205 ILCS 740/1
(was 225 ILCS 425/1)) Sec
(was 225 ILCS 425/1)) Sec. 1. This Act shall be known and may be cited as the "Collection Agency Act".(Source: P.A. 78-1248.)
Illinois Compiled Statutes 205 ILCS 740 — Collection Agency Act.
Illinois · statute · 205 ILCS 740 · 61 active provisions
Provisions
205 ILCS 740/1a
(was 225 ILCS 425/1a) Sec
(was 225 ILCS 425/1a) Sec. 1a. Declaration of public policy. The practice as a collection agency by any entity in the State of Illinois is hereby declared to affect the public health, safety and welfare and to be subject to regulation and control in the public interest. It is further declared to be a matter of public i…
205 ILCS 740/2
(was 225 ILCS 425/2) (Text of Section from P
(was 225 ILCS 425/2) (Text of Section from P.A. 104-149) Sec. 2. Definitions. In this Act: "Address of record" means the designated address recorded by the Department in the applicant's or licensee's application file or license file as maintained by the Department. "Charge-off balance" means an account principal and ot…
205 ILCS 740/2.01
(was 225 ILCS 425/2
(was 225 ILCS 425/2.01) Sec. 2.01. (Repealed). (Source: P.A. 85-1209. Repealed by P.A. 95-437, eff. 1-1-08.)
205 ILCS 740/2.02
(was 225 ILCS 425/2
(was 225 ILCS 425/2.02) Sec. 2.02. (Repealed). (Source: P.A. 94-414, eff. 12-31-05. Repealed by P.A. 95-437, eff. 1-1-08.)
205 ILCS 740/2.03
(was 225 ILCS 425/2
(was 225 ILCS 425/2.03) Sec. 2.03. Exemptions. This Act does not apply to the following: 1. Banks, including trust departments, affiliates, and subsidiaries thereof, and fiduciaries (except those who own or operate collection agencies); 2. Abstract companies doing an escrow business; 3. Real estate brokers when acting…
205 ILCS 740/2.04
(was 225 ILCS 425/2
(was 225 ILCS 425/2.04) Sec. 2.04. Child support debt. (a) Collection agencies engaged in the business of collecting child support debt owing under a court order as provided under the Illinois Public Aid Code, the Illinois Marriage and Dissolution of Marriage Act, the Non-Support Punishment Act, the Illinois Parentage…
205 ILCS 740/2.5
(was 225 ILCS 425/2
(was 225 ILCS 425/2.5) Sec. 2.5. Address of record; email address of record. All applicants and licensees shall: (1) provide a valid address and email address to the Department, which shall serve as the address of record and email address or record, respectively, at the time of application for licensure or renewal of a…
205 ILCS 740/3
(was 225 ILCS 425/3) Sec
(was 225 ILCS 425/3) Sec. 3. (Repealed).(Source: P.A. 99-227, eff. 8-3-15. Repealed by P.A. 104-149, eff. 1-1-26.)
205 ILCS 740/4
(was 225 ILCS 425/4) Sec
(was 225 ILCS 425/4) Sec. 4. No collection agency shall operate in this State, directly or indirectly engage in the business of collecting debt, solicit debt claims for others, have a sales office, a client, or solicit a client in this State, exercise the right to collect, or receive payment for another of any debt, wi…
205 ILCS 740/4.5
(was 225 ILCS 425/4
(was 225 ILCS 425/4.5) Sec. 4.5. Unlicensed practice; violation; civil penalty. (a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a collection agency without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penal…
205 ILCS 740/4.6
(was 225 ILCS 425/4
(was 225 ILCS 425/4.6) Sec. 4.6. Multi-state licensing system. The Secretary may require participation in a third-party, multi-state licensing system for licensing under this Act. The multi-state licensing system may share regulatory information and maintain records in compliance with the provisions of this Act. The mu…
205 ILCS 740/5
(was 225 ILCS 425/5) Sec
(was 225 ILCS 425/5) Sec. 5. Application for original license. Application for an original license shall be made to the Secretary on forms provided by the Department or through a multi-state licensing system as designated by the Secretary. The application shall be accompanied by the required fee and shall state: (1) th…
205 ILCS 740/6
(was 225 ILCS 425/6) Sec
(was 225 ILCS 425/6) Sec. 6. (Repealed). (Source: P.A. 89-387, eff. 1-1-96. Repealed by P.A. 99-227, eff. 8-3-15.)
