Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 160 - SALES FINANCE AGENCY ACT
Subpart A - GENERAL PROVISIONS
Section 160.140 - Sale of Security
Current through Register Vol. 48, No. 12, March 22, 2024
a) When part or all of the collateral is repossessed or sold, the fact must be noted on the account card.
b) All credits from proceeds of the sale of security must be properly identified.
c) The files of the licensee must contain:
d) In connection with the sale after default of collateral for a debt, the licensee shall only make charges for expenses incurred as are permitted by the applicable provisions of the federal and State law which charges must be reasonable, taking into consideration the nature of the security, the circumstances surrounding retaking and the sale, the fair market value of the collateral and the amount of the indebtedness. Such charges must be substantiated by paid receipts. The licensee may charge any necessary expense in connection with the retaking and sale of collateral, including all expense incurred for required repairs to restore the collateral to a saleable condition, and for mechanic's liens, storage liens, and similar liens occasioned by the obligor.