Illinois Administrative Code

Section 398.5 Definitions "Act" means the Corporate Fiduciary Act [205 ILCS 620/5]. "Department" means the Department of Financial and Professional Regulation. "Director" means the Director of the Division of Banking with the authority delegated by the Secretary. "Division" means…

Section 399.10 Purpose The Commissioner of Banks and Real Estate is authorized to promulgate reasonable rules setting forth standards for the operation and conduct of the affairs of corporate fiduciaries to ensure their safe and sound operation. The purpose of this Part is to set…

Section 399.110 Purpose The Commissioner is authorized to determine the minimum capital, surplus and reserves required for the safe and sound operation of corporate fiduciaries. Corporate fiduciaries that are state banks are subject to the investment limitations contained in the …

Section 399.120 Investments For purposes of determining the adequacy of capital, surplus and reserves, a trust company, when purchasing, selling and holding investments for its own accounts, shall be subject to the same limitations and conditions with respect to such investments …

Section 399.20 Definitions "Banking Act" means the Illinois Banking Act [205 ILCS 5]. "Commissioner" means the Commissioner of Banks and Real Estate. "Corporate fiduciary" shall have the meaning ascribed to it in Section 1-5.05 of the Corporate Fiduciary Act. "Corporate Fiduciary…

Section 600.10 Definitions As used in this Part, the following terms are used as hereinafter defined unless the context requires a different meaning. The term "Act" means The Cemetery Care Act (Ill. Rev. Stat. 1983, ch. 21, pars. 64.1 et seq.). The term "Care Funds" is defined as…

Section 600.20 Agreement to be Entered into by an Investment Company Under Section 2 of the Act to be in Form Prescribed by the Comptroller An investment company desiring to enter into an agreement with the Comptroller as in Section 2 of the Act provided shall submit an applicati…

Section 600.30 Number of Copies – Signatures a) Four copies of the completed application, including exhibits and all other papers and documents filed as a part of the application, shall be filed with the Comptroller. b) At least one copy of every application shall be manually sig…

Section 600.40 Requirements as to Paper, Printing, and Language a) The application shall be filed on good quality, unglazed, white paper 8½ by 13 inches in size, insofar as practicable. Exhibits may be on paper of a different size if the applicant so desires. b) The application a…

Section 610.10 Statutory Authority a) Form and Review of Pre-Need Contracts. 1) All pre-need contracts must be in writing. Any use or attempted use of any oral pre-need contract or any written pre-need contract in a form that does not meet the requirements of the Illinois Funeral…

Section 610.20 Application This Part applies to any Seller of pre-need contracts sold in this State as provided in the Illinois Funeral or Burial Funds Act.

Section 610.30 Definitions For the purposes of this Part, the following definitions shall apply: "Act", the Illinois Funeral or Burial Funds Act [225 ILCS 45]. "Contract Beneficiary", the person specified in the pre-need contract upon whose death funeral services or merchandise s…

Section 610.40 Classification of Pre-Need Contract by Funding Methods a) For the purposes of this Part, pre-need contracts shall be classified as follows: 1) Pre-need contracts funded by trust deposits. 2) Pre-need contracts funded by life insurance or a tax-deferred annuity. b) …

Section 610.50 Requirements for all Pre-Need Contracts a) Pre-need contracts required to be filed with the Comptroller must meet the criteria set forth in this Section. All pre-need contracts submitted between January 1, 1994 and July 3, 1996 shall be deemed to have been submitte…

Section 610.60 Trust Investment in Life Insurance or Annuities a) A Trustee of a trust account shall not invest trust funds in life insurance policies or tax deferred annuities unless the following requirements are met: 1) The company issuing the life insurance policies or tax-de…

Section 610.70 Requirements for Pre-Need Booklet After the adoption of a rule prescribing a pre-need booklet, no pre-need contract may be sold in this State unless it is accompanied by a booklet that contains the following requirements: a) Requirements for pre-need contracts as s…

Section 610.80 Licensing of Sellers of Pre-Need Contracts Funded by Life Insurance or Tax-Deferred Annuity a) Any seller of pre-need contract which is funded by life insurance or a tax-deferred annuity shall obtain an individual license unless the seller is an employee of a licen…

Section 610.90 Schedule of Charges for Examinations for Licensee of Pre-Need Contracts Funded by Life Insurance or Tax-Deferred Annuity a) The charge made by the Comptroller for an examination shall be based upon the total amount of premiums received during the previous calendar …

Section 610.EXHIBIT A Illinois Consumer Guide to Pre-Need Funeral and Burial Purchases ILLINOIS CONSUMER GUIDE TO PRE-NEED FUNERAL AND BURIAL PURCHASES What Is the Funeral or Burial Funds Act? The Illinois Funeral or Burial Funds Act [225 ILCS 45] (the law), gives consumers certa…

Section 650.100 Scope This Part governs the making of direct deposit of recurring payments to: a) persons receiving benefit payments from the Comptroller under the state pension systems as provided in the Illinois Pension Code (Ill. Rev. Stat. 1981, ch. 108½, pars. 1-101 et seq.)…

Section 650.110 Definitions As used in this Part: "Credit payment" means an order for the payment of money issued by the Comptroller under this Part to pay a recurring payment. A credit payment may be contained in any form of communication, other than voice, which is registered u…

Section 650.120 Recipients a) In order for a recipient to receive a recurring payment by means of direct deposit of the amounts of credit payments under this Part, at a financial institution of the recipient's choosing and to an account the title of which includes the recipient's…

