Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 150 - COLLECTION AGENCY ACT
Section 150.120 - Creditor Accounts
Current through Register Vol. 48, No. 12, March 22, 2024
a) Each licensed collection agency office which collects funds for creditors shall maintain a current accounting system which shall show the monies due and owing to creditors as well as the funds in the trust account from which appropriate remittance may be made by the collection agency to creditors.
b) Accounts and records of each agency shall include:
c) The trust account shall be reconciled each month.
d) All accounts and records of each account referred to in this Section shall be kept for a period of four years after the account is closed.
e) A collection agency may employ an accounting system based on sound accounting principles which utilizes electronic data processing equipment and that includes the information set forth in Section 150.110(b).