|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5070
Introduced 02/05/04, by Maria Antonia Berrios SYNOPSIS AS INTRODUCED:
|
|
205 ILCS 665/2 |
from Ch. 17, par. 5302 |
|
Amends the Debt Management Services Act. In language defining "debt management
service" as
the planning and management of the financial affairs of
a debtor for a fee and the receiving
of money
from the debtor for the purpose
of distributing it to the debtor's creditors in payment or partial payment of
the debtor's obligations or soliciting financial contributions from creditors, adds language providing that the distribution may be made directly or indirectly. Effective immediately.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB5070 |
|
LRB093 18663 SAS 44390 b |
|
|
| 1 |
| AN ACT concerning financial 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 Section 2 as follows:
|
| 6 |
| (205 ILCS 665/2) (from Ch. 17, par. 5302)
|
| 7 |
| Sec. 2. Definitions. As used in this Act:
|
| 8 |
| "Debt management
service" means
the planning and |
| 9 |
| management of the financial affairs of
a debtor for a fee and |
| 10 |
| the receiving
of money
from the debtor for the purpose
of |
| 11 |
| distributing it, directly or indirectly, to the debtor's |
| 12 |
| creditors in payment or partial payment of
the debtor's |
| 13 |
| obligations or soliciting financial contributions from |
| 14 |
| creditors.
The business of debt management is conducted in this |
| 15 |
| State if the debt
management business, its employees, or its |
| 16 |
| agents are located in this State or
if the
debt management |
| 17 |
| business solicits or contracts with debtors located in this
|
| 18 |
| State.
|
| 19 |
| This term shall not include the following when engaged in
|
| 20 |
| the regular course of their respective businesses and |
| 21 |
| professions:
|
| 22 |
| (a) Attorneys at law.
|
| 23 |
| (b) Banks, fiduciaries, credit unions, savings and |
| 24 |
| loan associations,
and savings banks as duly
authorized and |
| 25 |
| admitted to transact business in the State of Illinois and
|
| 26 |
| performing credit and financial adjusting service in the |
| 27 |
| regular course of
their principal business.
|
| 28 |
| (c) Title insurers and abstract companies, while doing |
| 29 |
| an escrow
business.
|
| 30 |
| (d) Judicial officers or others acting pursuant to |
| 31 |
| court
order.
|
| 32 |
| (e) Employers for their employees.
|