Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.30 - Individual Account Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
				individual account record shall be kept for each obligor. Individual account
				records shall show the name and address of the obligor, co-makers, or sureties,
				loan number, date of loan, the number of payments, the amount of payments and
				payment due dates, nature of security by type, type and cost of insurance and
				name of bank if the note is hypothecated. The record for an interest-bearing
				loan shall show the original principal amount of the loan, rates of interest
				and finance charge where applicable. The record for a precomputed loan shall
				show the original principal amount of the loan, excluding the precomputed
				interest and charges, the amount of the finance charge and the face amount of
				the note including the finance charge. The record shall also show the amount of
				official fees received and paid out for filing, recording, or releasing a
				financing statement or security agreement, including the fee required by the
				Secretary of State for perfecting a lien on a motor vehicle title.
b) The record for an interest-bearing loan
				shall show the amount and date of each payment of principal and interest, the
				balance due on principal, and the date to which interest is paid. If the amount
				paid is insufficient to meet the entire amount of interest due, the record
				shall be clearly marked to indicate the extent of credit given for such
				interest payment and the date to which interest is paid. Upon the Division's or
				obligor's request involving a specific account or accounts, the licensee shall
				provide the amount of interest deficient.
c) The account record for a precomputed loan
				shall show the amount and date of each payment applied to the loan, the unpaid
				balance of the loan after applying such payment, and the date and amount of any
				additional interest collected for delinquency, default, or deferment. If
				deferment interest is collected in whole or in part, the record shall indicate
				the deferred due date of the final installment and any uncollected portion of
				the deferment interest. The account record shall also show the original
				principal of the loan excluding the charge, the amount of the charge, the face
				amount of the note including the charge, and any additional charge made for
				extra days in the first installment period.
d) When a loan is prepaid in full, the
				account record shall show the date of prepayment, the amount paid to discharge
				the loan, the amount of the rebate on the finance charge, if any, and any
				deduction from the rebate for previously earned but uncollected delinquency,
				default, or deferment charges.
e)
				When a loan is prepaid in full, the amount of any unearned insurance premium
				for every policy shall be recorded on the account record.
f) If payment is made in any other way than
				in the ordinary course of business, it shall be so designated. (For example,
				payment by a third party, insurance claim or sale of security.)
g) If loan receivables are sold to another
				person the individual account record for such receivables shall show the name
				of the authorized person to whom sold and the date of such sale.
h) No erasures whatsoever shall be made in
				the payment and charge sections of any account record. In case of error, a line
				shall be drawn through the improper entry and the correct entry made on the
				following line. The entries on the record shall correspond with the receipts
				given the obligor.
i) Every
				licensee shall preserve the records of all loans, including the account record,
				for at least two years after making the final entry for such loan. Records
				shall be maintained in a form accessible to the Department. A licensee may
				maintain these files in any medium or format which accurately reproduces
				original documents or papers.