Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT
Section 1010.170 - Books and Records
Universal Citation: 38 IL Admin Code ยง 1010.170
Current through Register Vol. 48, No. 12, March 22, 2024
a) Licensees must maintain a general ledger, maintain a cash receipt and disbursement journal, and reconcile bank accounts at least monthly.
b) Licensees shall maintain, for each student loan serviced, the following information:
1)
the student loan application, if available;
2) disclosure statements sent to the
borrower;
3) the promissory note or
loan agreement;
4) the complete
loan history;
5) qualified written
requests;
6) instructions from the
borrower, if any, on how to apply overpayments;
7) statements of account sent to the
borrower; and
8) any additional
records the Director may designate.
c) Each licensee must maintain books and records (see subsections (a) and (b)) at a location designated by the licensee.
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