Servicing of Accounts by Contract

Section 160 Section 160.250  Servicing of Accounts by Contract Upon prior approval of the Director, the licensee may contract for servicing of accounts.  A request for the Director's approval shall be in writing and include the following: a)         Name and address of proposed servicer. b)         Executed contract, conditioned upon approval by the Director, between licensee and servicer. c)         Contact person and telephone number of the servicer. d)         A statement that the licensee will make all books, records and account information readily available for examination by the Department. e)         A statement that the licensee shall pay all examination expenses under Section 7 of the Act. f)         Written consent of servicer for the Department to conduct its examination. g)         A list of all Illinois licensees held by the proposed servicer.