Ill. Admin. Code tit. 38 § 110.370

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

Section 110.370 - Lending Limits and Refinancing

a) No title-secured loan shall be made in an amount that the scheduled principal and interest payment for any one monthly payment on the loan exceeds 22.5 % of the obligor's gross monthly income.

b) The loan agreement shall advise the obligor that matters involving improprieties in the making of the loan or in loan collection practices may be referred to the Division and shall prominently disclose the Division's address and telephone number, and website.

Ill. Admin. Code tit. 38, § 110.370

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