§160.250. Servicing of Accounts by Contract

Upon prior approval of the Director, the licensee may contract for servicing of accounts.  A request for the Director's approval shall be in writing and include the following:

 

a)         Name and address of proposed servicer.

 

b)         Executed contract, conditioned upon approval by the Director, between licensee and servicer.

 

c)         Contact person and telephone number of the servicer.

 

d)         A statement that the licensee will make all books, records and account information readily available for examination by the Department.

 

e)         A statement that the licensee shall pay all examination expenses under Section 7 of the Act.

 

f)         Written consent of servicer for the Department to conduct its examination.

 

g)         A list of all Illinois licensees held by the proposed servicer.

 

(Source:  Amended at 47 Ill. Reg. 9324, effective June 20, 2023)