Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 210 - PAYDAY LOAN REFORM ACT
Section 210.170 - General
Universal Citation: 38 IL Admin Code ยง 210.170
Current through Register Vol. 48, No. 12, March 22, 2024
a) Notary fees shall not be charged to or collected from the consumer.
b) Examination of Records
1) The Division may examine all records and
investigate any or all transactions in the office of the licensee and shall
charge the licensee $400 for each examiner day or portion of an examiner
day.
2) The examination of the
books and records of the licensee may be conducted concurrently with the
examination of any other business conducted by the licensee that is regulated
or licensed by the Division. A separate charge shall be made for each examiner
day or portion of an examiner day.
3) The Division may conduct an examination
for the purpose of verifying that the licensee has taken necessary actions to
correct violations of the Act or this Part and shall charge the licensee $550
for each examiner day or portion of an examiner day, when the Director
determines the verification examination must be performed on site at any
facility of the licensee.
c) For the purpose of any reports required by the Division, expenses of all businesses conducted in the licensed office shall be allocated to each separate business at the end of each year. The Division shall require information as to all the businesses in the licensee's annual report.
d) A lender may charge a borrower a fee not to exceed $1 for the verification required under Section 2-15 of the Act. Only one such fee may be collected by the lender with respect to a particular loan.
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