (for example,
			 licensees must have a paper shredder at the licensed location or other location
			 accessible to the licensee or contract with a third party to provide
			 destruction or disposal of personal information);
2) implementing and monitoring compliance
			 with policies and procedures that require the destruction or erasure of
			 electronic media and other nonpaper media containing personal information so
			 that the personal information cannot practicably be read or reconstructed (for
			 example, licensees must have the technological resources to destroy or erase
			 electronic or other nonpaper media or contract with a third party to provide
			 destruction or erasure of electronic or other nonpaper media);
3) a licensee may enter into a written
			 contract with a third party engaged in the business of record destruction to
			 dispose of records containing personal information.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.10 - Office Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) Required
			 Files
1) Every debt settlement provider shall
			 keep the following records, if applicable, or their equivalent in accord with
			 generally accepted accounting principles as approved by the Department of
			 Financial and Professional Regulation-Division of Financial Institutions:
A) Client File
B) Client Activity Record
C) Payment Detail Report
D) Index System
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.20 - Disposal of Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) When
			 disposing of records that contain personal information, including, but not
			 limited to, social security numbers, driver's license numbers or non-driver
			 identification card numbers, financial account numbers or codes, debit card
			 numbers or codes, automated teller machine card numbers or codes, electronic
			 serial numbers, or personal identification numbers, a debt settlement provider
			 shall take all reasonable measures necessary to protect against unauthorized
			 access to or use of the records.
b)
			 Compliance Methods
1) Debt settlement
			 providers must maintain and enforce policies and procedures to implement this
			 Section, and the measures that may be taken to comply with this Section include
			 the following:
A) implementing and monitoring
			 compliance with policies and procedures that require the burning, pulverizing
			 or shredding of paper documents containing personal information so that the
			 personal information cannot practicably be read or reconstructed;
B) implementing and monitoring compliance
			 with policies and procedures that require the destruction or erasure of
			 electronic media and other nonpaper media containing personal information so
			 that the personal information cannot practicably be read or
			 reconstructed.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.30 - Bank Account, If Applicable

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Trust account bank statements and cancelled checks shall be retained at the
			 office of the debt settlement provider for a period of 3 years.
b) Copies of the original trust account bank
			 statement and canceled checks, in hard copy, microfilm or microfiche, or by
			 other electronic means, shall be kept at the office of the debt settlement
			 provider, at debt settlement provider's headquarters, or at an off-site storage
			 facility for a period of 5 years.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.40 - Application for License

Current through Register Vol. 48, No. 28, July 12, 2024
a) At the time
			 of making an application, applicant shall pay to the Secretary the
			 non-refundable sum of $350 as an application fee and the additional sum of
			 $1,000 as an annual license fee. The applicant shall also, as required by
			 Section 20 of the Act, submit to the Secretary a surety bond in the sum of
			 $100,000.
b) An application for a
			 license must be in writing, under oath, and in the form the Secretary
			 prescribes.
1) The application shall contain
			 the following:
A) The name of the applicant
			 and the address of the proposed place of business;
B) The form of business organization of the
			 applicant, including:
i) a copy of its filed
			 articles of incorporation;
ii) a
			 copy of the filed articles of organization, if the applicant is a limited
			 liability company;
iii) a certified
			 statement of the ownership of the partnership and any subsequent changes to the
			 ownership, if the applicant is a partnership;
C) The name, business and home address,
			 credit report (except for a publicly traded company) and a chronological
			 summary of the business experience, material litigation history, and felony
			 convictions over the preceding 10 years of:
i) the proprietor, if the applicant is an
			 individual;
ii) every general
			 partner, if the applicant is a partnership;
iii) president, secretary, executive and
			 senior vice presidents, directors and individuals owning more than 25% of the
			 corporate stock, if the applicant is a corporation; and
iv) the manager and members, if the applicant
			 is a limited liability company.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.45 - Renewal

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensed debt settlement provider may make application to
				the Secretary for annual renewal of its license on the form prescribed by the
				Secretary, accompanied by the annual license fee of $1,000, together with a
				surety bond in the amount of $100,000 or an additional amount as required by
				the Secretary, considering the amount of disbursements made by the licensee in
				the previous year. The application must be received by the Department no later
				than December 1 of the year preceding the year for which the application is
				made.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.50 - License

