Section 110.30 Individual Account Records

Section 110

Section 110.30  Individual

Account Records

a)         An individual account record shall be kept for each obligor.  Individual

account records shall show the name and address of the obligor, co-makers, or

sureties, loan number, date of loan, the number of payments, the amount of

payments and payment due dates, nature of security by type, type and cost of

insurance and name of bank if the note is hypothecated. The record for an

interest-bearing loan shall show the original principal amount of the loan,

rates of interest and finance charge where applicable.  The record for a

precomputed loan shall show the original principal amount of the loan, excluding

the precomputed interest and charges, the amount of the finance charge and the

face amount of the note including the finance charge.  The record shall also

show the amount of official fees received and paid out for filing, recording,

or releasing a financing statement or security agreement, including the fee

required by the Secretary of State for perfecting a lien on a motor vehicle

title.

b)         The record for an interest-bearing loan shall show the amount

and date of each payment of principal and interest, the balance due on

principal, and the date to which interest is paid.  If the amount paid is

insufficient to meet the entire amount of interest due, the record shall be

clearly marked to indicate the extent of credit given for such interest payment

and the date to which interest is paid.  Upon the Division's or obligor's

request involving a specific account or accounts, the licensee shall provide

the amount of interest deficient.

c)         The account record for a precomputed loan shall show the

amount and date of each payment applied to the loan, the unpaid balance of the

loan after applying such payment, and the date and amount of any additional

interest collected for delinquency, default, or deferment

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request involving a specific account or accounts, the licensee shall provide

the amount of interest deficient.

c)         The account record for a precomputed loan shall show the

amount and date of each payment applied to the loan, the unpaid balance of the

loan after applying such payment, and the date and amount of any additional

interest collected for delinquency, default, or deferment.  If deferment

interest is collected in whole or in part, the record shall indicate the

deferred due date of the final installment and any uncollected portion of the

deferment interest.  The account record shall also show the original principal

of the loan excluding the charge, the amount of the charge, the face amount of

the note including the charge, and any additional charge made for extra days in

the first installment period.

d)         When a loan is prepaid in full, the account record shall show

the date of prepayment, the amount paid to discharge the loan, the amount of

the rebate on the finance charge, if any, and any deduction from the rebate for

previously earned but uncollected delinquency, default, or deferment charges.

e)         When a loan is prepaid in full, the amount of any unearned

insurance premium for every policy shall be recorded on the account record.

f)         If payment is made in any other way than in the ordinary

course of business, it shall be so designated.  (For example, payment by a

third party, insurance claim or sale of security.)

g)         If loan receivables are sold to another person the individual

account record for such receivables shall show the name of the authorized

person to whom sold and the date of such sale.

h)         No erasures whatsoever shall be made in the payment and charge

sections of any account record.  In case of error, a line shall be drawn

through the improper entry and the correct entry made on the following line.

The entries on the record shall correspond with the receipts given the obligor

eivables shall show the name of the authorized

person to whom sold and the date of such sale.

h)         No erasures whatsoever shall be made in the payment and charge

sections of any account record.  In case of error, a line shall be drawn

through the improper entry and the correct entry made on the following line.

The entries on the record shall correspond with the receipts given the obligor.

i)          Every licensee shall preserve the records of all loans,

including the account record, for at least two years after making the final

entry for such loan.  Records shall be maintained in a form accessible to the

Department.  A licensee may maintain these files in any medium or format which accurately

reproduces original documents or papers.