Ill. Admin. Code tit. 38 § 110.340

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

Section 110.340 - Loan Terms

a) Beginning August 1, 2023, any required rebate of finance charge for a precomputed title-secured loan may be calculated using the actuarial method, defined by the federal Truth in Lending Act (15 U.S.C. 1601 et seq.) and Regulation Z, Appendix J (12 C.F.R. 226). The required rebate shall not be calculated using the Rule of 78s.

b) Title-secured loans must be fully amortized and repayable in substantially equal installments.

Ill. Admin. Code tit. 38, § 110.340

Amended at 33 Ill. Reg. 4142, effective April 1, 2009

Amended at 46 Ill. Reg. 6519, effective 8/1/2022

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