Current through Register Vol. 48, No. 28, July 12, 2024
a) For purposes of
			 determining an applicant's qualifications for a license as a debt settlement
			 provider, the Division shall find an applicant financially responsible if it
			 has a positive net worth of at least $30,000. Net worth means total assets
			 minus total liabilities.
b) An
			 applicant shall possess at least 6 months of relevant experience as a debt
			 settlement provider attained prior to August 3, 2010, under a prior debt
			 settlement provider license, as an employee of a licensee, or in another state,
			 or other relevant business experience relating to the field of debt settlement,
			 including but not limited to debt management and credit counseling.
c) Application Reputation
1) In order to determine the applicant's
			 general fitness and character, the Secretary may require applicants to submit
			 letters of recommendation from at least 2 persons familiar with the applicant
			 or the applicant's business and setting forth that the applicant mentioned: is
			 personally known to them to be trustworthy and reputable; has business
			 experience qualifying the applicant to competently conduct, operate, own or
			 become associated with a debt settlement provider; and has a good business
			 reputation and is worthy of a license.
2) Evidence of a lack of trustworthiness,
			 competency and good business reputation includes, but is not limited to, the
			 applicant's record of having defaulted in the payment of money collected for
			 others, discharge of debt through bankruptcy proceedings, any felony conviction
			 or conviction of any crime involving dishonesty or deceit within the past 10
			 years, previous violations of any provision of the Act or any false statements
			 or representations to the Secretary in applying for a license under this
			 Section.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.60 - Examination

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Division
			 will conduct an examination of a licensee's or license applicant's records and
			 business practices when necessary to make a licensure determination or in
			 investigation of a complaint. The Division will also conduct examinations as it
			 deems necessary to determine compliance with the Act and this Part.
b) The Division shall charge $400 for each
			 examiner day or part thereof and actual travel costs for any examination of
			 records conducted pursuant to the Act.
c) The Division may conduct an examination
			 for the purpose of verifying that the debt settlement provider has taken
			 necessary actions to correct violations of the Act and/or this Part and shall
			 charge the licensee $550 for each examiner day or portion of a day when the
			 Secretary determines the verification examination must be performed on site at
			 any facility of the debt settlement provider.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.70 - Prohibited Activities

Current through Register Vol. 48, No. 28, July 12, 2024
a) A debt
			 settlement provider shall not take:
1) Any
			 contract, promise to pay, or other instrument that has any blank spaces when
			 signed by a debtor;
2) Any
			 negotiable instrument for the debt settlement provider's charges;
3) Any note, wage assignment, real estate or
			 chattel mortgage, or other security to secure the licensee's charges;
4) Any confession of judgment or power of
			 attorney to confess judgment against the debtor or to appear for the debtor in
			 a judicial proceeding;
5) Any real
			 or personal property as security for payment of a fee;
6) Concurrent with the signing of the
			 contract or as part of the application for the contract, a release of any
			 obligation to be performed on the part of the debt settlement
			 provider.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.80 - Revocation - Suspension - Surrender of License

Current through Register Vol. 48, No. 28, July 12, 2024
a) If it is determined that the Secretary had
			 the authority to issue the suspension or revocation of a license pursuant to
			 Section 50 of the Act, the Secretary may issue orders as may be reasonably
			 necessary to correct, eliminate or remedy the situation.
b) A debt settlement provider may surrender
			 any license by delivering to the Secretary written notice that it surrenders
			 the license, but the surrender shall not affect the debt settlement provider's
			 civil or criminal liability for acts committed prior to the surrender, or
			 affect the liability on its bond or bonds, or entitle the debt settlement
			 provider to a return of any part of the annual license fee.
c) An applicant or licensee affected by a
			 licensure action of the Secretary may request a hearing within 10 days after
			 the date of service of the action or order. If an alternative time frame is set
			 forth in the Act or applicable law, the applicant or licensee may request a
			 hearing pursuant to that time frame. All administrative hearings shall be
			 conducted in accordance with 38 Ill. Adm. Code 100. Final administrative
			 decisions of the Secretary are subject to review under the Administrative
			 Review Law [735 ILCS 5 /Art. III].
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.90 - Annual Report

