Section 760.860  Holder Self-Examination

a)         The administrator may direct a person to participate in a self-audit or holder self-examination. A holder self-examination is intended to provide a cost-effective means of determining the historical compliance of the person being examined, and to encourage and facilitate that person's ongoing and future compliance with the Act.

b)         A holder self-examination is a form of verified report pursuant to Section 15-1001 of the Act and not an examination pursuant to either Sections 15-1002 or 15-1002.1 of the Act. To assist in a holder self-examination the administrator may retain a contract auditor as provided in Section 760.720 and the holder may retain a holder advocate as provided in Section 760.730.

c)         Under a holder self-examination a person will be sent an official written notice by the administrator. If the administrator retains an audit firm to facilitate or review the results of a holder self-examination, the audit firm will be identified in the official notice.

(Source:  Added at 48 Ill. Reg. 14162, effective September 10, 2024)