Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT
Section 1010.120 - Fees
Current through Register Vol. 47, No. 25, June 23, 2023
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
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
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.
Added at 44 Ill. Reg. 16445, effective 10/9/2020.