Current through Register Vol. 48, No. 28, July 12, 2024
a) A debt
			 settlement provider must file an annual report with the Secretary pursuant to
			 Section 33 of the Act on or before March 1 for the previous calendar year. The
			 annual report must contain a declaration executed by an official authorized by
			 the debt settlement provider under penalty of perjury that states that the
			 report complies with Section 33 of the Act. The report shall be in a form
			 prescribed by the Secretary. The Secretary will maintain the annual report form
			 on the Division's website for a period of 2 years after submittal.
b) The annual report form must include all of
			 the following data:
1) for each Illinois
			 resident:
A) the number of accounts
			 enrolled;
B) the principal amount
			 of debt at the time each account was enrolled;
C) the status of each account (for example,
			 active or terminated);
D) whether
			 the account has been settled and, if so, the settlement amount and the
			 corresponding principal amount of debt enrolled for that account;
E) the total amount of provider fees
			 paid;
F) whether the creditor has
			 filed suit on the account debt;
G)
			 the date the resident is expected to complete the debt settlement program;
			 and
H) the date the resident
			 cancelled, terminated or became inactive in the program, if
			 applicable;
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.100 - Proof of Payment

Current through Register Vol. 48, No. 28, July 12, 2024
Upon completion of the contract, the debt settlement provider
				shall mail a statement to the debtor stating that the account has been closed
				and listing the name and address of each creditor paid in full and names and
				addresses of any creditors remaining unpaid.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.105 - Trust Funds

Current through Register Vol. 48, No. 28, July 12, 2024
a) All funds
			 received by a debt settlement provider or its agent from a debtor, for the
			 purpose of paying bills, invoices or accounts of that debtor, shall constitute
			 trust funds owned by and belonging to the debtor from whom they were received.
			 All such funds received by the provider shall be separated from the funds of
			 the provider not later than the end of the business day following receipt by
			 the provider. All trust funds shall be kept separate and apart at all times
			 from funds belonging to the provider or any of its officers, employees or
			 agents and may be used for no purpose other than paying bills, invoices or
			 accounts of the debtor and for provider fees. All debtor payments received at
			 the main or branch offices of a provider shall be deposited, on or before the
			 close of the business day following receipt, in a federally insured bank in
			 trust for the benefit of the payor.
b) Funds segregated for the debtor are not
			 subject to attachment, lien, levy of execution or sequestration by order of
			 court as assets of the debt settlement provider.
c) A debt settlement provider shall maintain
			 records of the amounts of all deposits into and payments out of the trust
			 account for each consumer it services. The records shall be maintained for 5
			 years after the date of transaction.
d) At least once every month, the debt
			 settlement provider shall render an accounting to the debtor that itemizes the
			 total amount received from the debtor, the total amount paid each creditor, the
			 amount of provider fees deducted, and any amount held in reserve, if
			 applicable, and the status of each of the debtor's enrolled accounts. A debt
			 settlement provider shall, in addition, provide an accounting to a debtor
			 within 7 days after written demand, but not more than 3 times per 6 month
			 period.
e) Nothing in the Act
			 requires the establishment of a trust account if no consumer funds are held or
			 controlled by the provider that are to be distributed to creditors, i.e., if
			 the only funds received are in payment of provider fees.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.110 - Advertising and Marketing Practices

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon request of the Division, a debt
			 settlement provider 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.
b) A debt settlement provider
			 may indicate in advertising and otherwise that its business is "regulated" or
			 "examined" or "supervised" or "licensed" by the State of Illinois. A debt
			 settlement provider may not advertise in a false, misleading or deceptive
			 manner.
c) Should any advertisement
			 by a debt settlement provider state the amount of any fees or charges, the
			 advertisement shall comply with the provisions of the Act and this
			 Part.
d) A debt settlement provider
			 shall not advertise that business is conducted anywhere other than at the debt
			 settlement providers' principal business location or other location approved by
			 the Secretary.
e) A debt settlement
			 provider must include in any advertisement a prominent statement that legal
			 advice cannot be provided and that it is recommended that consumers consult
			 with an attorney.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.120 - Receipts

