Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.265 - Servicing of Accounts by Contract

Universal Citation: 38 IL Admin Code ยง 110.265

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

Upon prior approval of the Director, the licensee may contract for servicing of accounts. A request for the Director's approval shall be in writing and include the following:

a) Name and address of proposed servicer;

b) Executed contract, conditioned upon approval by the Director, between licensee and servicer;

c) Contact person and telephone number of the servicer;

d) A statement that the licensee will make all books, records, and account information readily available for examination by the Division;

e) A statement that the licensee will pay all examination expenses in accordance with Section 10 of the Act;

f) Written consent of servicer for the Division to conduct its examination; and

g) A list of all Illinois licensees held by the proposed servicer.

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