Illinois Administrative Code

Section 210.200 Hearing Procedures All administrative hearings shall be conducted in accordance with 38 Ill. Adm. Code 100. (Source: Amended at 46 Ill. Reg. 17948, effective October 27, 2022)

Section 210.210 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 210.220 Servicing of Accounts by Contract Upon prior approval of the Director, the licensee may contract with a third party provider for servicing of accounts (e.g., processing of payments, collections, etc.). A request for the Director's approval shall be in writing and …

Section 210.230 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 4-10(f) of the Act, he or she may issue orders as may be reasonably necessary to correct, eliminate o…

Section 210.240 Consumer Written Verification of Compliance with Act a) Prior to the implementation of a certified database and in the absence of the availability of a certified database, a consumer written verification form must be completed to verify that a proposed loan agreem…

Section 210.250 Gross Monthly Income Verification 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…

Section 210.260 Certified Database/Commercially Reasonable Method of Verification a) Certified Database. In order to certify a consumer reporting service as a commercially reasonable database pursuant to the Act, the provider must comply with the following provisions: 1) Single, …

Section 210.270 Violation of Federal Law – Section 670 of the John Warner National Defense Authorization Act Payday Loans to Covered Military Members and Covered Dependents The following requirements are substantially taken from Section 670 of the Warner Act, with the Warner Act'…

Section 210.30 Individual Account Records a) An individual account record, that may be maintained in electronic form, shall be kept for each consumer. The account record shall show the name and address of the consumer, co-makers, or sureties, loan number, date of loan, the number…

Section 210.40 File of Original Papers a) Files 1) A separate file shall be maintained for each consumer and shall contain the loan agreement, security agreement, wage assignment, acknowledged copy of the disclosure statement of loan, a separately signed statement indicating the …

Section 210.50 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 for fees collected from consumers. b) The cash book …

Section 210.60 Alphabetical Record of Co-Makers, Consumers or Guarantors The alphabetical record shall show the account number and the name of each co-maker, consumer or guarantor who is currently indebted to the licensee, together with sufficient information to locate the accoun…

Section 210.65 Permanent File Each licensee must maintain a permanent file that 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 corresp…

Section 210.70 Payments and Refunds a) All payments shall be credited on the account record as of the date received. b) When a payment is made in cash, the licensee shall give a receipt to the consumer. A receipt is not required for payment by check or money order unless requeste…

Section 210.72 Loan Terms a) No lender may make a payday loan to a consumer if the total of all payday loan payments coming due within the first calendar month of the loan, when combined with the payment amount of all of the consumer's other outstanding payday loans coming due wi…

Section 210.75 Installment Payday Loans (Repealed) (Source: Repealed at 46 Ill. Reg. 6550, effective August 1, 2022)

Section 210.80 Cancellation and Return of Documents The loan agreement executed by the consumer bearing evidence of indebtedness shall be cancelled and returned to the consumer promptly following the paid in full date or upon cancellation of future payment obligations pursuant to…

Section 210.90 Hypothecation at the Time of the Sale of Consumer's Loan Agreement a) A licensee may pledge, hypothecate or sell a loan agreement made under the provisions of the Act under the following conditions: 1) the licensee notifies the Division in writing within 10 days af…

Section 210.APPENDIX A 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 215.10 Definitions "Act" means the Predatory Loan Prevention Act [815 ILCS 123]. "Billing cycle" means the interval between the days or dates of regular periodic statements. Intervals are equal and no longer than a quarter of a year and are considered equal if the number …

Section 215.20 Terms of Loans Extended to Consumers a) General conditions. A lender who extends a loan to a consumer may not require the consumer to pay a PLPA APR for the loan with respect to the extension of a loan, except as: 1) Agreed to under the terms of the loan agreement …

Section 216.100 Rate Cap Disclosure Notices All retail installment contracts or agreements must include a separate disclosure signed by the consumer that states: "A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of …

Section 216.APPENDIX A Disclosure of 36% Rate Cap DISCLOSURE OF 36% RATE CAP A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a retail installment contract, as calculated under the Illinoi…

Section 217.100 Rate Cap Disclosure Notices All retail installment contracts or agreements must include a separate disclosure signed by the consumer that states: "A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of …

Section 217.APPENDIX A Disclosure of 36% Rate Cap DISCLOSURE OF 36% RATE CAP A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a retail installment contract, as calculated under the Illinoi…

Section 302.10 Scope This Part is promulgated pursuant to Section 6(e) of the Office of Banks and Real Estate Act [20 ILCS 3205/6(e)] and applies to all state banks.

