Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.230 - Wage Assignments

Universal Citation: 38 IL Admin Code ยง 110.230

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

a) A wage assignment may only be taken from any employed obligor. An "obligor", as the word is used in this Part, includes co-makers or sureties as well as the person actually receiving the money. Any wage assignment must comply with all applicable federal and State law.

b) Any loan that is a transaction in which the licensee accepts a wage assignment must meet the requirements of this Act, the requirements of the Illinois Wage Assignment Act, and the requirements of 16 C.F.R. 444.2(a)(3)(i) (2003) (no subsequent amendments or editions are included). A violation of this Section constitutes a material violation of the Consumer Installment Loan Act.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.