Section 650.130 Paying State Agencies a) The paying State Agency shall use its best efforts to inform eligible recipients of the procedures for enrolling in the State of Illinois Direct Deposit Program. Upon request, the Comptroller will supply paying State Agencies with blank St…

Section 650.140 Direct Deposit − System Test a) Upon receipt of a properly executed Standard Authorization Form, the paying State Agency must conduct a test transaction (initiating a zero dollar deposit) to verify the accuracy of the information contained in the Standard Authoriz…

Section 650.150 Recurring Direct Deposits a) Where a direct deposit may not be processed by the recipient's financial institution, such institution shall promptly return such funds to the State. The Comptroller shall draw a warrant for payment to the recipient upon the presentati…

Section 650.160 Treasurer a) Prior to delivery of a group direct deposits to the Originating Depository Financial Institution, the Comptroller shall present to the Treasurer for approval and countersignature a warrant drawn in an amount certified by the paying State Agency and su…

Section 800.10 Scope and Purpose (Repealed) (Source: Repealed at 22 Ill. Reg. 6659, effective March 27, 1998)

Section 800.20 Coverage (Repealed) (Source: Repealed at 22 Ill. Reg. 6659, effective March 27, 1998)

Section 800.30 Other Definitions As used in the Act and these regulations, the following terms have the meanings indicated: Age − the chronological age of a person. Disability − a determinable physical or mental characteristic of a person (including a characteristic requiring the…

Section 800.40 Permissible Inquiries of Credit Applicants. a) Generally. Except as expressly authorized in this Section, or in Section 800.50 or 800.60 of this Part, or under any law of the United States or the State of Illinois, a financial institution or credit card offeror may…

Section 800.50 Empirically Derived Credit Systems a) The exemption in Section 4-104(B)(2) of the Act [775 ILCS 5/4-104(B)(2)] does not authorize the consideration of any prohibited characteristic, other than age under an empirically derived credit system, and allows for the consi…

Section 800.60 Special Credit Programs a) Requisite Standards. A special credit program is exempt from coverage of the Act under Section 4-104(C)(3) of the Act [775 ILCS 5/4-104(C)(3)] only if it satisfies each of the following requirements: 1) Written Plan. The program is establ…

Section 1010.100 Definitions "Act" means the Student Loan Servicing Rights Act [110 ILCS 992]. "Department" means the Department of Financial and Professional Regulation. "Director" means the Director of the Division of Banking, with the authority delegated by the Secretary. "Div…

Section 1010.120 Fees a) The fees listed in this Section shall be payable to the Department, or to NMLS for transfer to the Division, as approved by the Director. The Director will specify the form of payment to the Division or to NMLS, which may include certified check, money or…

Section 1010.130 Notice of Changes by Licensee a) Each licensee shall, upon any change in the information contained in its application for license, file an amendment to that application setting forth the changed information. The amendments shall be filed within 10 business days a…

Section 1010.140 Licensee Website and Toll-Free Telephone Service Each licensee shall maintain a secured-access website and toll-free telephone service consistent with the provisions of Sections 5-55 and 5-65 of the Act. The secured-access website and toll-free telephone service …

Section 1010.150 Alternative Repayment and Loan Forgiveness Options Licensees must provide complete information to borrowers about alternative repayment and loan forgiveness options, the application processes for those options, the differences between those options and forbearanc…

Section 1010.160 Account Information, Payment Processing, Cosigner Payments a) Licensees must maintain detailed account information for each student loan borrower and cosigner, on the licensee's website, accessible to the borrower and cosigner, as applicable, through a secure log…

Section 1010.170 Books and Records a) Licensees must maintain a general ledger, maintain a cash receipt and disbursement journal, and reconcile bank accounts at least monthly. b) Licensees shall maintain, for each student loan serviced, the following information: 1) the student l…

Section 1010.180 Record Retention Licensees must maintain all applicable records required by the Act and this Part for a minimum of 3 years after a serviced loan has been paid in full or assigned to collection, or the servicing rights have been sold, assigned, or transferred, unl…

Section 1010.190 Electronic Records Electronic records must be maintained by licensees in a commonly used format and be readily accessible, readable, and printable by the Director and Division staff.

Section 1010.210 Preparation of Independent Audit Report a) Each licensee shall annually cause its books and accounts to be audited by a certified public accountant not connected with the licensee. The audit shall be filed with the Division within 105 days after the end of the li…

Section 1010.220 Examination a) Licensees shall be examined from time to time pursuant to Section 20-15(a) of the Act. As part of each regularly scheduled examination, the Director shall evaluate and rate licensees in accordance with uniform rating factors. b) Ratings include, bu…

Section 1050.100 High Risk Home Loan Definitions; Applicability Pursuant to Section 150 of the High Risk Home Loan Act (Act) [815 ILCS 137/150], Sections 1050.155, 1050.190, 1050.195, 1050.197, 1050.198 and 1050.199 of this Part do not apply to loans closed on or after January 1,…

Section 1050.1010 Loan Brokerage Agreement Before a mortgage loan applicant (also referred to in this Section as "borrower" or "customer") signs a completed residential mortgage loan application or gives the licensee any consideration, whichever comes first, a loan brokerage agre…

Section 1050.1020 Loan Brokerage Disclosure Statement Before the borrower signs a loan brokerage agreement or gives the licensee any consideration, whichever comes first, the licensee shall give the borrower a written disclosure statement and shall obtain the customer's signature…

Section 1050.1030 Prohibited Practice No licensee shall knowingly provide, or offer to provide, for any borrower any loan brokerage services, as defined by the Act, under any arrangement with any entity other than a licensee or an entity exempt from licensing by Section 1-4(d) of…