§110.225. Verification of Amount Owing

Upon written request by either the obligor or the obligor's appointed designee to obtain the amount owing to satisfy the loan in full, the licensee shall provide the following information in a form agreed to in the loan contract no later than 3 business days after receiving the request:

 

a)         Net amount owing as of the date of response;

 

b)         For interest-bearing loans, the per diem interest that will accrue for every day after the response;

 

c)         For precomputed loans, the date that the amount owing, as stated in the response, will expire.

 

(Source:  Amended at 47 Ill. Reg. 9271, effective June 20, 2023)