Illinois Administrative Code

Section 125.60 Prohibition Against and Sanctions for Charging More than Rates Set Forth in the Maximum Rate Schedule a) Prohibition Upon the effective date of the maximum rate schedules established by the Director pursuant to these Rules, each and every community or ambulatory cu…

Section 125.70 Procedure for Charging Less than Applicable Maximum Rates Any currency exchange may charge lower fees than those of the applicable maximum fee schedule after filing with the Director a schedule of the fees it proposes to use. That filing will be made in writing wit…

Section 125.80 Prohibition Against Charging More than Posted Fees a) Prohibition No community or ambulatory currency exchange may charge fees in excess of those posted pursuant to 38 Ill. Adm. Code 120 of the Rules of the State of Illinois, Department of Financial Institutions, C…

Section 125.90 Construction of Rules These Rules shall not be construed to abrogate, modify or limit any rights, privileges or immunities granted or protected by the Constitution or laws of the United States or the Constitution or laws of the State of Illinois. If any provision o…

Section 130.10 Authority These rates are issued by the Director of the Department of Financial and Professional Regulation-Division of Financial Institutions (hereinafter referred to as the "Director") pursuant to Sections 19.3 and 19.4 of the Currency Exchange Act [205 ILCS 405]…

Section 130.20 Purposes Pursuant to the authority set forth in Section 130.10, this Part establishes the maximum rates that can be charged by community and ambulatory currency exchanges for check cashing and writing money orders. (Source: Amended at 42 Ill. Reg. 6374, effective M…

Section 130.30 Maximum Rate − Check Cashing a) The Maximum Rate. Through June 30, 2018, the maximum rate to be charged by community and ambulatory currency exchanges for cashing any check shall not exceed the following: 1) For all checks $100 or less, an amount equal to 1.4% of t…

Section 130.40 Maximum Rate – Issuance of Money Orders a) The Maximum Rate. The maximum rate to be charged by community and ambulatory currency exchanges for issuing any money order shall not exceed an amount equal to 1% of the face amount of the money order plus a service charge…

Section 130.50 Disclosure Requirements – Check Cashing And Money Orders a) Charging by Means of Brackets – Definition. Charging by means of brackets is a method of establishing fees for cashing checks or issuing money orders in which a community or ambulatory currency exchange es…

Section 130.60 Effective Date (Repealed) (Source: Repealed at 42 Ill. Reg. 6374, effective March 23, 2018)

Section 140.10 Office Records a) Required Files 1) Every licensee shall keep the following records or their equivalent in accord with generally accepted accounting principles as approved by the Department of Financial and Professional Regulation-Division of Financial Institutions…

Section 140.100 Examination a) The Director may make an examination of the office and records of each licensee and shall charge $400 for each examiner day or portion thereof. b) All communications shall be addressed to the Director, Division of Financial Institutions, to any addr…

Section 140.110 Revocation – Suspension – Surrender of License a) 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, he or she may issue orders as may be reasonably necessary to correct, el…

Section 140.120 Hearing Procedures All administrative hearings shall be conducted in accordance with 38 Ill. Adm. Code 100. (Source: Amended at 46 Ill. Reg. 12514, effective July 8, 2022)

Section 140.130 Proof of Payment Upon completion of the contract, the licensee shall mail a statement to the debtor stating that the account has been closed and listing the name and address of each creditor paid in full and names and addresses of any creditors remaining unpaid. (…

Section 140.140 Penalties a) The Director may penalize a licensee, or other person doing business without the required license, in an amount not exceeding $10,000 per violation, when in the opinion of the Director: 1) the licensee, or other person has failed to comply with any pr…

Section 140.150 Disposal of Records a) When disposing of records that contain personal information, including, but not limited to, social security numbers, driver's license numbers or non-driver identification card numbers, financial account numbers or codes, debit card numbers o…

Section 140.20 Bank Account a) A separate trust bank account shall be maintained for the purpose of depositing customer's receipts and making disbursements to creditors or transferring earned fees to the general account. Funds shall be deposited within one business day after rece…

Section 140.30 Dual Business (Repealed) (Source: Repealed at 35 Ill. Reg. 6350, effective March 29, 2011)

Section 140.40 License a) For purposes of determining an applicant's qualifications for a license, the Division shall find an applicant financially responsible if it has a positive net worth. Net worth means total assets minus total liabilities. b) An applicant shall possess at l…

Section 140.50 General Operations a) The licensee shall explain clearly and distinctly to each customer exactly the services to be rendered and the fees to be paid. b) If, after analyzing the debtor's total income and expenses, it is determined that a payment plan should be devel…

Section 140.60 Fees a) A printed schedule of fees charged by a licensee shall be given to the debtor prior to the initial counseling session. b) A licensee shall not charge any fee in excess of those provided in Section 12 of the Act. (Source: Amended at 22 Ill. Reg. 12550, effec…

Section 140.70 Prohibited Activities a) A licensee shall not take: 1) Any contract, promise to pay, or other instrument which has any blank spaces when signed by a debtor; 2) Any negotiable instrument for the licensee's charges; 3) Any note, wage assignment, real estate or chatte…

Section 140.80 Advertising a) Advertising shall not be false, misleading or deceptive [205 ILCS 665/13]. No statement shall be permitted that states or implies that no financial problem is too great for the licensee to solve. No statement shall be permitted that states or implies…

Section 140.90 Availability of Act and Rules and Regulations A copy of the Debt Management Service Act and this Part shall be kept in each office and branch. (Source: Amended at 22 Ill. Reg. 12550, effective July 6, 1998)

