Section 1050.810  New Loans

Payment instructions shall be issued in time to reasonably assure receipt by the customer at least 15 days before the first payment is due and shall include, but not be limited to the following:  

a)         The name, address and telephone number of the entity to whom payments are to be made and the name of the person to whom inquiries should be directed.  Such phone numbers shall be toll free to the customer;

b)         The exact amount of the monthly payment and a plain English explanation of the method of calculation; and

c)         A clear and conspicuous statement as to monthly date of each payment, regardless of interval between due date and assessment of any late-payment penalty.

(Source:  Amended at 41 Ill. Reg. 12405, effective October 6, 2017)