Ill. Admin. Code tit. 92 § 1480.25

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

Section 1480.25 - Licensed Recovery Manager in Control or Management of Repossession Agency Main Office or Branch Office

a) A licensed recovery manager is in control or management [225 ILCS 422/65(a) ] of a repossession agency main office or a repossession agency branch office when the recovery manager is physically present at the repossession agency main office or branch office or within a close proximity of the repossession agency main office or branch office and able to supervise employees and repossession activities of the repossession agency main office or branch office.

b) When a licensed recovery manager currently registered with the Commission temporarily ceases to be in control or management of a repossession agency main office or branch office, the repossession agency may use a temporary, registered, licensed recovery manager with the Commission who will be temporarily in control or management of a repossession agency main office or branch office.

1) A temporary, licensed recovery manager must have an active Class "MR" License, be registered in that capacity with the Commission pursuant to Subpart F and be otherwise in compliance with the Act and this Part prior to assuming duties as a recovery manager on behalf of a licensed repossession agency. The temporary recovery manager must possess an active Class "MR" License issued by the Commission at the time of registration. A temporary, licensed recovery manager must comply, at all times, with the Act and this Part while serving as the licensed recovery manager for a repossession agency main office or branch office.

2) The provisions of this subsection (b) may be utilized in addition to, but not in lieu of, the provisions of the Act or this Part.

Ill. Admin. Code tit. 92, § 1480.25

Added at 38 Ill. Reg. 5821, effective March 14, 2014