Bill > HB3554

This bill amends the Collection Agency Act to make several significant changes to the regulation of collection agencies in Illinois. The bill removes the Collection Agency Act from the list of Acts scheduled for repeal, expands the definition of a "collection agency" to include various debt-related activities, and broadens the list of entities exempt from licensing requirements, such as adding motor vehicle retail sellers and persons licensed under specific financial service acts. The bill modifies disciplinary actions the Department of Financial and Professional Regulation can take against collection agencies, including the ability to impose fines up to $10,000 per violation. For child support debt collection, the bill allows the Department to modify by rule the fee rate a collection agency can charge, setting it between 25% and 35% of the amount of child support collected. The bill also removes references to the Collection Agency Licensing and Disciplinary Board, shifting more authority directly to the Department and hearing officers. Additionally, the bill adjusts various procedural aspects of licensing, investigations, hearings, and penalties for unlicensed practice, such as reducing the timeframe for certain notifications and clarifying communication and disciplinary procedures for collection agencies.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3554&GAID=18&DocTypeID=HB&SessionID=114&GA=104