Full Text of HB5016 97th General Assembly
HB5016enr 97TH GENERAL ASSEMBLY |
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| 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 Collection Agency Act is amended by changing | 5 | | Section 2 and by adding Sections 8.5 and 8.6 as follows:
| 6 | | (225 ILCS 425/2) (from Ch. 111, par. 2002)
| 7 | | (Section scheduled to be repealed on January 1, 2016)
| 8 | | Sec. 2. Definitions. In this Act:
| 9 | | "Charge-off balance" means an account principal and other | 10 | | legally collectible costs, expenses, and interest accrued | 11 | | prior to the charge-off date, less any payments or settlement. | 12 | | "Charge-off date" means the date on which a receivable is | 13 | | treated as a loss or expense. | 14 | | "Consumer credit transaction" means a transaction between | 15 | | a natural person and another person in which property, service, | 16 | | or money is acquired on credit by that natural person from such | 17 | | other person primarily for personal, family, or household | 18 | | purposes. | 19 | | "Consumer debt" or "consumer credit" means money, | 20 | | property, or their equivalent, due or owing or alleged to be | 21 | | due or owing from a natural person by reason of a consumer | 22 | | credit transaction. | 23 | | "Creditor" means a person who extends consumer credit to a |
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| 1 | | debtor. | 2 | | "Current balance" means the charge-off balance plus any | 3 | | legally collectible costs, expenses, and interest, less any | 4 | | credits or payments. | 5 | | "Debt" means money, property, or their equivalent which is | 6 | | due or owing or alleged to be due or owing from a natural | 7 | | person to another person. | 8 | | "Debt buyer" means a person or entity that is engaged in | 9 | | the business of purchasing delinquent or charged-off consumer | 10 | | loans or consumer credit accounts or other delinquent consumer | 11 | | debt for collection purposes, whether it collects the debt | 12 | | itself or hires a third-party for collection or an | 13 | | attorney-at-law for litigation in order to collect such debt. | 14 | | "Debt collection" means any act or practice in connection | 15 | | with the collection of consumer debts. | 16 | | "Debt collector", "collection agency", or "agency" means | 17 | | any person who, in the ordinary course of business, regularly, | 18 | | on behalf of himself or herself or others, engages in debt | 19 | | collection. | 20 | | "Debtor" means a natural person from whom a debt collector | 21 | | seeks to collect a consumer debt that is due and owing or | 22 | | alleged to be due and owing from such person. | 23 | | "Department" means Division of Professional Regulation | 24 | | within the Department of Financial and Professional | 25 | | Regulation. | 26 | | "Director" means the Director of the Division of |
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| 1 | | Professional Regulation within the Department of Financial and | 2 | | Professional Regulation. | 3 | | "Person" means a natural person, partnership, corporation, | 4 | | limited liability company, trust, estate, cooperative, | 5 | | association, or other similar entity.
| 6 | | (Source: P.A. 95-437, eff. 1-1-08.)
| 7 | | (225 ILCS 425/8.5 new) | 8 | | Sec. 8.5. Debt buyers. A debt buyer shall be subject to all | 9 | | of the terms, conditions, and requirements of this Act, except | 10 | | as otherwise provided for in subsection (b) of Section 8.6 of | 11 | | this Act. | 12 | | (225 ILCS 425/8.6 new) | 13 | | Sec. 8.6. Debt buyer activities. | 14 | | (a) Debt buyers initiating actions upon an obligation | 15 | | arising out of a consumer debt shall be commenced within the | 16 | | applicable statute of limitations period. | 17 | | (b) With respect to its activities as a debt buyer in | 18 | | pursuing the collection of accounts it owns, a debt buyer shall | 19 | | be subject to all of the terms, conditions, and requirements of | 20 | | this Act, except that a debt buyer shall not be required to (i) | 21 | | file and maintain in force a surety bond under Section 8 of | 22 | | this Act; (ii) maintain a trust account under Section 8c of | 23 | | this Act; (iii) procure written authorization to refer the | 24 | | account to an attorney for suit under Section 8a-1 of this Act; |
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| 1 | | or (iv) adhere to the assignment for collection criteria under | 2 | | Section 8b of this Act. | 3 | | (c) The Attorney General may enforce against debt buyers | 4 | | the provisions identified in Section 9.7 of this Act as an | 5 | | unlawful practice under the Consumer Fraud and Deceptive | 6 | | Business Practices Act.
| 7 | | Section 99. Effective date. This Act takes effect January | 8 | | 1, 2013.
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