Ill. Admin. Code tit. 35, § 886.320 – Covenant Against Contingent Fees | Midpage
§ 886.320
Ill. Admin. Code tit. 35, § 886.320
Covenant Against Contingent Fees
AUTHORITY: Implementing and authorized by Section 58.15 of the Environmental Protection Act [415 ILCS 5/58.15].ENVIRONMENTAL PROTECTION AGENCY
a) The loan recipient must warrant, as part of the loan agreement, that no person has been employed or retained to solicit or secure a loan under this Part based upon an agreement or understanding for a commission, percentage, brokerage or contingent fee.
b) For breach or violation of this warranty, the Agency shall have the right to terminate the loan in accordance with Section 886.305 (Loan Termination by the Agency) of this Part, without liability, or to deduct from the loan award, or otherwise recover, the full amount of such commission, percentage, brokerage or contingent fee.