Ill. Admin. Code tit. 92 § 5.180

Current through Register Vol. 48, No. 49, December 6, 2024

Section 5.180 - Failure to Repay the Loan

a) Failure to make two or more consecutive loan payments will be considered a default and will cause the unpaid loan balance to immediately become due.

b) Within five calendar days after a borrower's failure to make two or more consecutive payments, the Fund Control Agent or Agents will notify the Secretary of the amount of the delinquency and the unpaid loan balance including principal and accrued interest.

c) The Secretary may certify the loan in default and refer the matter to the Department's Chief Counsel for further action.

d) The Department, through its Office of Chief Counsel, will take other action as may be required to enforce recovery of the debt, including, but not limited to, internal offset, Comptroller offset and legal action.

e) Default of a loan authorized under this Part will cause the DBE to be ineligible for consideration for further loans.

f) Any unresolved debt delinquency, as defined in Section 50-11 of the Code and as governed by 44 Ill. Adm. Code 500.1217, will disqualify the DBE from obtaining a contract or subcontract with the Department or other agencies of the State.

Ill. Admin. Code tit. 92, § 5.180