Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.200 - Business Practices
Current through Register Vol. 48, No. 12, March 22, 2024
a) Unless otherwise authorized by the Act, no other business may be conducted at the licensed location unless authorized in writing by the Director. The Director's authorization to conduct other businesses at the licensed location shall be referred to as an Other Business Authorization. The Director's authorization will be predicated upon the licensee's agreeing to the following:
b) No person who is an obligor of a licensee may become a surety or co-maker for one or more obligors of the same licensee, if the obligor's aggregate direct or contingent liability is in excess of maximum principal amounts specified in Section 15 of the Act.
c) Notary fees shall not be charged to or collected from the obligor, surety, or co-maker.
d) No penalty charge other than provided by the Act or this Part shall be imposed by the licensee in the event of prepayment of the principal of the obligation, in whole or in part.
e) Loans secured by real estate made under the Act shall disclose on the face of the contract that the loan is being made pursuant to the Consumer Installment Loan Act.