Bill Title: Amends the Credit Services Organizations Act. Changes the short title of the Act to the Credit Repair Organizations Act. Provides that the Secretary of Financial and Professional Regulation shall oversee the activities of credit repair organizations and compliance with the Act. Provides that a credit repair organization shall submit reports to the Secretary containing specified information. Provides that every credit repair organization shall maintain a surety bond or electronic surety bond in the principal sum of $100,000 issued by a bonding company authorized to do business in this State and approved by the Secretary. Provides that the bond shall run to the Secretary and shall be for the benefit of any consumer who incurs damages as a result of any violation of the Act or rules adopted under the Act. Makes changes in provisions concerning contracts between a buyer and a credit repair organization and registration of credit repair organizations. Inserts provisions concerning the transfer of records; rulemaking; regulatory assessment; evasion; examination and reports; violations; enforcement; confidential supervisory information; judicial review; buyer and a credit repair organization; registration of credit repair organizations; violations of the Act; remedies; and conflicts of law. Repeals provisions concerning construction of the Act and surety bonds. Provides that the Secretary may adopt rules necessary to administer the Act. Defines terms. Repeals provisions concerning surety bonds. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that any person who violates the Credit Repair Organizations Act commits an unlawful practice within the meaning of the Act. Effective January 1, 2025.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee [HB4507 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-01-18	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4507

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4507 currently on file.

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