Ill. Admin. Code tit. 38 § 160.250

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

Section 160.250 - Servicing of Accounts by Contract

Upon prior approval of the Director, the licensee may contract for servicing of accounts. A request for the Director's approval shall be in writing and include the following:

a) Name and address of proposed servicer.

b) Executed contract, conditioned upon approval by the Director, between licensee and servicer.

c) Contact person and telephone number of the servicer.

d) A statement that the licensee will make all books, records and account information readily available for examination by the Department.

e) A statement that the licensee shall pay all examination expenses under Section 7 of the Act.

f) Written consent of servicer for the Department to conduct its examination.

g) A list of all Illinois licensees held by the proposed servicer.

Ill. Admin. Code tit. 38, § 160.250

Added at 22 Ill. Reg. 13699, effective July 14, 1998

Amended at 47 Ill. Reg. 9324, effective 6/20/2023