Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.105 - Delinquency or Default Charges

Universal Citation: 38 IL Admin Code ยง 110.105

Current through Register Vol. 48, No. 12, March 22, 2024

a) Delinquency charges may be assessed and collected and added to the balance of the note, but interest shall not be collected on charge.

b) Earned, but uncollected delinquency charges shall be recorded on the account record on the date the delinquent payment is received, if the licensee intends to collect the charges at a later date.

c) A licensee shall not directly or indirectly, to levy or collect any delinquency charge on a payment, which payment is otherwise a full payment for the applicable period and is paid on its due date or within an applicable grace period when the only delinquency is attributable to late fees or delinquency charges assessed on earlier installments.

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