Ill. Admin. Code tit. 38, § 1010.170 – Books and Records

a) Licensees must maintain a general ledger, maintain a cash receipt and disbursement journal, and reconcile bank accounts at least monthly.
b) Licensees shall maintain, for each student loan serviced, the following information:
1. 1) the student loan application, if available;
2. 2) disclosure statements sent to the borrower;
3. 3) the promissory note or loan agreement;
4. 4) the complete loan history;
5. 5) qualified written requests;
6. 6) instructions from the borrower, if any, on how to apply overpayments;
7. 7) statements of account sent to the borrower; and
8. 8) any additional records the Director may designate.
c) Each licensee must maintain books and records (see subsections (a) and (b)) at a location designated by the licensee.