Illinois Administrative Code

Section 150.150 Reports When determined necessary by the Department, the Department may provide a licensee a 45-day notice, except in extraordinary circumstances determined by the Director which requires a response within a shorter time period, requiring a licensee to submit writ…

Section 150.160 Investigations and Examinations Licensees may be investigated or examined from time to time to ensure compliance with the Act. (See Section 16 of the Act.)

Section 150.20 Officer a) If the collection agency is an association or a sole proprietorship, the owner of the agency or any person exercising managerial control shall be considered an officer. b) If the collection agency is a partnership, any partner who has at least 10% owners…

Section 150.25 Application for License a) All applications for license as a collection agency shall be submitted to the Division, on forms provided by the Division electronically or physically, and include: 1) Collection Agency Application A) The name and address of all officers …

Section 150.30 Communication by Collection Agency a) A collection agency shall use only the agency name or tradestyle exactly as it appears on the agency's license issued by the Division in all communication (e.g., ABC Collection Agency cannot use a name such as ABC Acceptance Co…

Section 150.40 Use of Pseudonyms The collection agency shall maintain a listing of all pseudonyms used by an office, employee, or agent of the collection agency in relation to collection agency activities. A listing of pseudonyms shall be maintained by the collection agency one y…

Section 150.50 Change of Ownership When more than 50% of the assets, stock or equity of a collection agency are transferred, a new collection agency application shall be filed with the Division in accordance with Section 150.25.

Section 150.60 Expiration or Change in Licensure a) The license shall expire: 1) When the collection agency ceases operation; 2) When the bond is nonrenewed or cancelled; 3) When the license is nonrenewed or surrendered; or 4) When the license is revoked. b) The collection agency…

Section 150.70 Records and Documents to be Kept by Collection Agency a) The current license shall be prominently displayed at each office where the collection agency conducts business. b) At each office of a licensed collection agency, for each individual debtor's account, the co…

Section 150.80 Recording of Payments All payments of any amount on any account processed by a collection agency shall be promptly entered on the debtor's account record.

Section 150.90 Multiple Creditors a) When a debtor has multiple creditors, the collection agency shall maintain a separate account record for each creditor. b) Checks, money orders, or drafts received by a collection agency from a debtor or on behalf of a debtor made payable to a…

Section 195.100 General The provisions of Article 1 through Article 16 of the Business Corporation Act of 1983 (Ill. Rev. Stat. 1987, ch. 32, par. 1.01 et seq.) shall apply to Development Credit Corporations providing that in the event of a conflict the provision of the Illinois …

Section 195.120 Articles of Incorporation a) A statement of the purpose for which a Development Credit Corporation is formed, as required in the Articles of Incorporation, will include the boundaries of the region within which that corporation intends to pursue that purpose. The …

Section 195.140 Member Obligations a) When called upon by a development credit corporation, a member shall make a reasonable loan to further the purpose of the corporation and subject to the maximum amount specified in Section 15 of the Act, but the corporation may not require a …

Section 195.160 State Funds The Board of Directors of a development credit corporation may accept grants or loans from, or sell non-voting stock to, a State agency but such agency will not become a voting stock holder or member of the corporation. The Director of the Department o…

Section 195.180 Reports and Examinations a) A Development Credit Corporation shall submit to the Director annually, on or before May 1, a complete statement of its financial condition in accordance with generally accepted accounting principles under the accounting standards of th…

Section 195.200 Hearing Procedures All administrative hearings shall be conducted in accordance with 38 Ill. Adm. Code 100. (Source: Amended at 46 Ill. Reg. 12550, effective July 8, 2022)

Section 205.10 Average Daily Money Transmission "Average daily money transmission liability" shall be calculated by taking the amount of the licensee's outstanding money transmission obligations in this State at the end of each day in a given period of time, added together, and d…

Section 205.20 Authorized Delegates a) A licensee shall report to the Secretary, on a quarterly basis, the addition, removal or termination of operations of an authorized delegate location on forms presented by the Secretary. b) A licensee must provide a copy of the written contr…

Section 205.30 Examinations Examination Reports a) The following definitions apply to this Section. 1) "Safety and soundness examination" means an examination that includes, but is not limited to, a determination of the financial condition of the licensee based on generally accep…

Section 205.35 Fees Fees shall be assessed as follows: a) Application Fee. For applying for a license, an application fee of $2,500 and a license fee of $0. b) Renewal Fee. For renewal of a license, a fee will be calculated based on the total dollar volume of transactions, includ…

Section 205.40 Enforcement If, after the opportunity for a hearing, the Secretary determines they had the authority to issue the suspension or revocation of a license or a cease and desist order, the Secretary may issue orders as may be reasonably necessary to correct, eliminate …

Section 205.5 Definitions "Authorized delegate" means a person a licensee designates to engage in money transmission on behalf of the licensee. [205 ILCS 658/2-1] The term "authorized delegate" includes an authorized seller pursuant to the Transmitters of Money Act. "Secretary" m…

