225 ILCS 429/ – An Act concerning debt settlement. | Midpage

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Illinois Compiled Statutes

429

225 ILCS 429/

An Act concerning debt settlement.

1Short title 10Definitions 100Moneys received; Financial Institution Fund 103Debt Settlement Consumer Protection Fund 105Advertising and marketing practices 110Individualized financial analysis 115Required pre-sale consumer disclosures and warnings 120Debt settlement contract 125Fees 130Consumer settlement accounts and monthly accounting 135Cancellation of contract and right to fee and settlement fund refunds 140Obligation of good faith 145Prohibited practices 15Requirement of license 150Noncompliance with the Act 155Civil remedies 20Application for license 25Qualifications for license 30Renewal of license 33Annual report; debt settlement provider disclosure of statistical information; Secretary to report statistical information 35License; display and location of license 45Denial of license 5Purpose and construction 50Revocation or suspension of license 55Contracts, books, records, and contract cancellation 60Examination of debt settlement provider; duty to disclose a post-license event 65Trust funds; requirements and restrictions 75Rules 80Penalties 83Additional liability for unlicensed activity 85Injunction 90Review 900225 Ilcs 429/900 905225 Ilcs 429/905 910225 Ilcs 429/910 915225 Ilcs 429/915 95Cease and desist orders 970Severability 999Effective date