Section 16-209. REPOSSESSION REGISTER

 

209.1Each licensee shall maintain and have available at all times in the licensee's office or other place of business for inspection by the Director or the Director's designee in a separate bound register with non-removable pages to be provided by the licensee for that purpose, a record of all repossessions made by or on behalf of the licensee.

 

209.2The licensee shall enter the following information on the repossession register:

 

(a)The name and address of the person from whom property has been repossessed;

 

(b)The default for which the repossession was made;

 

(c)The name and address of each person who participated in the repossession;

 

(d)The date, time, and place of sale or disposition of the repossessed property;

 

(e)The name and address of the person to whom the repossessed property was sold or transferred by the licensee;

 

(f)The amount for which the repossessed property was sold or disposed of by the licensee;

 

(g)A list of any and all repairs to the property not compensated by insurance which were made or caused to be made by the licensee for the purpose of putting the property in saleable condition, including the itemized cost of each repair and the name and address of the person employed by the licensee to make repairs;

 

(h)All items of expense incident to the sale or disposition of the property;

 

(i)The amount applied to the actual amount of the loan as refund of insurance premium or premiums;

 

(j)The amount applied to the actual amount of the loan from the proceeds of sale or disposition of the property; and

 

(k)The amount, if any, remitted to the borrower.