Section 1050.750  Director's Authority − Unusually High Rate

The Director may take any action permitted to be taken by Sections 1050.730 and 1050.740 of this Subpart or at any other Section of this Part whenever the Director determines that a licensee's foreclosure rate on government-insured mortgage loans in a particular area, as deemed by the Director on a case-by-case basis, is higher than a rate deemed appropriate by the Director in that particular area.  The Director shall determine the appropriate rate for a particular area by calculating the average of the foreclosure rates on government-insured mortgage loans in the same area for the same period of time based on information filed with the Director pursuant to the Act.  A licensee's rate that exceeds the average shall be considered unusually high.

(Source:  Amended at 29 Ill. Reg. 14808, effective September 26, 2005)