Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.140 - Sale of Security
Current through Register Vol. 48, No. 12, March 22, 2024
The following regulations shall be observed in the sale of security:
a) The account record shall give the following information:
b) The files of the licensee shall contain:
c) No waiver of the provisions of the Uniform Commercial Code safeguarding the rights of the obligor shall be accepted by a licensee prior to default.
d) When the collateral is abandoned and the address of the obligor is unknown, notice of sale and statement of final accounting shall be sent to the last known address by registered or certified mail, return receipt requested.
e) In connection with the sale of collateral given as security for loans after default, the licensee shall make only such charges for expense incurred as are permitted by the applicable provision of the Uniform Commercial code which charges must be reasonable, taking into consideration the nature of the collateral, the circumstances surrounding the sale, the fair market value of the collateral and the amount of the indebtedness. Such charges must be substantiated by paid receipts.