Ill. Admin. Code tit. 38 § 170.70

Current through Register Vol. 48, No. 45, November 8, 2024

Section 170.70 - Determination of Payment

a) Each licensee shall establish a reasonable written policy for making the determination that it will accept an amount lesser than the schedule resolution amount in full resolution of the funding and how the licensee will determine any such lesser amount. A licensee shall follow its written policy.

b) Each licensee shall establish a reasonable written policy for making the determination that no net proceeds are available from the legal claim and the consumer does not owe the licensee any of the funded amount or any charges otherwise due pursuant to the agreement. The written policy shall also include a process for making the determination that the consumer or consumer's attorney has committed fraud against the licensee. The written policy shall include procedures for providing notification to the consumer and the consumer's attorney. A licensee shall follow its written policy.

c) Each licensee shall provide a copy of the written policies described in this Section to the Department annually at renewal and at the time of any substantive updates.

d) A licensee shall notify the consumer's attorney or, if the consumer is not represented by an attorney on the date notice is sent, the consumer within three calendar days of determining that the licensee will accept an amount lesser than the scheduled satisfaction amount in full resolution of the funding. The licensee's notice to the consumer and attorney shall include the scheduled resolution amount, the amount the licensee will accept, the due date of the payment, and a statement that receipt of the payment will fully satisfy the funding. If the licensee receives the agreed upon amount identified in the notice on or before the due date, it must accept the amount identified in full satisfaction of the funding.

Ill. Admin. Code tit. 38, § 170.70

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