Ill. Admin. Code tit. 38 § 170.50

Current through Register Vol. 48, No. 50, December 13, 2024

Section 170.50 - Individual Account Record

a) An individual account record shall be kept for each consumer who has a funding with the licensee. Such account record shall show the name and address of the consumer(s), account number, funding date, funding amount, resolution date (if applicable), resolution amount (if applicable), cancellation date (if applicable), and document preparation fee charged (if applicable).

b) Each funding shall have a unique account number.

c) Every licensee shall preserve the records of all fundings including the individual account record, for at least three years after making the final entry for such funding.

d) All legal instruments taken in connection with a funding and executed by a consumer including all disclosure statements shall bear the consumer's account number and the name and address of the licensee.

e) All legal instruments taken in connection with a funding and executed by a consumer including all disclosure statements must be provided in English and in the language in which the funding was negotiated.

Ill. Admin. Code tit. 38, § 170.50

Adopted at 47 Ill. Reg. 6644, effective 5/2/2023