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HB5070 Engrossed |
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LRB093 18663 SAS 44390 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Debt Management Service Act is amended by |
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| changing Section 2 as follows:
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| (205 ILCS 665/2) (from Ch. 17, par. 5302)
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| Sec. 2. Definitions. As used in this Act:
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| "Debt management
service" means
the planning and |
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| management of the financial affairs of
a debtor for a fee and |
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| the receiving
of money
from the debtor for the purpose
of |
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| distributing it, directly or indirectly, to the debtor's |
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| creditors in payment or partial payment of
the debtor's |
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| obligations or soliciting financial contributions from |
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| creditors.
The business of debt management is conducted in this |
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| State if the debt
management business, its employees, or its |
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| agents are located in this State or
if the
debt management |
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| business solicits or contracts with debtors located in this
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| State.
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| This term shall not include the following when engaged in
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| the regular course of their respective businesses and |
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| professions:
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| (a) Attorneys at law.
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| (b) Banks, fiduciaries, credit unions, savings and |
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| loan associations,
and savings banks as duly
authorized and |
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| admitted to transact business in the State of Illinois and
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| performing credit and financial adjusting service in the |
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| regular course of
their principal business.
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| (c) Title insurers and abstract companies, while doing |
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| an escrow
business.
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| (d) Judicial officers or others acting pursuant to |
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| court
order.
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| (e) Employers for their employees.
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