Current through Register Vol. 48, No. 28, July 12, 2024
a) The receipt that
			 a debt settlement provider issues shall include the following:
1) The name and address or other identifying
			 information of the individual who submits the payment to the
			 provider;
2) The amount of money
			 received and the form of payment (cash, check number, money order,
			 etc.);
3) The date the money was
			 received by the provider;
4) The
			 representative of the provider who accepted the payment; and
5) A transaction or confirmation number that
			 can be matched with the office record of the provider.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT › Section 145.130 - 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:
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 150 - COLLECTION AGENCY ACT › Section 150.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions shall apply to this Part:
"Act" means the Collection Agency Act [205 ILCS
				740 ].
"Agency means a collection agency as defined in Section 2 of
				the Act.
"Board" means the Collection Agency Licensing and
				Disciplinary Board.
(Section 2 of the Act)
"Branch Office" means another location with the same name and
				ownership as the main collection agency license.
"Creditor" means individual, sole proprietorship, partnership,
				limited liability company, or corporation that engages or retains the agency to
				collect debts due the individual, sole proprietorship, partnership, limited
				liability company, or corporation.
"Department" means the Department of Financial and Professional
				Regulation.
"Director" means Director of the Division of Financial
				Institutions and any authorized representative of the Director.
"Division" means the Department of Financial and Professional
				Regulation - Division of Financial Institutions.
"License" means any authorization issued to any
				licensee.
"Licensee" means any person or entity who is or comes to be
				licensed pursuant to the Act.
"Managerial or Administrative Control" means having authority
				to conduct the affairs of the agency and direct others in the conduct of the
				affairs or business of the agency.
"Secretary" means the Secretary of
the
				Department of
Financial and Professional Regulation
and any
				authorized representative of the Secretary. (Section 2 of the Act)
"Trust Account" means the special account that all licensees
				shall maintain in accordance with Section 8c of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.15 - Administration and Enforcement of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The Director and Division shall administer and enforce the Act
				on behalf of the Secretary. The provisions of the Financial Institutions Code
				[20 ILCS
				1205 ] shall apply to licensees, applicants, and any
				person or entity engaged in an activity covered by the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.20 - Officer

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the
			 collection agency is an association or a sole proprietorship, the owner of the
			 agency or any person exercising managerial control shall be considered an
			 officer.
b) If the collection
			 agency is a partnership, any partner who has at least 10% ownership interest or
			 any partner who exercises managerial control shall be considered an
			 officer.
c) If the collection
			 agency is a corporation, any officer of the corporation or director or any
			 person who has at least 10% direct or indirect ownership interest in such
			 corporation or who exercises managerial control shall be considered an
			 officer.
d) If the collection
			 agency is a limited liability company, any manager of the limited liability
			 company or any person who has at least 10% direct or indirect ownership
			 interest in such limited liability company shall be considered an
			 officer.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.25 - Application for License

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
			 applications for license as a collection agency shall be submitted to the
			 Division, on forms provided by the Division electronically or physically, and
			 include:
1) Collection Agency Application
A) The name and address of all officers of
			 the collection agency (as defined in Section
			 150.20). The address shall be an
			 actual street address and shall include the city, state, and zip code. A post
			 office box number is not acceptable as an address;
B) A copy of the Articles of Incorporation
			 bearing the seal of the office, in the jurisdiction in which the corporation is
			 organized, whose duty it is to register corporations under the laws of that
			 jurisdiction. If it is a foreign corporation, a copy of the certificate of
			 authority to transact business in this State issued by the Secretary of State
			 is also required;
C) A copy of the
			 authority to transact business under the Assumed Business Name Act
			 [805 ILCS
			 405 ], issued by the Secretary of State or county
			 clerk's office, if required by law;
D) Proof of a $25,000 surety bond;
E) The name of the bank, savings and loan
			 association or other required depository in which the trust account shall be
			 maintained;
F) The required fee set
			 forth in Section 150.130; and
G) Any additional information required by the
			 Director to evaluate the application.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.30 - Communication by Collection Agency

