810 ILCS 5/9-616

    (810 ILCS 5/9-616)
    (Text of Section before amendment by P.A. 103-1036)
    Sec. 9-616. Explanation of calculation of surplus or deficiency.
    (a) Definitions. In this Section:
        (1) "Explanation" means a writing that:
            (A) states whether a surplus or deficiency is

owed and the amount of the surplus, if applicable;

(B) states, if applicable, that future debits,

credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency;

(C) provides a telephone number or mailing

address from which the debtor or consumer obligor may obtain additional information concerning the transaction and from which such person may request the amount of the deficiency and further information regarding how the secured party calculated the surplus or deficiency; and

(D) at the sender's option, the information set

forth in subsection (c).

        (2) "Request" means a record:
            (A) authenticated by a debtor or consumer obligor;
            (B) requesting that the recipient provide

information of how it calculated the surplus or deficiency; and

(C) sent after disposition of the collateral

under Section 9-610.

(b) Explanation of calculation.  In a consumer-goods transaction
in which the debtor is entitled to a surplus or a consumer obligor is liable
for a
deficiency under Section 9-615, the secured party shall:

(1) send an explanation to the debtor or consumer

obligor, as applicable, after the disposition and:

(A) before or when the secured party accounts to

the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency, other than in instances in which such demand is made by a third-party debt collector covered by the Fair Debt Collection Practices Act; and

(B) within 14 days after receipt of a request

made by the debtor or consumer obligor within one year after the secured party has given an explanation under this Section or notice to such debtor or consumer obligor under Section 9-614 of this Article; or

(2) in the case of a consumer obligor who is liable

for a deficiency, within 14 days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.

(c) Required information for response to request.  To comply with a
request, the secured party must provide a response in writing which includes
the following information:

(1) the aggregate amount of obligations secured by

the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:

(A) if the secured party takes or receives

possession of the collateral after default, not more than 35 days before the secured party takes or receives possession; or

(B) if the secured party takes or receives

possession of the collateral before default or does not take possession of the collateral, not more than 35 days before the disposition;

(2) the amount of proceeds of the disposition;
(3) the aggregate amount of the obligations after

deducting the amount of proceeds;

(4) the amount, in the aggregate or by type, and

types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorney's fees secured by the collateral which are known to the secured party and relate to the current disposition;

(5) the amount, in the aggregate or by type, and

types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1); and

(6) the amount of the surplus or deficiency.

(d) Substantial compliance.  A particular phrasing of
the explanation or response to a request is not required.  An explanation or
a response to a request complying substantially with the requirements of this
Section is sufficient even if it is:

(1) accompanied by or combined with other

notifications;

(2) includes information not specified by this

Section;

(3) includes minor errors that are not seriously

misleading; or

(4) includes errors in information not required by

this Section.

(e) Charges for responses.  A debtor or consumer obligor is
entitled without charge to one response to a request under this Section during
any
six-month period in which the secured party did not send to the debtor or
consumer
obligor an explanation pursuant to subsection (b)(1).  The secured party may
require payment of a charge not exceeding $25 for each additional response.

(Source: P.A. 91-893, eff. 7-1-01.)

    (Text of Section after amendment by P.A. 103-1036)
    Sec. 9-616. Explanation of calculation of surplus or deficiency.
    (a) Definitions. In this Section:
        (1) "Explanation" means a record that:
            (A) states whether a surplus or deficiency is