Mt. Vernon Register-News

Local

March 4, 2009

Lenders disciplined by IDFPR

Staff Report

SPRINGFIELD — Two area lenders have been disciplined in January by the Illinois Department of Financial and Professional Regulation.

The Money Place of Mt. Vernon was fined $2,250 for violations that included improper simple interest calculation; security not properly disclosed; payment record for a simple interest loan does not show the principal balance due; the date to which interest is paid or itemized other charges collected, incomplete and incorrect or proper disclosure of itemization of amount financed.

Also disciplined in January was R & L Webb Enterprises, Inc., doing business as Hamilton County Loan Company of McLeansboro. The business was fined $1,100 for not sending the borrower a notice of the right to redeem with all required information; not delivering or mailing the borrower an affidavit of defense; date of repossession not available; did not give written notice of intended sale/disposition or repossessed collateral including all required information; did not send borrower notice of intended sale/disposition of collateral via certified mail; did not dispose of repossessed collateral in a commercially reasonable manner; repossession file does not contain signed receipts showing all collateral purchased, the amount paid and the name of the obligator; repossession filed doesn’t contain a copy of the condition of collateral at time of repossession; the wording required by this section was not used in the sale of the collateral; and the company didn’t have receipts to document charges in connection with the sale of collateral.

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