- a) A licensed recovery manager is in control or management [225 ILCS 422/65(a)] of a repossession agency main office or a repossession agency branch office when the recovery manager is physically present at the repossession agency main office or branch office or within a close proximity of the repossession agency main office or branch office and able to supervise employees and repossession activities of the repossession agency main office or branch office.
b) When a licensed recovery manager currently registered with the Commission temporarily ceases to be in control or management of a repossession agency main office or branch office, the repossession agency may use a temporary, registered, licensed recovery manager with the Commission who will be temporarily in control or management of a repossession agency main office or branch office.
- 1) A temporary, licensed recovery manager must have an active Class "MR" License, be registered in that capacity with the Commission pursuant to Subpart F and be otherwise in compliance with the Act and this Part prior to assuming duties as a recovery manager on behalf of a licensed repossession agency. The temporary recovery manager must possess an active Class "MR" License issued by the Commission at the time of registration. A temporary, licensed recovery manager must comply, at all times, with the Act and this Part while serving as the licensed recovery manager for a repossession agency main office or branch office.
- 2) The provisions of this subsection (b) may be utilized in addition to, but not in lieu of, the provisions of the Act or this Part.
(Source: Added at 38 Ill. Reg. 5821, effective March 14, 2014)