Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 160 - SALES FINANCE AGENCY ACT
Subpart A - GENERAL PROVISIONS
Section 160.250 - Servicing of Accounts by Contract

Universal Citation: 38 IL Admin Code ยง 160.250

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

Upon prior approval of the Director, the licensee may contract for servicing of accounts. A request for the Director's approval shall be in writing and include the following:

a) Name and address of proposed servicer.

b) Executed contract, conditioned upon approval by the Director, between licensee and servicer.

c) Contact person and telephone number of the servicer.

d) A statement that the licensee will make all books, records and account information readily available for examination by the Department.

e) A statement that the licensee shall pay all examination expenses under Section 7 of the Act.

f) Written consent of servicer for the Department to conduct its examination.

g) A list of all Illinois licensees held by the proposed servicer.

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