Ill. Admin. Code tit. 38, § 800.60 - Special Credit Programs
a) Requisite
Standards. A special credit program is exempt from coverage of the Act under
Section 4-104(C)(3) of the Act [775 ILCS
5/4-104(C)(3) ] only if it satisfies
each of the following requirements:
1)
Written Plan. The program is established and administered pursuant to a written
plan which identifies the classes of persons it is designed to benefit and sets
forth the procedures and standards for extending credit.
2) Class Benefiting. The program is
established and administered to extend credit to a class of persons who, under
the standards of creditworthiness customarily used by the lender, either would
not receive such credit or would receive it on less favorable terms than those
available to other applicants for similar types and amounts of
credit.
3) Nondiscrimination. The
program is established and administered so as not to discriminate against
applicants on the basis of any characteristic prohibited under the Act, except
to the extent that the class of persons benefiting from the program may share
one or more such characteristic(s) and that requirement is not a subterfuge for
evading the purposes of the Act.
b) Inquiries into Common Characteristics. If
a special credit program is established to benefit a class of persons sharing
one or more characteristic(s) prohibited under the Act, the lender may inquire
of any applicant for credit under that program regarding such prohibited
characteristic(s), notwithstanding the provisions of Section
800.40
of this Part.
c) Inquiries into
Financial Need. If financial need is one of the criteria for the extension of
credit under a special credit program, the lender may inquire regarding marital
status, spousal income and income from alimony, child support or separate
maintenance, notwithstanding the provisions of Section
800.40
of this Part.
Notes
Amended at 22 Ill. Reg. 6659, effective March 27, 1998
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