Section 205.50 Reports/Documents a) Any reports or documents the Secretary may require from a licensee must be transmitted by mail or electronic format at the option of the Secretary. b) A licensee shall require and its authorized delegates must preserve for at least three years …

Section 205.60 Permissible Investments Digital currency shall not constitute a permissible investment. For the purposes of this Section, "digital currency" means a digital representation of value that: a) is used as a medium of exchange, unit of account, or store of value; and b)…

Section 207.100 Conformity With Transmitters of Money Act Rules All rules set forth in 38 Ill. Adm. Code 205 as amended from time to time shall apply to licensees, authorized delegates, and all persons and entities subject to the Uniform Money Transmission Modernization Act.

Section 207.105 Administration and Enforcement of the Act The Division and Director shall administer and enforce the Act on behalf of the Secretary of Financial and Professional Regulation. The provisions of the Financial Institutions Act [20 ILCS 1205] shall apply to licensees, …

Section 207.110 Cease and Desist Orders, Civil Penalty Orders and Administrative Penalty Orders a) The Secretary shall issue a formal written notice of the cease and desist order, civil penalty order, or administrative penalty order setting forth the specific reasons for the orde…

Section 207.50 Definitions The following definitions shall apply to this Part: "Department" means the Department of Financial and Professional Regulation. "Director" means Director of the Department of Financial and Professional Regulation − Division of Financial Institutions, th…

Section 210.1 Definitions "Act" means the Payday Loan Reform Act [815 ILCS 122]. "Affiliate" means any person or entity that directly or indirectly controls, is controlled by, or shares control with another person or entity. A person or entity has control over another if the pers…

Section 210.10 Minimum Requirements for Office Records a) Every licensee shall keep the following records at the licensed location in any medium or format that accurately reproduces original documents or papers: 1) Loan register. 2) Individual account records, including transacti…

Section 210.100 Legal Forms a) Submission to the Division 1) All forms of loan agreements, security agreements or assignments of wages or other forms used in connection with the making of loans shall be submitted to the Division prior to the conduct of business in the licensed lo…

Section 210.110 Judgments a) When a loan agreement has been reduced to judgment, the face of the account record shall show the amount and date of the judgment. b) All payments received shall be applied to the judgment balance and be properly identified. The rate of interest charg…

Section 210.120 Trouble File A separate and complete file shall be kept containing all records pertaining to judgments and sales. These records shall be filed alphabetically under the name of the consumer or by account number.

Section 210.125 Schedule of Fines a) The Department may assess fines on any licensee or unlicensed person or entity that violates, through any act or omission, any provision of the Act or the Act’s implementing regulations, and shall determine the amount of the fine pursuant to t…

Section 210.130 Office and Office Hours Every licensee shall maintain a place of business to which the general public shall have free access and where all obligations entered into shall be payable. a) Except as provided in subsection (c), or otherwise authorized by the Division, …

Section 210.140 Advertising a) Licensees shall not make reference in any form of advertising, such as newspapers, circulars, letters, radio, or other media, to "low rates", "lower rates", "lowest rates" or "lowest cost", nor shall licensees indicate, by direct or indirect means, …

Section 210.15 Application for Payday Lender License; Controlling Person a) An application for a license must be under oath in the form the Director prescribes and available on the agency's website. The Director may not issue a license unless and until the findings as set forth i…

Section 210.150 Other Business No other business, except one licensed by the Department, may be conducted within any office suite, room or place of business in which any other business is solicited or engaged in unless authorized in writing by the licensed location unless authori…

Section 210.16 Dual Licensure Limitation In accordance with Section 3-5(g) of the Act, a licensee may obtain a license under the Consumer Installment Loan Act (CILA) for the exclusive purpose and use of making title secured loans, as defined in Section 15(a) of CILA and governed …

Section 210.160 Examination Remittances a) Licensees shall forward all examination remittances, as provided in Section 3-5(e) of the Act, to the Division at any address designated by the Director. b) All fees and charges shall be remitted in the form of a check, draft or money or…

Section 210.170 General a) Notary fees shall not be charged to or collected from the consumer. b) Examination of Records 1) The Division may examine all records and investigate any or all transactions in the office of the licensee and shall charge the licensee $400 for each exami…

Section 210.180 Relocation a) Whenever a licensee desires to change the licensed place of business to a location other than that set forth in the license and the proposed site is 15 miles or less from the current location, the licensee shall provide the Division with the followin…

Section 210.190 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 210.2 Rate Cap Disclosure Notices All loan contracts or agreements must include a separate disclosure signed by the consumer that states: "A lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount finance…

Section 210.20 Loan Register a) The loan register shall contain the original entry and be a permanent record, and shall show for every loan the account number, date of loan, name of consumer, nature of security, amount of fees, and total loan amount. b) The loan register shall be…

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…