To be enforceable, every contract for the services of a loan broker shall be in writing and signed by all contracting parties. The borrowing party and loan broker shall retain a copy of the signed contract at the time it is signed. The loan broker shall retain a copy of the contract for a period of 6 years.
815 ILCS 175/15-35
Contracts required to be in writing; retention of copy by borrowing party
Known as the Illinois Loan Brokers Act
The act spans §§ 815-175-15-1 to 815-175-15-95 (27 sections).
P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.