Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT
Section 1010.120 - Fees

Universal Citation: 38 IL Admin Code ยง 1010.120

Current through Register Vol. 48, No. 38, September 20, 2024

a) The fees listed in this Section shall be payable to the Department, or to NMLS for transfer to the Division, as approved by the Director. The Director will specify the form of payment to the Division or to NMLS, which may include certified check, money order, credit card, or other forms authorized by the Director. NMLS shall be authorized to collect and process transaction fees or other fees related to licensees or other persons subject to the Act.

b) License Fees

1) Application and Investigation. For each application for an initial license, the applicant shall pay a nonrefundable initial application fee of $1000 (see Sections 15-15 and 20-80 of the Act) and a nonrefundable background investigation fee of $800, or the amount authorized by Sections 15-15 and 20-80 of the Act.

2) License Renewal. For each application for an annual renewal of a license, the applicant shall pay a nonrefundable renewal fee of $1,000 (see Section 20-80 of the Act). In the case of an inactive license, the applicant shall pay the nonrefundable renewal fee and an additional nonrefundable reactivation fee equal to the renewal fee, pursuant to Section 15-40(c) of the Act.

3) Notice of Change of Ownership or Control. The licensee shall pay a nonrefundable fee of $500 for each notice of change of ownership or control filed pursuant to Section 1010.130.

4) Notice of Change of Officers or Directors or Change of Name or Address. The licensee shall pay a nonrefundable fee of $50 for each notice of change of officers or directors or change of name or address filed pursuant to Section 1010.130.

c) Returned Payment. Any licensee or person who delivers a check or other payment to the Department that is returned unpaid by the financial institution upon which it is drawn shall pay to the Department, in addition to the amount already owed, a fee of $50.

d) Examination Fees

1) Time expended in the conduct of any examination of the affairs of any licensee or its affiliates pursuant to Section 15-40 of the Act shall be billed by the Department at a rate of $510 per examiner day. Fees will be billed following completion of the examination and shall be paid within 30 days after receipt of the billing.

2) Out-of-State Travel. When out-of-state travel occurs in the conduct of any examination, the licensee shall make arrangements to reimburse the Department all charges for services such as travel expenses, including airfare, hotel and per diem incurred by the employee. These expenses are to be in accord with applicable travel regulations published by the Department of Central Management Services and approved by the Governor's Travel Control Board (80 Ill. Adm. Code 2800).

e) Hearings. Each party that requests a hearing pursuant to Sections 20-30 and 20-65 of the Act shall pay a nonrefundable fee of $500, unless the fee is waived by the Director. In determining whether to waive the fee, the Director shall consider the financial hardship imposed on the party.

f) Assessments. Each licensee shall pay to the Division its pro rata share of the cost for administration of the Act that exceeds other fees listed in this Section, as estimated by the Division, for the current year and any deficit actually incurred in the administration of the Act in prior years. Each licensee's pro rata share shall be the percentage that the number of borrowers serviced in Illinois by the licensee bears to the total number of borrowers serviced by all licensees in Illinois.

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