Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.225 - Verification of Amount Owing
Universal Citation: 38 IL Admin Code ยง 110.225
Current through Register Vol. 48, No. 12, March 22, 2024
Upon written request by either the obligor or the obligor's appointed designee to obtain the amount owing to satisfy the loan in full, the licensee shall provide the following information in a form agreed to in the loan contract no later than 3 business days after receiving the request:
a) Net amount owing as of the date of response;
b) For interest-bearing loans, the per diem interest that will accrue for every day after the response;
c) For precomputed loans, the date that the amount owing, as stated in the response, will expire.
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