Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 110 - CONSUMER INSTALLMENT LOAN ACT
Subpart A - GENERAL PROVISIONS
Section 110.50 - Cash Book

Universal Citation: 38 IL Admin Code ยง 110.50

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

a) All receipts and disbursements of any amount whatsoever shall be entered, on the day they occur, in the cash book or equivalent record. Separate headings shall be provided for payments on principal and interest and for fees collected from obligors for filing, recording, and releasing security agreements, financing statement for perfecting a lien on a motor vehicle, or for amounts received for any type of insurance coverage. In the case of precomputed loans, payments applied to the note may be shown as a total sum and need not be itemized between principal and precomputed charges. Additional charges collected for delinquency shall be itemized or otherwise separately indicated.

b) The cash book shall show all fees paid by the licensee for filing, recording, and releasing security agreements, for financing statements or for perfecting a lien on a motor vehicle, and the actual date of payment.

c) The cash book shall be a permanent record of all details of income and disbursements, including all entries to individual accounts of borrowers. A licensee may maintain these files in any medium or format which accurately reproduces original documents or papers.

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