Ill. Admin. Code tit. 35, § 663.510 - Delinquent Loan Repayments
a)
In the event that a timely payment is not made by a loan recipient
according to the loan schedule of repayment, the loan recipient shall notify
the Agency in writing within 15 days after the payment due date. The
notification shall include a statement of the reasons the payment was not
timely tendered, the circumstances under which the late payments will be
satisfied, and binding commitments to assure future payments. After receipt of
this notification, the Agency shall confirm in writing the acceptability of the
plan or take action in accordance with subsection (b).
b)
In the event that a loan recipient
fails to comply with subsection (a), the Agency shall promptly issue a notice
of delinquency to the loan recipient which shall require a written response
within 15 days. The notice of delinquency shall require that the loan recipient
revise its rates, fees and charges to meet its obligations or take other
specified actions as may be appropriate to remedy the delinquency and to assure
future payments.
c)
In the event that the loan recipient fails to timely or adequately
respond to a notice of delinquency, or fails to meet its obligations made
pursuant to subsections (a) and (b), the Agency shall pursue the collection of
the amounts past due, the outstanding loan balance and the costs thereby
incurred, either pursuant to the Illinois State Collection Act of 1986
[30 ILCS 210 ] or by any other reasonable means as may be provided by
law, including the taking of title by foreclosure or otherwise to any project
or other property pledged, mortgaged, encumbered, or otherwise available as
security or collateral. [415 ILCS 5/19.6 ]
Notes
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