On April 14, 2020, the state of Illinois Department of Financial and Professional Regulation issued new guidance to state licensed consumer credit companies that they are referring to as “best practices” that they are “recommending” should be put into practice to help persons during the coronavirus pandemic. Much like Massachusetts, Texas and the district of Colombia, this guidance suggests the suspension of all collection activity, waiver of most fees and the copious offering of payment forbearances. One unique suggestion included, is the waiver of deficiency balances post voluntary repossession.
More Stories
Stupid Stuff Fraudsters Buy: The $250 Million Pool Shark
Ally Keeps Growing as Auto Loan Delinquencies and Losses Edge Higher
When a Car Is Obtained Through Fraud, Is It Counted as Stolen?
Credit Union Employee Accused of Stealing from the Dead
Credit Union Promoted Employee Despite Fraud Warnings — Then Collapsed Under $3.5 Million in Losses
The New Normal? Auto Loan Delinquencies May Have Found Their Floor