Section 110.90  Cancellation and Return of Documents

The contract and promissory note executed by the obligor bearing evidence of indebtedness shall be cancelled and returned to the obligor promptly following the renewal or paid in full date.  Where prior written approval has been obtained from the Division and original documents are not available, a licensee shall substitute copies reproduced from any medium or format which accurately reproduces the original documents.  On renewal, continuing security agreements may be retained until subsequent loans are paid in full.  If an executed copy of a legal document is retained following payment in full or renewal, it must be clearly indicated by physical or digital method as "PAID" or "CANCELLED", indicating the date of payment or renewal.  Copies clearly identified with the legend "COPY NOT NEGOTIABLE", or similar language, may be used in lieu of this requirement.

(Source:  Amended at 47 Ill. Reg. 9271, effective June 20, 2023)