Ill. Admin. Code tit. 38 § 1050.810

Current through Register Vol. 48, No. 25, June 21, 2024

Section 1050.810 - New Loans

Payment instructions shall be issued in time to reasonably assure receipt by the customer at least 15 days before the first payment is due and shall include, but not be limited to the following:

a) The name, address and telephone number of the entity to whom payments are to be made and the name of the person to whom inquiries should be directed. Such phone numbers shall be toll free to the customer;

b) The exact amount of the monthly payment and a plain English explanation of the method of calculation; and

c) A clear and conspicuous statement as to monthly date of each payment, regardless of interval between due date and assessment of any late-payment penalty.

Ill. Admin. Code tit. 38, § 1050.810

Amended at 29 Ill. Reg. 14808, effective September 26, 2005

Amended at 41 Ill. Reg. 12405, effective 10/6/2017