Section 302.20 Definitions For purposes of this Part the following definitions shall apply: "Act" means the Illinois Banking Act [205 ILCS 5]. "Blacklist" means a list of persons marked by those who prepare the list or those among whom the list is intended to circulate with the i…

Section 302.30 Guidelines No state bank shall discriminate against any person because that person appears upon a blacklist issued by any domestic or foreign corporate or government entity.

Section 302.40 Implementation All state banks shall forbid discrimination by bank directors, officers or employees against any person because that person appears upon a blacklist.

Section 305.10 Definitions "Act" means the Illinois Banking Act [205 ILCS 5]. "Appropriate Federal Banking Agency " means the Federal Deposit Insurance Corporation, the Federal Reserve Bank of Chicago or the Federal Reserve Bank of St. Louis. "Branch Notice" means a copy of the s…

Section 305.100 Procedure to Establish and Maintain a Subsidiary to Manage Real Estate Obtained in Satisfaction of Debt Previously Contracted A state bank that seeks to establish and maintain a subsidiary in order to manage, market and dispose of real estate obtained in satisfact…

Section 305.20 Procedure to Establish and Maintain a Bank Branch A state bank that is not an eligible bank as defined in Section 305.10 and that seeks to establish and maintain a bank branch inside the United States or any state bank that seeks to establish a branch outside the U…

Section 305.30 Acknowledgment by the Office of Banks and Real Estate (Repealed) (Source: Repealed at 21 Ill. Reg. 8367, effective June 24, 1997)

Section 305.40 Date a Branch is Established and Maintained (Repealed) (Source: Repealed at 21 Ill. Reg. 8367, effective June 24, 1997) SUBPART C: SUBSIDIARIES

Section 310.100 Scope and Authority Pursuant to Section 7 of the Illinois Banking Act [205 ILCS 5/7] and Section 2-7 of the Corporate Fiduciary Act [205 ILCS 620/2-7], this Part establishes the minimum organizational capital requirements that must be met in order for proposed Sta…

Section 310.110 Definitions “Chicago, Illinois central business district” is generally considered as that part of the city of Chicago bounded by a line beginning with Lake Shore Drive on the east, thence south to Balbo Drive, thence west to Michigan Avenue, thence north to Harris…

Section 310.200 Minimum Organizational Capital Requirements for Banks The minimum organizational capital requirements that must be met to exercise the powers conferred in the Illinois Banking Act are as follows: a) $6,000,000 for a bank that is located in the Chicago, Illinois ce…

Section 310.210 When Greater Capital Requirements May Be Necessary a) Greater capital requirements may be required by the Commissioner if the condition and operations or the proposed scope of operations of the proposed or existing State bank require additional capital to achieve …

Section 310.220 Exceptions to Minimum Organizational Capital Requirements for Banks a) In applications involving a merger resulting in a State bank pursuant to Section 22 or Section 30 of the Illinois Banking Act, a conversion resulting in a State bank pursuant to Section 26 or 3…

Section 310.300 Minimum Organizational Capital Requirements for Trust Companies The minimum organizational capital requirement that must be met by an applicant for a certificate of authority under the Corporate Fiduciary Act to become an Illinois trust company is $3,000,000. The …

Section 310.310 When Greater Capital Requirements May Be Necessary a) Greater capital requirements may be required by the Commissioner if the condition and operations or the proposed scope of operations of the proposed or existing trust company require additional capital to achie…

Section 310.320 Exceptions to Minimum Organizational Capital Requirements for Trust Companies An Illinois trust company organized before January 1, 2003, when a lower capital requirement may have been in effect, may continue to operate under that lower capital requirement unless …

Section 310.330 Merger or Consolidation of Trust Companies In any merger or consolidation resulting in a trust company made pursuant to Section 3-1 of the Corporate Fiduciary Act, the resulting trust company must meet the minimum organizational capital requirement in effect at th…

Section 310.340 Adequacy of Capital Investments of Trust Companies (Repealed) (Source: Repealed at 41 Ill. Reg. 11328, effective August 28, 2017)

Section 315.110 Definitions The words and phrases used in this Part and not defined in this Section shall have the meanings ascribed to them in the Electronic Fund Transfer Act [205 ILCS 616]. "Act" means the Electronic Fund Transfer Act [205 ILCS 616]. "Secretary" means the Secr…

Section 315.210 Scope and Authority (Repealed) (Source: Repealed at 28 Ill. Reg. 1053, effective January 5, 2004)

Section 315.220 Statement of Claim, Response and Reply (Repealed) (Source: Repealed at 28 Ill. Reg. 1053, effective January 5, 2004)