Ill. Admin. Code tit. 38 § 110.200

Current through Register Vol. 48, No. 43, October 25, 2024

Section 110.200 - Business Practices

a) Unless otherwise authorized by the Act, no other business may be conducted at the licensed location unless authorized in writing by the Director. The Director's authorization to conduct other businesses at the licensed location shall be referred to as an Other Business Authorization. The Director's authorization will be predicated upon the licensee's agreeing to the following:

1) That the authorization will not conceal nor facilitate concealment of an evasion of the Act;

2) To comply with any State or federal statute or regulation;

3) To obtain any license or registration required by a federal, State, or local government agency to engage in the other business authorized;

4) That the Division may examine all records and investigate any or all transactions of the licensee;

5) The Director retains the right, upon notice and opportunity to be heard, to alter, amend or revoke an Other Business Authorization;

6) That, if any federal or State statute or regulation enacted after the authorization prohibits the activity, the authorization shall become null and void immediately;

7) At the time of making the request for the authorization, the licensee shall pay to the Director a nonrefundable Other Business Authorization Request fee of $300;

8) At the time of renewing the annual license, the licensee shall pay to the Director the sum of $100 as a renewal fee for each Other Business Authorization. Regardless of the number of licensed locations, only one fee per Other Business Authorization is required to be remitted.

b) No person who is an obligor of a licensee may become a surety or co-maker for one or more obligors of the same licensee, if the obligor's aggregate direct or contingent liability is in excess of maximum principal amounts specified in Section 15 of the Act.

c) Notary fees shall not be charged to or collected from the obligor, surety, or co-maker.

d) No penalty charge other than provided by the Act or this Part shall be imposed by the licensee in the event of prepayment of the principal of the obligation, in whole or in part.

e) Loans secured by real estate made under the Act shall disclose on the face of the contract that the loan is being made pursuant to the Consumer Installment Loan Act.

Ill. Admin. Code tit. 38, § 110.200

Amended at 35 Ill. Reg. 7319, effective April 21, 2011

Amended at 47 Ill. Reg. 9271, effective 6/20/2023