Ill. Admin. Code tit. 38 § 1050.340

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

Section 1050.340 - Full-Service Office

a) Each licensee shall maintain a full-service office consistent with the provisions of Sections 3-4 and 1-4(r) of the Act. At a minimum, each licensee shall:

1) Maintain a registered agent in Illinois; and

2) Provide a person or persons reasonably adequate to handle efficiently communications, questions, and other matters relating (Section 3-4 of the Act) to an application for a loan or existing loan and provide a toll-free telephone arrangement for doing so. In determining whether a licensee handles such matters in a reasonably adequate manner, the Director shall consider consumer complaints received regarding the licensees and information obtained from examinations conducted and reports filed pursuant to the Act. In addition, the Director shall consider whether the licensee has:

A) Provided facilities and personnel adequate to accommodate a borrower who wishes to bring all documents applicable to his or her application for or existing home mortgage to the full-service office for examination in conjunction with an inquiry, complaint or concern.

B) Maintained a supply of all documents required under Subparts G, H, I, J, K, and L of this Part, when those Subparts apply to the licensee.

b) If the Director determines that a licensee is not in compliance with Sections 3-4 and 1-4(r) of the Act, the Director shall notify the licensee, in writing, detailing the requirements for bringing the licensee into compliance. The Director may require a licensee to demonstrate compliance with this Section in instances in which personnel are conducting licensable activities in Illinois without adequate facilities and/or licensed offices in Illinois. The Director, at his or her discretion, may require documentation from licensees and hold hearings to take testimony from owners, officers, directors and employees of a licensee, as selected by the Director, and compel attendance of those so selected for the purpose of determining compliance with this Section.

Ill. Admin. Code tit. 38, § 1050.340

Amended at 36 Ill. Reg. 250, effective January 1, 2012