Ill. Admin. Code tit. 38, § 1010.170 - Books and Records

Current through Register Vol. 46, No. 15, April 8, 2022

a) Licensees must maintain a general ledger, maintain a cash receipt and disbursement journal, and reconcile bank accounts at least monthly.
b) Licensees shall maintain, for each student loan serviced, the following information:
1) the student loan application, if available;
2) disclosure statements sent to the borrower;
3) the promissory note or loan agreement;
4) the complete loan history;
5) qualified written requests;
6) instructions from the borrower, if any, on how to apply overpayments;
7) statements of account sent to the borrower; and
8) any additional records the Director may designate.
c) Each licensee must maintain books and records (see subsections (a) and (b)) at a location designated by the licensee.

Notes

Ill. Admin. Code tit. 38, § 1010.170
Added at 44 Ill. Reg. 16445, effective 10/9/2020.

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