Illinois Administrative Code

Section 110.260 Off-Site Records With the Director's prior written approval, the licensee may retain records at a location other than the licensed location. The licensee shall make a written request that shall include the following: a) Address of off-site location. b) Contact per…

Section 110.265 Servicing of Accounts by Contract 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 c…

Section 110.270 Revocation or Suspension of License If it is determined that the Director had the authority to issue the suspension or revocation of a license pursuant to Section 9 of the Act, the Director may issue orders reasonably necessary to correct, eliminate or remedy the …

Section 110.280 Gross Monthly Income Verification − Official Documentation (Repealed) (Source: Repealed at 47 Ill. Reg. 9271, effective June 20, 2023)

Section 110.290 Consumer Service a) For the purposes of this Part, "certified database" or "database" means the consumer reporting service database established pursuant to the Payday Loan Reform Act [815 ILCS 122]. b) The Division shall approve a database as a method of reporting…

Section 110.30 Individual Account Records a) An individual account record shall be kept for each obligor. Individual account records shall show the name and address of the obligor, co-makers, or sureties, loan number, date of loan, the number of payments, the amount of payments a…

Section 110.300 Definitions "Motor vehicle" shall mean a motor vehicle as defined in the Illinois Vehicle Code [625 ILCS 5/1-146]. "Title-secured lender" shall mean any licensee engaged in making any title-secured loans. "Title-secured loan" shall mean a loan made pursuant to the…

Section 110.310 Applicability of Rule This Subpart B, as well as Subpart A, shall apply to any title-secured lender as defined in Section 110.300 of this Part. (Source: Amended at 33 Ill. Reg. 4142_____, effective__________)

Section 110.320 Application for License (Repealed) (Source: Repealed at 45 Ill. Reg. 6519, effective August 1, 2022)

Section 110.330 Renewal of License (Repealed) (Source: Repealed at 45 Ill. Reg. 6519, effective August 1, 2022)

Section 110.340 Loan Terms a) Beginning August 1, 2023, any required rebate of finance charge for a precomputed title-secured loan may be calculated using the actuarial method, defined by the federal Truth in Lending Act (15 U.S.C. 1601 et seq.) and Regulation Z, Appendix J (12 C…

Section 110.350 Release of Lien a) A title-secured lender must immediately take into possession the registered electronic or physical title evidencing the obligor's ownership in the motor vehicle and shall note on the face of the loan agreement the vehicle's make, model, year of …

Section 110.360 Availability of Debt Management Services a) Before entering into a title-secured loan agreement, licensee must give to the obligor a pamphlet, approved by the Director, describing the availability of debt management services and the obligor's rights and responsibi…

Section 110.370 Lending Limits and Refinancing a) No title-secured loan shall be made in an amount that the scheduled principal and interest payment for any one monthly payment on the loan exceeds 22.5% of the obligor's gross monthly income. b) The loan agreement shall advise the…

Section 110.380 Second Notice At the time a title-secured lender conveys a second notice to an obligor indicating the obligor is in arrears or any notice that the obligor is in default for a debt issued by the lender under the Act, the licensee shall include with the notice a sta…

Section 110.390 Possession of Vehicle a) Unless otherwise provided for in the loan agreement, a lender shall not take or retain possession of the keys (or a copy of the keys) to a motor vehicle used to secure a title-secured loan. b) No title-secured lender may take possession of…

Section 110.40 File of Original Papers a) Files 1) A separate file shall be maintained for each obligor and shall contain the note, security agreement, or financing statement, wage assignment, acknowledged copy of the disclosure statement of loan, insurance certificate, a separat…

Section 110.400 Loan Proceeds A lender must issue the proceeds of a title-secured loan in the form of a check drawn on the licensee's bank account, in cash, by electric fund transfer or by money order. When the proceeds are issued in the form of a check drawn on the lender's bank…

Section 110.410 Security Interest a) A title-secured lender shall not take a security interest in any of the obligor's property other than the obligor's motor vehicle title, as tendered to the lender at the time of the making of the loan. b) Notwithstanding subsection (a), a titl…

Section 110.420 Approved Database a) Lender Input into Database 1) Within 90 days after a title-secured loan is made, the lender shall enter into the approved database the following information: A) Obligor's Social Security Number, Alien Identification Number, or other official i…

Section 110.430 Gross Monthly Income Verification a) Prior to making a title-secured loan, the lender must obtain from the obligor one or more of the following types of documentation to verify the gross monthly income of the obligor as required by Section 110.370(a). 1) A copy of…

Section 110.5 Applicability All rules in this Part, unless context indicates otherwise, apply only to loans made pursuant to the Consumer Installment Loan Act. (Source: Added at 47 Ill. Reg. 9271, effective June 20, 2023)

Section 110.50 Cash Book a) All receipts and disbursements of any amount whatsoever shall be entered, on the day they occur, in the cash book or equivalent record. Separate headings shall be provided for payments on principal and interest and for fees collected from obligors for …

Section 110.500 Definitions (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.505 Applicability of Rule (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.510 Good Faith Requirements (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.515 Fraudulent or Deceptive Practices (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.520 Prohibited Refinances (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.525 Negative Amortization (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.530 Negative Equity (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.535 Balloon Payments (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.540 Financing of Certain Points and Fees (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.545 Financing of Single Premium Insurance Products (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.550 Lending Without Due Regard to Ability to Repay (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.555 Verification of Ability to Repay (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.560 Payments to Contractors (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.565 Counseling Prior to Perfecting Foreclosure (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.570 Mortgage Awareness Program (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.575 Offer of Mortgage Awareness Program (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.580 Third Party Review (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)

Section 110.60 Alphabetical Record of Co-Makers, Obligors or Guarantors The alphabetical record shall show the account number and the name of each co-maker, obligor, or guarantor who is currently indebted to the licensee, together with sufficient information to locate the account…

Section 110.65 Permanent File Each licensee must maintain a permanent file which includes the following: a) A copy of all correspondence sent to or received from the Division within the past 24 months. b) A copy of the last two examination exception reports and any related corres…

Section 110.70 Payments a) All payments shall be credited on the account record as of the date received. Interest charges, as provided by the Act, shall be collected only from the date the proceeds of the loan are delivered to or expended on behalf of the obligor, even though the…

Section 110.80 Interest-Bearing Loans a) No payment shall be accepted on the principal balance unless interest is paid to date or is agreed to by the licensee, except a payment may be credited to principal if the amount of the payment is not sufficient to pay the interest due for…

Section 110.90 Cancellation and Return of Documents The contract and promissory note executed by the obligor bearing evidence of indebtedness shall be cancelled and returned to the obligor promptly following the renewal or paid in full date. Where prior written approval has been …

Section 110.APPENDIX C Disclosure of 36% Rate Cap DISCLOSURE OF 36% RATE CAP A lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a loan, as calculated under the Illinois Predatory Loan Preventi…

Section 110.TABLE A Illinois Rule of 78 Fractions for Rebating Charges According to Number of Months Originally Contracted For and Number of Months Prepaid in Full for Contracts of 2 to 120 Months (Repealed) (Source: Repealed at 30 Ill. Reg. 12558, effective July 7, 2006)