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 A collection agency shall use only the agency name or tradestyle exactly as it
			 appears on the agency's license issued by the Division in all communication
			 (e.g., ABC Collection Agency cannot use a name such as ABC Acceptance Company).
			 Notwithstanding the foregoing, a different name may be used for skiptracing and
			 envelopes if use of the agency name or tradestyle as it appears on the agency's
			 license would violate other law (see
			 15 U.S.C.
			 1692b.(5)).
b) When a collection agency communicates with
			 a debtor, the collection agency must state in a written or telephone
			 communication the specific reason for the communication, the name of the
			 current creditor, the name of the original creditor (if applicable), the
			 registered name of the collection agency, the date of written communication,
			 and, in oral communication, the identity of the individual making the
			 contact.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.40 - Use of Pseudonyms

Current through Register Vol. 48, No. 28, July 12, 2024
The collection agency shall maintain a listing of all
				pseudonyms used by an office, employee, or agent of the collection agency in
				relation to collection agency activities. A listing of pseudonyms shall be
				maintained by the collection agency one year after termination of
				employment.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.50 - Change of Ownership

Current through Register Vol. 48, No. 28, July 12, 2024
When more than 50% of the assets, stock or equity of a
				collection agency are transferred, a new collection agency application shall be
				filed with the Division in accordance with Section
				150.25.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.60 - Expiration or Change in Licensure

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The license shall expire:
1) When the
			 collection agency ceases operation;
2) When the bond is nonrenewed or
			 cancelled;
3) When the license is
			 nonrenewed or surrendered; or
4)
			 When the license is revoked.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.70 - Records and Documents to be Kept by Collection Agency

Current through Register Vol. 48, No. 28, July 12, 2024
a) The current license shall be prominently
			 displayed at each office where the collection agency conducts
			 business.
b) At each office of a
			 licensed collection agency, for each individual debtor's account, the
			 collection agency shall keep the following:
1)
			 Account records for each account in excess of $100 being processed.
A) These records shall contain:
i) Name, address, email address, and phone
			 number, if available, of debtor and all individuals contacted at any time
			 concerning the collection account, including debtor, debtor's employer and
			 relatives;
ii) Dates and record of
			 contents of all communications sent regarding debtor's account;
iii) Dates and accurate summary of each
			 telephone contact with all individuals regarding debtor's account, including
			 identification of individual who made the contact and to whom that individual
			 spoke;
iv) Name of the original
			 creditor, current creditor, date account was opened with the collection agency,
			 the original amount of the account referred to the collection agency, and the
			 current outstanding amount of the account. The address of the current creditor
			 shall be maintained in the collection agency's records;
v) Docket information pertaining to all court
			 suits concerning account;
vi) The
			 date and amount of each payment received on each account; and
vii) Any additional charges assessed on the
			 account, which are fees authorized by contract or by court of law. These
			 charges shall be documented by court records or other records available for
			 inspection by the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.90 - Multiple Creditors

Current through Register Vol. 48, No. 28, July 12, 2024
a) When a
			 debtor has multiple creditors, the collection agency shall maintain a separate
			 account record for each creditor.
b) Checks, money orders, or drafts received
			 by a collection agency from a debtor or on behalf of a debtor made payable to a
			 specified creditor shall be applied to the specified creditor's account
			 record.
c) When a collection agency
			 is collecting two or more accounts from one debtor, the collection agency shall
			 apply any payments received from the debtor according to the debtor's
			 directions.
d) When the debtor
			 overpays the total amount outstanding to a specific creditor, money due to the
			 debtor for an overpayment to the specific creditor may not be applied by the
			 collection agency against any other obligation owed by the debtor and must be
			 refunded to the debtor unless the debtor has authorized the collection agency,
			 in writing or by lawfully recorded verbal statement, to apply the money to
			 another obligation owed by the debtor.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.100 - Availability of Books, Records, Forms and Stationery

Current through Register Vol. 48, No. 28, July 12, 2024
All books, records, forms, and stationery, whether kept
				physically or electronically, kept or used by a collection agency at each
				office of the collection agency shall be made available to agents of the
				Division upon request. Failure or refusal to make these records available by
				the collection agency shall be grounds for denial, suspension, fine, or
				revocation of the collection agency's license under Section 9 of the Act in
				accordance with 38 Ill. Adm. Code 100.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.110 - Accounting and Remitting Collected Funds

