Ill. Admin. Code tit. 38, § 150.70 - Records and Documents to be Kept by Collection Agency
a) The current license shall be prominently
displayed at each office where the collection agency conducts
business.
b) At each office of a
licensed collection agency, for each individual debtor's account, the
collection agency shall keep the following:
1)
Account records for each account in excess of $100 being processed.
A) These records shall contain:
i) Name, address, email address, and phone
number, if available, of debtor and all individuals contacted at any time
concerning the collection account, including debtor, debtor's employer and
relatives;
ii) Dates and record of
contents of all communications sent regarding debtor's account;
iii) Dates and accurate summary of each
telephone contact with all individuals regarding debtor's account, including
identification of individual who made the contact and to whom that individual
spoke;
iv) Name of the original
creditor, current creditor, date account was opened with the collection agency,
the original amount of the account referred to the collection agency, and the
current outstanding amount of the account. The address of the current creditor
shall be maintained in the collection agency's records;
v) Docket information pertaining to all court
suits concerning account;
vi) The
date and amount of each payment received on each account; and
vii) Any additional charges assessed on the
account, which are fees authorized by contract or by court of law. These
charges shall be documented by court records or other records available for
inspection by the Division.
B) This subsection does not apply to the
report status of the accounts.
2) Correspondence files for each collection
account, which shall contain:
A) Copies of all
correspondence between the collection agency and creditor concerning
accounts;
B) Copies of all
correspondence between the collection agency and debtor, debtor's employer,
debtor's family and debtor's attorney;
C) Instructions from debtor on disbursement
of funds among multiple accounts; and
D) Copies of all correspondence concerning
account between collection agency and collection agency's attorney.
c) When an account is
closed by the collection agency, the account record shall be clearly and boldly
marked that the account is closed, and all records shall be kept for a period
of 36 months after the collection agency's last activity on the debt.
d) A collection agency may utilize an
electronic data processing system that includes the information set forth in
this Section in a format reviewable by the Department.
Notes
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