Ill. Admin. Code tit. 38 § 110.225

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

Section 110.225 - Verification of Amount Owing

Upon written request by either the obligor or the obligor's appointed designee to obtain the amount owing to satisfy the loan in full, the licensee shall provide the following information in a form agreed to in the loan contract no later than 3 business days after receiving the request:

a) Net amount owing as of the date of response;

b) For interest-bearing loans, the per diem interest that will accrue for every day after the response;

c) For precomputed loans, the date that the amount owing, as stated in the response, will expire.

Ill. Admin. Code tit. 38, § 110.225

Amended at 30 Ill. Reg. 12558, effective July 7, 2006

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