Section 145.10 Office Records a) Required Files 1) Every debt settlement provider shall keep the following records, if applicable, or their equivalent in accord with generally accepted accounting principles as approved by the Department of Financial and Professional Regulation-Di…

Section 145.100 Proof of Payment Upon completion of the contract, the debt settlement provider shall mail a statement to the debtor stating that the account has been closed and listing the name and address of each creditor paid in full and names and addresses of any creditors rem…

Section 145.105 Trust Funds a) All funds received by a debt settlement provider or its agent from a debtor, for the purpose of paying bills, invoices or accounts of that debtor, shall constitute trust funds owned by and belonging to the debtor from whom they were received. All su…

Section 145.110 Advertising and Marketing Practices a) Upon request of the Division, a debt settlement provider shall forward to the supervisor of the Consumer Credit Section the complete text of all advertising copy, whether printed or broadcast, for which questions have been ra…

Section 145.120 Receipts a) The receipt that a debt settlement provider issues shall include the following: 1) The name and address or other identifying information of the individual who submits the payment to the provider; 2) The amount of money received and the form of payment …

Section 145.125 Hearing Procedures All administrative hearings shall be conducted in accordance with 38 Ill. Adm. Code 100. (Source: Amended at 46 Ill. Reg. 12522, effective July 8, 2022)

Section 145.130 Name Change Whenever the licensee desires to amend the name of the licensed business, the licensee shall submit to the Division, within 15 days after amending the name, the following: a) $300 amended name change fee. b) Amended Articles of Incorporation, if the li…

Section 145.20 Disposal of Records a) When disposing of records that contain personal information, including, but not limited to, social security numbers, driver's license numbers or non-driver identification card numbers, financial account numbers or codes, debit card numbers or…

Section 145.30 Bank Account, If Applicable a) Trust account bank statements and cancelled checks shall be retained at the office of the debt settlement provider for a period of 3 years. b) Copies of the original trust account bank statement and canceled checks, in hard copy, micr…

Section 145.40 Application for License a) At the time of making an application, applicant shall pay to the Secretary the non-refundable sum of $350 as an application fee and the additional sum of $1,000 as an annual license fee. The applicant shall also, as required by Section 20…

Section 145.45 Renewal Each licensed debt settlement provider may make application to the Secretary for annual renewal of its license on the form prescribed by the Secretary, accompanied by the annual license fee of $1,000, together with a surety bond in the amount of $100,000 or…

Section 145.5 Purpose and Definitions a) Purpose The purpose of the Act and this Part is to protect consumers who enter into agreements with debt settlement providers and to regulate debt settlement providers. [225 ILCS 429/5] b) Definitions "Act" means the Debt Settlement Consum…

Section 145.50 License a) For purposes of determining an applicant's qualifications for a license as a debt settlement provider, the Division shall find an applicant financially responsible if it has a positive net worth of at least $30,000. Net worth means total assets minus tot…

Section 145.60 Examination a) The Division will conduct an examination of a licensee's or license applicant's records and business practices when necessary to make a licensure determination or in investigation of a complaint. The Division will also conduct examinations as it deem…

Section 145.70 Prohibited Activities a) A debt settlement provider shall not take: 1) Any contract, promise to pay, or other instrument that has any blank spaces when signed by a debtor; 2) Any negotiable instrument for the debt settlement provider's charges; 3) Any note, wage as…

Section 145.80 Revocation – Suspension – Surrender of License a) If it is determined that the Secretary had the authority to issue the suspension or revocation of a license pursuant to Section 50 of the Act, the Secretary may issue orders as may be reasonably necessary to correct…

Section 145.90 Annual Report a) A debt settlement provider must file an annual report with the Secretary pursuant to Section 33 of the Act on or before March 1 for the previous calendar year. The annual report must contain a declaration executed by an official authorized by the d…

Section 150.10 Definitions The following definitions shall apply to this Part: "Act" means the Collection Agency Act [205 ILCS 740]. "Agency" means a collection agency as defined in Section 2 of the Act. "Board" means the Collection Agency Licensing and Disciplinary Board. (Secti…

Section 150.100 Availability of Books, Records, Forms and Stationery All books, records, forms, and stationery, whether kept physically or electronically, kept or used by a collection agency at each office of the collection agency shall be made available to agents of the Division…

Section 150.110 Accounting and Remitting Collected Funds a) Accounting and Remitting to Creditors 1) Unless otherwise authorized in writing by a creditor, a collection agency shall, within 60 days after any payment is received on any account, render an itemized statement of accou…

Section 150.120 Creditor Accounts a) Each licensed collection agency office which collects funds for creditors shall maintain a current accounting system which shall show the monies due and owing to creditors as well as the funds in the trust account from which appropriate remitt…

Section 150.130 Renewals a) Any license issued on or before October 31, 2024 shall expire on December 31, 2024. Thereafter, all licenses shall expire annually on December 31, except that any license issued on or after November 1 shall expire on December 31 of the next calendar ye…

Section 150.135 Fees a) The following fees are not refundable and shall be paid to the Department by a collection agency or collection agency applicant: 1) Application Fees A) The fee for application for an original or new license as a collection agency shall be: i) $1,200 in cal…

Section 150.140 Granting Variances a) The Director may grant variances from this Part in individual cases when the Director finds that: 1) The provision from which the variance is granted is not statutorily mandated; 2) No party will be injured by granting the variance; and 3) Th…

Section 150.15 Administration and Enforcement of the Act The Director and Division shall administer and enforce the Act on behalf of the Secretary. The provisions of the Financial Institutions Code [20 ILCS 1205] shall apply to licensees, applicants, and any person or entity enga…