Ill. Admin. Code tit. 38, § 110.230 - Wage Assignments
a) A wage
assignment may only be taken from any employed obligor. An "obligor", as the
word is used in this Part, includes co-makers or sureties as well as the person
actually receiving the money. Any wage assignment must comply with all
applicable federal and State law.
b) Any loan that is a transaction in which
the licensee accepts a wage assignment must meet the requirements of this Act,
the requirements of the Illinois Wage Assignment Act, and the requirements of
16 C.F.R.
444.2(a)(3)(i) (2003) (no
subsequent amendments or editions are included). A violation of this Section
constitutes a material violation of the Consumer Installment Loan
Act.
Notes
Amended at 30 Ill. Reg. 12558, effective July 7, 2006
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