Bill Text: IL HB5016 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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]
Download: Illinois-2011-HB5016-Amended.html
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]
Download: Illinois-2011-HB5016-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 5016
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| 2 | AMENDMENT NO. ______. Amend House Bill 5016, AS AMENDED, in | ||||||
| 3 | Section 5, Sec. 2, by replacing the paragraph beginning ""Debt | ||||||
| 4 | buyer"" with the following: | ||||||
| 5 | ""Debt buyer" means a person or entity that is engaged in | ||||||
| 6 | the business of purchasing delinquent or charged-off consumer | ||||||
| 7 | loans or consumer credit accounts or other delinquent consumer | ||||||
| 8 | debt for collection purposes, whether it collects the debt | ||||||
| 9 | itself or hires a third-party for collection or an | ||||||
| 10 | attorney-at-law for litigation in order to collect such debt.".
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