Ill. Admin. Code tit. 38 § 1055.460

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1055.460 - Examination Fees

a) Hourly rate and out-of-state travel expenses

1) For fiscal years 2025 and 2026, time expended in the conduct of any examination of a covered mortgage licensee pursuant to Section 35-15 of the ILCRA shall be billed by the Department at a rate of $2,200 per day, up to a maximum of 20 days per examination. Fees will be billed following completion of the examination and shall be paid within 30 days after receipt of the billing.

2) When out-of-state travel occurs in the conduct of any examination, the covered mortgage licensee shall make arrangements to reimburse the Department all charges for services such as travel expenses, including airfare, hotel and per diem incurred by the employee. These expenses are to be in accord with applicable travel regulations published by the Department of Central Management Services and approved by the Governor's Travel Control Board (80 Ill. Adm. Code 2800).

3) For purposes of this Section, "fiscal year" means a period beginning on July 1 of any calendar year and ending on June 30 of the next calendar year.

b) All fees received pursuant to this Part shall be deposited in the Residential Finance Regulatory Fund.

Ill. Admin. Code tit. 38, § 1055.460

Added at 48 Ill. Reg. 7172, effective 5/1/2024