HB 4814

Select Language
  ×
The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
  Choose Language
  English
  Afrikaans
  Albanian
  Arabic
  Armenian
  Azerbaijani
  Basque
  Bengali
  Bosnian
  Catalan
  Croatian
  Czech
  Danish
  Dutch
  Esperanto
  Estonian
  Filipino
  Finnish
  French
  Galician
  Georgian
  German
  Greek
  Gujarati
  Haitian Creole
  Hausa
  Hawaiian
  Hebrew
  Hindi
  Hungarian
  Icelandic
  Indonesian
  Interlingua
  Interlingue
  Inuktitut
  Irish
  Italian
  Japanese
  Javanese
  Kannada
  Khmer
  Korean
  Latin
  Latvian
  Lithuanian
  Luxembourgish
  Macedonian
  Malagasy
  Malayalam
  Maltese
  Maori
  Marathi
  Myanmar
  Nepali
  Norwegian
  Odia
  Pashto
  Punjabi
  Romanian
  Russian
  Samoan
  Sango
  Sanskrit
  Sardinian
  Sindhi
  Sinhala
  Slovak
  Slovenian
  Somali
  Southern Sotho
  Spanish
  Sundanese
  Swahili
  Swedish
  Tamil
  Telugu
  Thai
  Tigrinya
  Tonga
  Turkish
  Ukrainian
  Urdu
  Vietnamese
  Welsh
  Xhosa
  Yiddish
  Yoruba
  Zulu
  Powered by Translate
  Close
Illinois General Assembly
Top Navigation Bar
  Translate
  Learn
  Select General Assembly
  Search the 104th General Assembly
  Enter search terms for legislation, members, committees, or schedules.
  ILGA.GOV
Mobile Top Bar
  Search the 104th General Assembly
  Enter keywords to search the Illinois General Assembly website.
Full Text of HB4814
Home
Legislation
Full Text
					HB4814 - 104th General Assembly
						Bill Status
						Full Text
						Votes
						Witness Slips
					Select Menu
					Bill Status
					Full Text
					Votes
					Witness Slips
					Printer Friendly Version
							Introduced
							Engrossed
							House Amendment 001
							Senate Amendment 001
						Printer Friendly Version
						Introduced
						Engrossed
						House Amendment 001
						Senate Amendment 001
							 Open PDF
		HB4814 Engrossed		LRB104 16531 BAB 29927 b
1		    AN ACT concerning regulation.
2		    Be it enacted by the People of the State of Illinois,
3		represented in the General Assembly:
4		    Section 5. The Debt Management Service Act is amended by
5		changing Sections 4 and 12 as follows:
6		    (205 ILCS 665/4)  (from Ch. 17, par. 5304)
7		    Sec. 4. Application for license. Application for a license
8		to engage in the debt management service business in this
9		State shall be made to the Secretary and shall be in writing,
10		under oath, and in the form prescribed by the Secretary.
11		    Each applicant, at the time of making such application,
12		shall pay to the Secretary the sum of $30.00 as a fee for
13		investigation of the applicant, and the additional sum of
14		$100.00 as a license fee.
15		    Every applicant shall submit to the Secretary, at the time
16		of the application for a license, a bond to be approved by the
17		Secretary in which the applicant shall be the obligor, in the
18		sum of $50,000 [$25,000] or such additional amount as required
19		by the Secretary based on the amount of disbursements made by
20		the licensee in the previous year, and in which an insurance
21		company, which is duly authorized by the State of Illinois, to
22		transact the business of fidelity and surety insurance shall
23		be a surety.
		HB4814 Engrossed	- 2 -	LRB104 16531 BAB 29927 b
1		    The bond shall run to the Secretary for the use of the
2		Department or of any person or persons who may have a cause of
3		action against the obligor in said bond arising out of any
4		violation of this Act or rules by a license. Such bond shall be
5		conditioned that the obligor will faithfully conform to and
6		abide by the provisions of this Act and of all rules,
7		regulations and directions lawfully made by the Secretary and
8		will pay to the Secretary or to any person or persons any and
9		all money that may become due or owing to the State or to such
10		person or persons, from said obligor under and by virtue of the
11		provisions of this Act.
12		(Source: P.A. 96-1420, eff. 8-3-10.)
13		    (205 ILCS 665/12)  (from Ch. 17, par. 5312)
14		    Sec. 12. Fees and charges of debt management service
15		providers. A debt management service provider may not charge a
16		debtor any fees or penalties except the following:
17		        (1) an initial counseling fee not to exceed $75 [$50]
18		    per debtor counseled; and
19		        (2) additional fees at the completion of the initial
20		    counseling services, which shall not exceed per month: (A) 
21		    15% of the amount disbursed monthly to creditors or $75, 
22		    whichever is less, if there are fewer than 6 creditors 
23		    enrolled in the debt management plan; or (B) 15% of the 
24		    amount disbursed monthly to creditors or $100, whichever 
25		    is less, if there are 6 or more creditors enrolled in the 
		HB4814 Engrossed	- 3 -	LRB104 16531 BAB 29927 b
1		    debt management plan [$50 per month].
2		(Source: P.A. 96-1420, eff. 8-3-10.)