Current through Register Vol. 48, No. 28, July 12, 2024
a) Accounting and Remitting to Creditors
1) Unless otherwise authorized in writing by
			 a creditor, a collection 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 to the creditor. After court costs, if
			 any, are recovered on any claim or group of claims by a creditor against a
			 debtor, payments shall be applied first to the reduction of principal, unless
			 another priority has been authorized by the creditor.
2) If any creditor fails to advise the
			 collection 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 collection agency may make written demand for a statement of the
			 payments or credits, by certified mail with return receipt requested. The
			 collection 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 collection agency of the obligation to render and itemized statement of
			 account.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.120 - Creditor Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each
			 licensed collection agency office which collects funds for creditors shall
			 maintain a current accounting system which shall show the monies due and owing
			 to creditors as well as the funds in the trust account from which appropriate
			 remittance may be made by the collection agency to creditors.
b) Accounts and records of each agency shall
			 include:
1) A cash receipts journal, showing
			 each payment made, the allocation of the payment and the monthly
			 total.
2) A check register or
			 record showing each check written on the trust account, as defined in Section
			 8c of the Act.
3) A general journal
			 reflecting all adjustments to the check register and cash receipts
			 records.
4) A general ledger or
			 record to which all payments handled by a collection agency are
			 recorded.
5) A creditor's record
			 setting forth the details of the contractual arrangement in writing, of the
			 collection agency with each creditor, and shall reflect full details of all
			 collections made on behalf of the creditor, whether paid to the collection
			 agency or directly to creditor, and full details on remittance made by the
			 collection agency to the creditor.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.130 - Renewals

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any license
			 issued on or before October 31, 2024 shall expire on December 31, 2024.
			 Thereafter, all licenses shall expire annually on December 31, except that any
			 license issued on or after November 1 shall expire on December 31 of the next
			 calendar year. A licensee may renew its license by submitting a license renewal
			 application for the next calendar year and paying the required fee between
			 November 1 and December 31 of the current year. A license shall be deemed not
			 to have expired if its license renewal application is received by the
			 Department before December 31. Licensees shall maintain sufficient proof to
			 demonstrate receipt of the renewal application by the Department.
b) It is the responsibility of each licensee
			 to notify the Division of any change of address. Failure to receive a renewal
			 form from the Division shall not constitute an excuse for failure to pay the
			 renewal fee or to renew one's license.
c) Practicing or offering to practice on a
			 license that has expired shall be considered unlicensed activity and shall be
			 grounds for discipline pursuant to Section 9 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.135 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) The following
			 fees shall be paid to the Division and are not refundable:
1) Application Fees
A) The fee for application for a license as a
			 collection agency is $750.
B) The
			 fee for application for a license to operate as a branch office is
			 $250.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.140 - Granting Variances

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Director may grant variances from this Part in individual cases when the
			 Director finds that:
1) The provision from
			 which the variance is granted is not statutorily mandated;
2) No party will be injured by granting the
			 variance; and
3) The rule from
			 which the variance is granted would, in the particular case, be unreasonable or
			 unnecessarily burdensome.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 150 - COLLECTION AGENCY ACT › Section 150.150 - Reports

Current through Register Vol. 48, No. 28, July 12, 2024
When determined necessary by the Department, the Department may
				provide a licensee a 45-day notice, except in extraordinary circumstances
				determined by the Director which requires a response within a shorter time
				period, requiring a licensee to submit written reports specified within that
				notice.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 160 - SALES FINANCE AGENCY ACT › Subpart A - GENERAL PROVISIONS › Section 160.1 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Controlling person" means a person, entity, or ultimate
				  equitable owner that:
owns or controls, directly or indirectly, 10% or more of any
				  class of stock of the license applicant;
is not a depository institution, as defined in Section
				  1007.50 of the Savings Bank Act
				  [205 ILCS
				  205 ] that lends, provides, or infuses, directly or
				  indirectly, in any way, funds to or into a license applicant, in an amount
				  equal to or more than 10% of the license applicant's net worth;
controls, directly or indirectly, the election of 25% or more
				  members of the board of directors of a license applicant; or
the Director finds influences management of the license
				  applicant.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director or Acting Director of the
				  Department of Financial and Professional Regulation-Division of Financial
				  Institutions with the authority delegated by the Secretary or the Director's
				  designee.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Financial Institutions.
"Generally accepted accounting principles" or "GAAP" means
				  those published by the Federal Accounting Standards Advisory Board.
"Person" means an individual, partnership, association, joint
				  stock association, corporation or any other form of business
				  organization.
"Secretary" means the Secretary or Acting Secretary of
				  Financial and Professional Regulation or the Secretary's
				  designee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 160 - SALES FINANCE AGENCY ACT › Subpart A - GENERAL PROVISIONS › Section 160.2 - Service by the Department

