Ill. Admin. Code tit. 38 § 210.220

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

Section 210.220 - Servicing of Accounts by Contract

Upon prior approval of the Director, the licensee may contract with a third party provider for servicing of accounts (e.g., processing of payments, collections, etc.). A request for the Director's approval shall be in writing and shall 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 Division;

e) A statement that the licensee will pay all examination expenses; and

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

Ill. Admin. Code tit. 38, § 210.220