Ill. Admin. Code tit. 38 § 170.140

Current through Register Vol. 48, No. 50, December 13, 2024

Section 170.140 - Verification of Resolution Amount

a) Upon written request by either the consumer or the consumer's attorney, the licensee shall provide in writing the resolution amount due as of the date of the response no later than three business days after receiving the request.

b) The written statement shall clearly and conspicuously state that the resolution amount may only be paid from the net proceeds of a settlement or judgment obtained from the consumer's legal claim and that if no proceeds are obtained from the consumer's legal claim, the consumer is not required to repay the company the consumer legal funding amount or charges.

c) Upon written request by either the consumer or the consumer's attorney, the licensee shall provide a copy of the original funding contract and any subsequent amendments no later than three business days after receiving the request.

Ill. Admin. Code tit. 38, § 170.140

Adopted at 47 Ill. Reg. 6644, effective 5/2/2023