Bill Title: Amends the Collection Agency Act. Defines "charge-off date", "collection agency" or "agency", "debt buyer", and "principal balance" or "charge-off balance". Provides that if a debt buyer commences litigation against a debtor, then the debt buyer shall attach to the complaint an affidavit. Provides that a debt buyer shall be subject to all of the terms, conditions, and requirements of the Act, except that a debt buyer shall not be required to (i) file and maintain in force a surety bond; (ii) maintain a trust account; (iii) procure written authorization to refer the account to an attorney for suit; or (iv) adhere to the assignment for collection criteria. Provides that the Attorney General may enforce against debt buyers specified provisions under the Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2012-08-24 - Public Act . . . . . . . . . 97-1070 [HB5016 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Louis Lang [D]	Primary	Sponsored Bills	HD-016	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Zalewski [D]	Cosponsor	Sponsored Bills	HD-023	FollowTheMoney	Ballotpedia	VoteSmart
Senator Michael Connelly [R]	Cosponsor	Sponsored Bills	SD-021	FollowTheMoney	Ballotpedia	VoteSmart
Representative Sidney Mathias [R]	Cosponsor	Sponsored Bills	HD-053	FollowTheMoney	Ballotpedia	VoteSmart
Senator Kirk Dillard [R]	Primary	Sponsored Bills	SD-024	FollowTheMoney	Ballotpedia	VoteSmart
Senator Ira Silverstein [D]	Cosponsor	Sponsored Bills	SD-008	FollowTheMoney	Ballotpedia	VoteSmart

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