Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart D - OPERATIONS AND SUPERVISION
Section 1050.430 - Late Audit Reports

Audit reports not delivered within 90 days after the date specified in Section 3-2 of the Act, unless extended for cause by the Director, shall cause the licensee to pay a fee at the rate of $50 per calendar day for up to three months. An independent auditor may be appointed by the Director at the expense of the licensee at any time after the 90th day. To qualify for an extension of time, a licensee shall apply to the Director in writing at least 15 days prior to the deadline. In determining whether to grant an extension of time, the Director shall consider whether the extension of time is based on conditions beyond the control of the licensee. The Director shall appoint an independent auditor when the licensee is engaged in the activities of residential mortgage lending and has failed after the 90th day to submit the required certified annual audited financial statements, and has not been granted an extension by the Director.