Illinois Administrative Code

Section 170.110 Examinations The Department may examine all licensees from time to time pursuant to Section 115 of the Act. The Department may examine a licensee at any time, with or without notice.

Section 170.120 Relocation Whenever a licensee desires to change the licensed place of business to a location other than that set forth in the license and the licensee shall provide the Department with the following at least ten days prior to the relocation: a) A relocation fee o…

Section 170.130 Name Change Whenever the licensee desires to amend the name of the licensed business, including the addition of an Other Trade Name (DBA), the licensee shall submit to the Department, within 15 days after amending the name, a change of name fee of $50, the amended…

Section 170.140 Verification of Resolution Amount a) Upon written request by either the consumer or the consumer’s attorney, the licensee shall provide in writing the resolution amount due as of the date of the response no later than three business days after receiving the reques…

Section 170.150 Off-Site Records With the Secretary’s prior written approval, the licensee may retain physical records at a location other than the licensed location. Prior approval is not required to maintain records in an electronic processing system at any location. To retain …

Section 170.160 Servicing of Accounts by Contract Upon prior approval of the Secretary, the licensee may contract for servicing of accounts. A request for the Secretary’s approval shall be in writing and include the name, address, and contact information for the proposed servicer…

Section 170.170 Transfer of Funding Contracts A licensee shall notify the Department no more than 30 days after pledging, hypothecating, selling, or otherwise conveying any interest in a consumer legal funding contract, in whole or in part.

Section 170.180 Revocation or Suspension of License If it is determined that the Secretary had the authority to issue the suspension or revocation of a license pursuant to Section 135 of the Act, the Secretary may issue orders reasonably necessary to correct, eliminate, or remedy…

Section 170.190 Office Hours Each licensee shall maintain a website, email address, or telephone service. The website, email address, or telephone service shall, at a minimum, provide consumers with capabilities reasonably adequate for efficiently handling communications, questio…

Section 170.20 Definitions For purposes of this Part, the following definitions apply: “Act” means the Consumer Legal Funding Act [815 ILCS 121]. “Advertise” means publishing or disseminating any written, electronic, or printed communication, or any communication by means of reco…

Section 170.200 Financial Coaching Disclosure Each consumer legal funding contract shall include a separate disclosure page entitled “FINANCIAL COACHING INFORMATION” which will provide the consumer with information on accessing a financial coaching program. The disclosure shall b…

Section 170.210 Refinancing a) For purposes of this Section, the following definitions apply: 1) "Additional funding" means a consumer legal funding related to the same legal claim as an original funding that does not pay the outstanding balance of an existing funding or fundings…

Section 170.220 Pro Rata Fee a) Each licensee shall pay to the Department its pro rata share of the cost for administration of the Act that exceeds other fees listed in this Section, as estimated by the Department, for the current year and any deficit actually incurred in the adm…

Section 170.30 Administration and Enforcement of the Act The Director and Division shall administer and enforce the Act. The provisions of the Financial Institutions Code [20 ILCS 1205] shall apply to licensees, applicants, and any activity covered by the Act.

Section 170.310 Purpose and Scope a) Purpose. The purpose of this Subpart is to establish the procedures and standard by which the Secretary shall determine whether to disclose confidential supervisory information in response to a request for discovery or disclosure of such infor…

Section 170.320 Definitions For purposes of this Subpart: “Compelling need” means that no other non-confidential source is available to obtain information of equal relevance. “Complete request” means a request that provides all of the information required in Section 170.330 of th…

Section 170.330 Requests for Confidential Supervisory Information Pursuant to Section 115 of the Act, a request for confidential supervisory information whether by subpoena, order, or other judicial or administrative process, shall be made to the Secretary. If the request is for …

Section 170.340 Where to Submit a Request A person requesting discovery or disclosure of confidential supervisory information under this Part shall: a) email the request to FPR.DFI.Director@Illinois.gov and FPR.consumercredit@Illinois.gov; and b) mail or hand deliver the request …

Section 170.350 Consideration of Requests a) Standards for the Disclosure of Confidential Supervisory Information. 1) When making a determination with respect to the disclosure of confidential supervisory information, the Secretary shall consider the following standards: A) the c…

Section 170.360 Disclosure of Confidential Supervisory Information a) Conditions and Limitations. The Secretary may impose any conditions and limitations on the disclosure of confidential supervisory information that are necessary to protect the confidentiality of such informatio…

Section 170.370 Retrieval and Destruction of Previously Disclosed Confidential Supervisory Information Used in Litigation At the conclusion of an action: a) The requester, and each party who may have subsequently received confidential supervisory information pursuant to a protect…

Section 170.380 Fees for Services a) The Secretary, in their sole discretion, may charge the following fees for any record search or copying performed by the Secretary in connection with a request for confidential supervisory information: 1) Reproduction costs incurred in making …

Section 170.40 Minimum Requirements for Office Records a) Every licensee shall keep the following records at the licensed location in any medium or format, including electronic, that accurately reproduces original documents, records, or papers: 1) Register of all consumer legal f…

Section 170.50 Individual Account Record a) An individual account record shall be kept for each consumer who has a funding with the licensee. Such account record shall show the name and address of the consumer(s), account number, funding date, funding amount, resolution date (if …

