Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 140 - DEBT MANAGEMENT SERVICE ACT
Section 140.20 - Bank Account

Universal Citation: 38 IL Admin Code ยง 140.20

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

a) A separate trust bank account shall be maintained for the purpose of depositing customer's receipts and making disbursements to creditors or transferring earned fees to the general account. Funds shall be deposited within one business day after receipt.

b) Trust account bank statements and cancelled checks shall be retained at the office of the licensee for a period of 3 years.

c) Copies of the original trust account bank statement and canceled checks, either in hard copy, microfilm, microfiche, or by other electronic means, shall be kept at the office of the licensee, at licensee's headquarters, or at an off-site storage facility for a period of 5 years.

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