Current through Register Vol. 48, No. 45, November 8, 2024
Section 1010.170 - Books and Recordsa) 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 loan application, if available;2) disclosure statements sent to the borrower;3) the promissory note or loan agreement;4) the complete loan history;5) qualified written requests;6) instructions from the borrower, if any, on how to apply overpayments;7) statements of account sent to the borrower; and8) any additional records the Director may designate.c) Each licensee must maintain books and records (see subsections (a) and (b)) at a location designated by the licensee.Ill. Admin. Code tit. 38, § 1010.170
Added at 44 Ill. Reg. 16445, effective 10/9/2020.