Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 160 - SALES FINANCE AGENCY ACT
Subpart A - GENERAL PROVISIONS
Section 160.200 - Business Practices
Current through Register Vol. 48, No. 12, March 22, 2024
a) Notary fees shall not be charged to or collected from the obligor, co-maker, or surety.
b) No licensee shall take any power of attorney except to cancel any policies of insurance financed by the licensee as permitted by the Act and to receive either rebate of unearned premiums or loss payments.
c) No licensee shall transact business licensed under the Sales Finance Agency Act under any other name or at any other place of business than that named in the license.
d) Interest charges shall be collected only from the date the proceeds of the contract are delivered to or expended on behalf of the obligor, even if the contract bears a prior date.
e) No licensee shall knowingly purchase contracts from one who does either of the following:
f) Except as provided in this Part and as contained in the Act, the licensee may not charge the obligor a loan fee, points, finder's fee, service fee, transaction fee, activity fee, appraisal fee, investigation fee, credit report form or any such similar charge or fee.
g) Contract Provisions
"The retail buyer hereunder has been informed by the retail seller that his contract will be sold and assigned by the retail seller to _____________________ (a licensed Sales Finance Agency) and that the said Sales Finance Agency has a substantial interest in the business of the retail seller and that pursuant to the Sales Finance Agency Act [205 ILCS 660/8.12 ] the retail buyer may assert all defenses equally against the retail seller and said ______________________, Sales Finance Agency."
h) The licensee shall maintain in its permanent file the following: