Illinois Administrative Code

Section 160.130 Judgments a) When an account has been reduced to judgment, the face of the account card, in physical or digital form, shall show the amount and date of the judgment. When judgment is taken before maturity on a precomputed contract, the same rebate of finance charg…

Section 160.140 Sale of Security a) When part or all of the collateral is repossessed or sold, the fact must be noted on the account card. b) All credits from proceeds of the sale of security must be properly identified. c) The files of the licensee must contain: 1) When possessi…

Section 160.15 Application for License/Controlling Person a) An application for a sales finance agency license must be under oath and in the form the Director prescribes. The application shall contain the following: 1) The name of the applicant, including any other names the appl…

Section 160.150 Trouble File (Repealed) (Source: Repealed at 47 Ill. Reg. 9324, effective June 20, 2023)

Section 160.160 Lien Charges All official fees paid for the purpose of perfecting or releasing a security interest in property which may be the subject of any sale contract may be collected from the obligor. (Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)

Section 160.170 Insurance and Other Products a) Credit Life, Health and Accident: Licensees, at their option, may provide, but not require, decreasing term credit life insurance and credit accident and health insurance and make a charge to the obligor, providing the obligor has i…

Section 160.180 Office and Office Hours Every licensee shall maintain a place of business or website to which the general public shall have free access and where all obligations shall be payable. a) Except as authorized by the Department, each licensed office shall be open not le…

Section 160.190 Advertising a) No licensee shall represent either orally or in writing, directly or indirectly, by any means whatsoever, including but not limited to, the use of any office sign (except its duly issued license) or the use and circulation of any letterheads, billhe…

Section 160.2 Service by the Department All notices by the Department required under the Act or this Part shall be deemed to be served when a copy is deposited in the United States mail. (Source: Added at 47 Ill. Reg. 9324, effective June 20, 2023)

Section 160.20 Transaction Register a) The Transaction Register shall contain the original entry and be a permanent record. It shall show for every transaction the account number, date of transaction, nature of security, type and cost of insurance and amount of fees. b) It shall …

Section 160.200 Business Practices 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…

Section 160.205 Name Change Whenever the licensee desires to amend the name of the licensed business, the licensee shall submit to the Department, within 15 days after amending the name, the following: a) $300 amended name change fee. b) Amended Articles of Incorporation, if the …

Section 160.210 Examinations a) Licensees shall forward all examination remittances to the Division by any means designated by the Director. b) All fees and charges shall be remitted in the form designated and communicated by the Director. c) Examination 1) The Department may exa…

Section 160.220 Credit Practices No licensee or agent of the licensee while collecting or attempting to collect an alleged debt shall engage in any of the following acts: a) Using or threatening to use force or violence to cause physical harm to an obligor, the obligor's family o…

Section 160.230 Reports a) Licensees shall file with the Department such written reports as the Department may from time to time consider necessary. b) All applications, forms, and any other documents required to be filed or submitted under the Act or this Part shall be verified …

Section 160.240 Hearing Procedures All administrative hearings shall be conducted in accordance with 38 Ill. Adm. Code 100. (Source: Amended at 46 Ill. Reg. 12529, effective July 8, 2022)

Section 160.250 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 160.260 Off-site Records Upon prior written approval of the Director a licensee may retain physical records at a location other than the licensed facility. A request for the Director's approval shall be in writing and include the following: a) Address of proposed off-site…

Section 160.270 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 10 of the Act, the Director may issue orders as may be reasonably necessary to correct, eliminate or …

Section 160.280 Loan Sales a) For purposes of this Section: 1) "Act" means the Sales Finance Agency Act [205 ILCS 660]; and 2) "Licensee" means licensees under the Act and the Consumer Installment Loan Act [205 ILCS 670]. 3) "Transaction" means the pledge, hypothecation, sale, or…

Section 160.30 Individual Account Cards An individual account card shall be kept for each transaction or appropriate combination of records with respect to each finance agreement, which the licensee acquires pursuant to Section 2(a) of the Sales Finance Agency Act. a) Such accoun…

Section 160.300 Positive Net Worth a) A licensee shall maintain a positive net worth of a minimum of $30,000 at all times. b) A licensee shall provide a year-end balance sheet demonstrating that it has maintained a positive net worth of $30,000 no later than March 31 of the next …

Section 160.40 File of Original Papers a) A separate file shall be maintained for each obligor. Each such file shall contain the contract, security agreement or financing statement, wage assignment, evidence of compliance with the requirements of the federal Consumer Credit Prote…

Section 160.5 Definitions (Repealed) (Source: Repealed at 47 Ill. Reg. 9324, effective June 20, 2023)

Section 160.50 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 installments, charges, and for official fees collected and disbursed, and for …

Section 160.500 Definitions (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.505 Applicability of Rule (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.510 Good Faith Requirements (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.515 Fraudulent or Deceptive Practices (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.520 Prohibited Refinances (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.525 Negative Amortization (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.530 Negative Equity (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.535 Balloon Payments (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.540 Financing of Certain Points and Fees (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.545 Financing of Single Premium Insurance Products (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.55 Permanent File Each licensee shall maintain a permanent file which includes the following: a) A copy of all correspondence sent to or received from the Department within the past 24 months. b) A copy of the last two examination exception reports and any related cor…

Section 160.550 Lending Without Due Regard to Ability to Repay (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.555 Verification of Ability to Repay (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.560 Payments to Contractors (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.565 Counseling Prior to Perfecting Foreclosure (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.570 Mortgage Awareness Program (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.575 Offer of Mortgage Awareness Program (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.580 Third Party Review (Repealed) (Source: Repealed at 41 Ill. Reg. 11289, effective August 28, 2017)

Section 160.60 Alphabetical Record of Buyers, Co-Purchasers and Obligors The alphabetical record shall show the name of each buyer, co-buyer and obligor who is currently indebted to the licensee, together with sufficient information to locate the account card. A licensee may main…

Section 160.70 Payments a) All payments shall be credited on the account card as of the date received. b) A receipt shall be issued to the obligor for each payment received. c) When the finance charge is precomputed, the receipt for each payment shall show the date of payment, th…

Section 160.80 Delinquency Charges (Default Charges) All delinquency charges (Default Charges) shall comply with any requirements and provisions of applicable federal and State law under which the contract was made. (Source: Amended at 47 Ill. Reg. 9324, effective June 20, 2023)

Section 160.90 Cancellation and Return of Documents All original legal documents executed by the obligor evidencing indebtedness shall be cancelled and returned to the obligor promptly following the renewal or payment in full. Where original documents are not available, a license…