Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 210 - PAYDAY LOAN REFORM ACT
Section 210.250 - Gross Monthly Income Verification
Universal Citation: 38 IL Admin Code ยง 210.250
Current through Register Vol. 48, No. 12, March 22, 2024
a) Prior to making a loan under the Act, the licensee must obtain from the consumer one or more of the following types of documentation to verify the gross monthly income of the consumer as required by Section 2-5(e) of the Act.
1) A copy of the consumer's official pay stub
or official payroll receipt, for the period 30 days prior to the date on which
the loan is made.
2) A copy of the
consumer's official receipt documenting payment of government benefits, for the
period 30 days prior to the date on which the loan is made.
3) A contract that provides for funds to have
been paid to the consumer within the 30 days prior to the date on which the
loan is made, and documentation reflecting that the funds have actually been
paid.
4) Other documentation as
approved by the Director.
b) If two or more persons jointly apply for credit, each must list income on the application, and the aggregate of all borrowers' income may be taken into account when calculating the maximum gross monthly income under Section 2-5(e) of the Act. The licensee must obtain documentation of gross monthly income pursuant to this Section with respect to all applicants.
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