Ill. Admin. Code tit. 35 § 886.320

Current through Register Vol. 48, No. 49, December 6, 2024

Section 886.320 - Covenant Against Contingent Fees

a) The loan recipient must warrant, as part of the loan agreement, that no person has been employed or retained to solicit or secure a loan under this Part based upon an agreement or understanding for a commission, percentage, brokerage or contingent fee.

b) For breach or violation of this warranty, the Agency shall have the right to terminate the loan in accordance with Section 886.305 (Loan Termination by the Agency) of this Part, without liability, or to deduct from the loan award, or otherwise recover, the full amount of such commission, percentage, brokerage or contingent fee.

Ill. Admin. Code tit. 35, § 886.320