Current through Register Vol. 48, No. 28, July 12, 2024
All notices by the Department required under the Act or this
				  Part shall be deemed to be served when a copy is deposited in the United States
				  mail.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 160 - SALES FINANCE AGENCY ACT › Subpart A - GENERAL PROVISIONS › Section 160.10 - Record Keeping

Current through Register Vol. 48, No. 28, July 12, 2024
a) Every
				licensee shall keep the following records or their equivalent:
1) Transaction register.
2) Individual accounts cards of all
				obligors.
3) File of all original
				papers or copies which have been reproduced in any medium or format which
				accurately reproduces the original papers.
4) Cash Book.
5) Alphabetical record of all buyers,
				co-purchasers, and obligors on all obligations.
6) Permanent file.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 160 - SALES FINANCE AGENCY ACT › Subpart A - GENERAL PROVISIONS › Section 160.15 - Application for License/Controlling Person

Current through Register Vol. 48, No. 28, July 12, 2024
a) An application for a sales finance agency
				license must be under oath and in the form the Director prescribes. The
				application shall contain the following:
1)
				The name of the applicant, including any other names the applicant does or
				intends to do business as, and the address of the proposed place of
				business.
2) The form of business
				organization of the applicant, including:
A)
				a copy of its filed articles of incorporation;
B) a copy of the filed articles of
				organization, if the applicant is a limited liability company; and
C) a certified statement of the ownership of
				the partnership, if the applicant is a partnership. Any changes to the
				statement of ownership occurring after the application has been submitted shall
				be forwarded to the Director.
3) Information on Involved Individuals
A) The name, business and home address,
				credit report (except for a publicly traded company), and a chronological
				summary of the business experience, material litigation history, and felony
				convictions over the preceding 10 years of:
i) the proprietor, if the applicant is an
				individual;
ii) every general
				partner, if the applicant is a partnership;
iii) President, Secretary, Executive and
				Senior Vice Presidents, and Directors;
iv) the manager, if the applicant is a
				manager-managed limited liability company or the member if the applicant is a
				member-managed limited liability company; and
v) any controlling
				person.
B) A licensee
				shall not submit the information required in subsections (a)(2) and (3), if the
				licensee has previously submitted the information to the Department in a
				previous license application within the last 5 years and there have been no
				material changes, unless requested by the Director to submit this
				information.
4) The most
				current year end financial statements, prepared in accordance with generally
				accepted accounting principles and a balance sheet and statement of operations
				as of the most recent quarterly report before the date of the
				application.
5) A list of all
				states in which the applicant is licensed as a lender or sales finance agency
				and whether a license of the applicant has ever been withdrawn, refused,
				cancelled or suspended in any other state, with full details.
6) A business plan, which shall at minimum
				detail the nature, amount, and terms of the retail installment contracts,
				retail charge agreements or motor vehicle retail installment contracts that
				will be purchased, or loans secured by retail installment contracts, loans
				secured by motor vehicles retail installment contracts, or loans secured by
				retail charge agreements that will be made.
7) The applicable fees as required by the
				Act.
8) Any additional information
				the Director considers necessary to evaluate the
				application.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 160 - SALES FINANCE AGENCY ACT › Subpart A - GENERAL PROVISIONS › Section 160.20 - Transaction Register

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Transaction Register shall contain the original entry and be a permanent
				record. It shall show for every transaction the account number, date of
				transaction, nature of security, type and cost of insurance and amount of
				fees.
b) It shall show the amount
				financed, finance charge, annual percentage rate, itemization of all other
				charges not specified in subsection (a), schedule of payments, and total of
				payments which will include all charges.
c) The Register shall be kept numerically by
				number of transactions in the order made and shall have proper headings for the
				items required.
d) The Transaction
				Register 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.