Ill. Admin. Code tit. 14, § 145.750 - Records Required of Loan Brokers

a) Each loan broker agreement or contract shall be given a unique identifying account number and all instruments or documents relating to that agreement or contract must bear this number. Every loan broker registered by the Secretary of State shall keep and maintain for a period of six years from the date of its agreement or contract with the borrower in the loan broker's principal office in this State the following records:

1) A loan broker agreement or contract register that consists of a chronological listing of all loan broker agreements or contracts that have been entered into. For each loan broker agreement or contract the register shall contain the following:

A) The account number;

B) The date of the agreement or contract;

C) The name of the borrower;

D) The amount of fees charged, if any; and

E) The cost and type of insurance required, if any.

2) A file for each borrower shall contain the following:

A) The name, address and telephone number of the borrower;

B) A copy of the signed loan broker agreement or contract;

C) A copy of any other papers or instruments used in connection with the loan broker agreement or contract that are signed by the borrower, including a copy of the disclosure document required by Section 15-30 of the Act that contains an acknowledged receipt by the borrower;

D) If a loan was obtained for the borrower, the name, address and telephone number of the lender;

E) If a loan is accepted by the borrower, a copy of the signed loan agreement or contract, if made available to the loan broker; and

F) The amount of the loan broker's fee that the borrower has paid; and, if there is an unpaid balance, the status of any collection efforts.

3) All receipts from or for the account of borrowers and all disbursements to or for the account of borrowers, recorded so that the transactions are readily identifiable.

4) A general ledger that shall be posted at least monthly, and a trial balance sheet and profit and loss statement prepared within 30 days after the Secretary of State's request for information.

5) A copy of the following:

A) All advertisements, pamphlets, circulars, letters, articles or communications used to solicit borrowers that were published in any newspaper, magazine or periodical or transmitted or sent via the non-proprietary, nonprofit, public computer network (commonly known as the "Internet");

B) Scripts of any recording or radio or television announcement used or to be used to solicit borrowers; and

C) Any sales kit or literature used or to be used to solicit borrowers.

b) After a record or other documents have been preserved for two years, an accurate copy on any form of information retrieval device may be substituted therefor for the balance of the required time.

c) All records required to be maintained under this Section or the Act must be separate or readily identifiable from the records of any other business that is conducted in the office of the loan broker. A written request for a waiver of the provisions of this Section may be made to the Secretary of State to permit any registered loan broker to maintain any of the records required by this Section or the Act outside the State of Illinois. In determining whether the provisions of this Section should be waived, the Secretary of State shall consider, without limitation, whether the main office of the loan broker is outside the State of Illinois or whether the loan broker uses all or some of the bookkeeping facilities of some other loan broker whose main office is outside the State of Illinois.

Notes

Ill. Admin. Code tit. 14, § 145.750