Ill. Admin. Code tit. 38, § 150.90 - Multiple Creditors
a) When a
debtor has multiple creditors, the collection agency shall maintain a separate
account record for each creditor.
b) Checks, money orders, or drafts received
by a collection agency from a debtor or on behalf of a debtor made payable to a
specified creditor shall be applied to the specified creditor's account
record.
c) When a collection agency
is collecting two or more accounts from one debtor, the collection agency shall
apply any payments received from the debtor according to the debtor's
directions.
d) When the debtor
overpays the total amount outstanding to a specific creditor, money due to the
debtor for an overpayment to the specific creditor may not be applied by the
collection agency against any other obligation owed by the debtor and must be
refunded to the debtor unless the debtor has authorized the collection agency,
in writing or by lawfully recorded verbal statement, to apply the money to
another obligation owed by the debtor.
Notes
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