Section 170.60 Payments a) All payments shall be credited on the individual account record as of the date received and a written receipt shall be provided to the consumer and the consumer’s attorney. b) The receipt shall be provided to the consumer and consumer’s attorney in any …

Section 170.70 Determination of Payment a) Each licensee shall establish a reasonable written policy for making the determination that it will accept an amount lesser than the schedule resolution amount in full resolution of the funding and how the licensee will determine any suc…

Section 170.71 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 Department within the past 24 months. b) A copy of the last two examination exception reports and any related corr…

Section 170.80 Return of Documents All legal instruments taken in connection with a funding and executed by a consumer shall be returned to the consumer, physically or electronically, promptly following the resolution date or the satisfaction date. To satisfy the requirements of …

Section 170.90 Advertising a) Licensees shall not make reference, in any form of marketing or advertising, to “Low rates”, or “Lower rates”, or “Lowest rates”, or “Lowest cost”, or indicate by direct or indirect means through such expression as “Low cost”, “Lower cost”, or “Easie…

Section 185.10 Authority, Purposes and Scope a) The Illinois Community Reinvestment Act (ILCRA) [205 ILCS 735] authorizes this Part. b) Purposes. This Part is intended to carry out the purposes of the Illinois Community Reinvestment Act (ILCRA) by establishing the framework and c…

Section 185.20 Definitions For purposes of this Part, the following definitions apply: "Affiliate" means any company that controls, is controlled by, or is under common control with another company. The term "control" has the meaning given to that term in 12 U.S.C. 1841(a)(2), an…

Section 185.200 Assessment Factors a) As used in this Part, "assessment factors" means the assessment of the following factors to determine whether a credit union is meeting the financial services needs of local communities: 1) activities to ascertain the financial services needs…

Section 185.210 Performance Tests, Standards, and Ratings, In General a) Performance tests and standards. The Secretary assesses the ILCRA performance of a credit union in an examination as follows: 1) The Secretary shall apply the assessment factors, as provided in Section 185.2…

Section 185.220 Lending Test a) Scope of test. 1) The lending test evaluates a credit union's record of helping to meet the credit needs of its assessment field through its lending activities by considering a credit union's home mortgage, small business and community development …

Section 185.230 Investment Test a) Scope of test. The investment test evaluates a credit union's record of helping to meet the credit needs of its assessment field through qualified investments that benefit its assessment field. b) Exclusion. Activities considered under the lendi…

Section 185.240 Service Test a) Scope of test. The service test evaluates a credit union's record of helping to meet the credit needs of its assessment field by analyzing both the availability and effectiveness of a credit union's systems for delivering retail banking services an…

Section 185.250 Community Development Test for Wholesale or Limited Purpose Credit Unions a) Scope of test. The Secretary assesses a wholesale or limited purpose credit union's record of helping to meet the credit needs of its assessment field under the community development test…

Section 185.260 Small Credit Union and Intermediate Small Credit Union Performance Standards a) Performance criteria. 1) Except as set forth in Section 185.450, the Secretary evaluates the record of a small credit union of helping to meet the credit needs of its assessment field …

Section 185.270 Strategic Plan a) Alternative election. The Secretary will assess a credit union's record of helping to meet the credit needs of its assessment field considering all of the applicable assessment factors in Section 185.200 under a strategic plan if: 1) the credit u…

Section 185.280 Assigned Ratings a) Ratings in general. Subject to subsections (b) and (c), the Secretary assigns to a credit union a rating of "outstanding", "satisfactory", "needs to improve", or "substantial noncompliance" based on the credit union's performance under the lend…

Section 185.290 Effect of ILCRA Performance on Applications a) ILCRA Performance. Among other factors, the Secretary takes into account the record of performance under the ILCRA of each applicant credit union in considering an application for approval of: 1) The relocation of the…

Section 185.400 Assessment Field Delineation a) The Secretary does not evaluate the institution's delineation of its assessment field as a separate performance criterion, but the Secretary reviews the delineation for compliance with the requirements of this Section. b) Except as …

Section 185.410 Data Collection, Reporting, and Disclosure a) Credit unions shall comply with all data collection, reporting and disclosure requirements as required by applicable law. b) A credit union, except a credit union that meets the definition of a small credit union or in…

Section 185.420 Content and Availability of ILCRA File a) Information available to the field of membership. A credit union shall maintain an ILCRA file for its field of membership that includes the following information: 1) all written comments received from the public for the cu…

Section 185.430 Public Notice by Credit Union A credit union shall provide in the public lobby of its main office and each of its branches, if any, and on its website, the appropriate public notice set forth in 185.APPENDIX B. Only a branch of a credit union having more than one …

Section 185.440 Publication of Planned Examination Schedule The Secretary publishes at least 30 days in advance of the beginning of each calendar quarter a list of credit unions scheduled for ILCRA examinations in that quarter.

Section 185.450 Very Small Credit Union Examination Procedures a) At the time of examination any credit union that satisfies either of the following eligibility standards as shown in its Year-end Call report and other related documentation may elect to use the Very Small Credit U…