Illinois Compiled Statutes 225 Professions, Occupations, and Business Operations: Article -

• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 1
  Short title. This Act may be cited as the Debt Settlement Consumer Protection Act. (Source: P.A. 96-1420, eff. 8-3-10.)
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 5
  Purpose and construction. The purpose of this Act is to protect consumers who enter into agreements with debt settlement providers and to regulate debt settlement...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 10
  Definitions. As used in this Act: "Consumer" means any person who purchases or contracts for the purchase of debt settlement services. "Consumer settlement account" means...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 15
  Requirement of license. It shall be unlawful for any person or entity to act as a debt settlement provider except as authorized by this Act...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 20
  Application for license. An application for a license to operate as a debt settlement provider in this State shall be made to the Secretary and...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 25
  Qualifications for license. Upon the filing of the application and the approval of the bond and the payment of the specified fees, the Secretary may...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 30
  Renewal of license. Each debt settlement provider under the provisions of this Act may make application to the Secretary for renewal of its license, which...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 33
  Annual report; debt settlement provider disclosure of statistical information; Secretary to report statistical information. (a) A debt settlement provider must file an annual report with...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 35
  License; display and location of license. Each license issued shall be kept conspicuously posted in the place of business of the debt settlement provider. The...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 45
  Denial of license. Any complete application for a license shall be approved or denied within 60 days after the filing of the complete application with...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 50
  Revocation or suspension of license. (a) The Secretary may revoke or suspend any license if he or she finds that: (1) any debt settlement provider...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 55
  Contracts, books, records, and contract cancellation. Each debt settlement provider shall furnish to the Secretary, when requested, a copy of the contract entered into between...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 60
  Examination of debt settlement provider; duty to disclose a post-license event. (a) The Secretary at any time, either in person or through an appointed representative,...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 65
  Trust funds; requirements and restrictions. (a) All funds received by a debt settlement provider or his agent from and for the purpose of paying bills,...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 75
  Rules. The Secretary shall adopt and enforce all reasonable rules necessary or appropriate for the administration of this Act. The rulemaking shall be subject to...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 80
  Penalties. (a) Any person who operates as a debt settlement provider without a license shall be guilty of a Class 4 felony. (b) Any contract...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 83
  Additional liability for unlicensed activity. Any person who, without the required license, engages in conduct requiring a license under this Act without the required license...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 85
  Injunction. To engage in debt settlement service, render financial service, or accept debtors' funds, as defined in this Act, without a valid license to do...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 90
  Review. All final administrative decisions of the Secretary under this Act shall be subject to judicial review pursuant to the provisions of the Administrative Review...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 95
  Cease and desist orders. (a) The Secretary may issue a cease and desist order to any debt settlement provider or other person doing business without...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 100
  Moneys received; Financial Institution Fund. All moneys received by the Division of Financial Institutions under this Act, except for moneys received for the Debt Settlement...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 103
  Debt Settlement Consumer Protection Fund. (a) A special income-earning fund is hereby created in the State Treasury, known as the Debt Settlement Consumer Protection Fund....
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 105
  Advertising and marketing practices. (a) A debt settlement provider shall not represent, expressly or by implication, any results or outcomes of its debt settlement services...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 110
  Individualized financial analysis. (a) Prior to entering into a written contract with a consumer, a debt settlement provider shall prepare and provide to the consumer...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 115
  Required pre-sale consumer disclosures and warnings. (a) Before the consumer signs a contract, the debt settlement provider shall provide an oral and written notice to...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 120
  Debt settlement contract. (a) A debt settlement provider shall not provide debt settlement service to a consumer without a written contract signed and dated by...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 125
  Fees. (a) A debt settlement provider shall not charge fees of any type or receive compensation from a consumer in a type, amount, or timing...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 130
  Consumer settlement accounts and monthly accounting. (a) A debt settlement provider who receives funds from a consumer shall hold all funds received for a consumer...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 135
  Cancellation of contract and right to fee and settlement fund refunds. (a) A consumer may cancel a contract with a debt settlement provider at any...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 140
  Obligation of good faith. A debt settlement provider shall act in good faith in all matters under this Act. (Source: P.A. 96-1420, eff. 8-3-10.)
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 145
  Prohibited practices. A debt settlement provider shall not do any of the following: (1) Charge or collect from a consumer any fee not permitted by,...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 150
  Noncompliance with the Act. (a) Any waiver by any consumer of any protection provided by or any right of the consumer under this Act: (1)...
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 155
  Civil remedies. (a) A violation of Section 105, 110, 115, 120, 125, 130, 135, 140, 145, or 150 of this Act constitutes an unlawful practice...
• Illinois Professions, Occupations, and Business Operations: Article -
  Amendatory provisions; text omitted
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 900
  (Amendatory provisions; text omitted). (Source: P.A. 96-1420, eff. 8-3-10; text omitted.)
• Illinois Professions, Occupations, and Business Operations: Article -
  Amendatory provisions; text omitted
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 905
  (Amendatory provisions; text omitted). (Source: P.A. 96-1420, eff. 8-3-10; text omitted.)
• Illinois Professions, Occupations, and Business Operations: Article -
  Amendatory provisions; text omitted
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 910
  (Amendatory provisions; text omitted). (Source: P.A. 96-1420, eff. 8-3-10; text omitted.)
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 915
  The Debt Management Service Act is amended by repealing Sections 13.5, 15.1, 15.2, and 15.3. (Source: P.A. 96-1420, eff. 8-3-10.)
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 970
  Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 96-1420, eff. 8-3-10.)
• Illinois Debt Settlement Consumer Protection Act. - 225 ILCS 429, Section 999
  Effective date. This Act takes effect upon becoming law. (Source: P.A. 96-1420, eff. 8-3-10.)

Last modified: February 18, 2015