205 ILCS 740/6a
(was 225 ILCS 425/6a) Sec
(was 225 ILCS 425/6a) Sec. 6a. (Repealed). (Source: P.A. 94-414, eff. 12-31-05. Repealed by P.A. 99-227, eff. 8-3-15.)
205 ILCS 740/7
(was 225 ILCS 425/7) Sec
(was 225 ILCS 425/7) Sec. 7. Qualifications for license. In order to be qualified to obtain a license or a renewal license under this Act, a collection agency's owners or officers shall: (a) have the financial responsibility, financial condition, business experience, character, and general fitness such as to merit the…
205 ILCS 740/8
(was 225 ILCS 425/8) Sec
(was 225 ILCS 425/8) Sec. 8. Bond requirement. A collection agency shall be required to file and maintain in force a surety bond, issued by an insurance company authorized to transact fidelity and surety business in the State of Illinois. The bond shall be for the benefit of creditors who obtain a judgment from a court…
205 ILCS 740/8a
(was 225 ILCS 425/8a) Sec
(was 225 ILCS 425/8a) Sec. 8a. Fees. (a) The fees for the administration and enforcement of this Act, including but not limited to original licensure, renewal, and restoration, shall be set by the Department by rule. All fees are nonrefundable. (b) All fees collected under this Act by the Department shall be deposited…
205 ILCS 740/8a-1
(was 225 ILCS 425/8a-1) Sec
(was 225 ILCS 425/8a-1) Sec. 8a-1. (a) No account may be referred by a collection agency to an attorney unless, prior to placing an account with an attorney for further collection action, each account creditor is notified in writing by the collection agency of the collection agency's intent to refer the account to an a…
205 ILCS 740/8b
(was 225 ILCS 425/8b) Sec
(was 225 ILCS 425/8b) Sec. 8b. Assignment for collection. An account may be assigned to a collection agency for collection with title passing to the collection agency to enable collection of the account in the agency's name as assignee for the creditor provided: (a) The assignment is manifested by a written agreement,…
205 ILCS 740/8c
(was 225 ILCS 425/8c) Sec
(was 225 ILCS 425/8c) Sec. 8c. (a) Each licensed collection agency shall at all times maintain a separate bank account in which all monies received on debts shall be deposited, referred to as a "Trust Account", except that negotiable instruments received may be forwarded directly to a creditor if such procedure is prov…
205 ILCS 740/8.5
(was 225 ILCS 425/8
(was 225 ILCS 425/8.5) Sec. 8.5. Debt buyers. A debt buyer shall be subject to all of the terms, conditions, and requirements of this Act, except as otherwise provided for in subsection (b) of Section 8.6 of this Act.(Source: P.A. 97-1070, eff. 1-1-13.)
205 ILCS 740/8.6
(was 225 ILCS 425/8
(was 225 ILCS 425/8.6) Sec. 8.6. Debt buyer activities. (a) Debt buyers initiating actions upon an obligation arising out of a consumer debt shall be commenced within the applicable statute of limitations period. (b) With respect to its activities as a debt buyer in pursuing the collection of accounts it owns, a debt b…
205 ILCS 740/9
(was 225 ILCS 425/9) Sec
(was 225 ILCS 425/9) Sec. 9. Disciplinary actions. (a) The Department may refuse to issue or renew, or may revoke, suspend, place on probation, reprimand, or take other disciplinary or non-disciplinary action as the Department may deem proper, including fines not to exceed $10,000 per violation, for any one or any comb…
205 ILCS 740/9.1
(was 225 ILCS 425/9
(was 225 ILCS 425/9.1) Sec. 9.1. Communication with persons other than debtor. Any collection agency communicating with any person other than the debtor for the purpose of acquiring location information about the debtor shall: (1) identify himself or herself, state that he or she is confirming or correcting location in…
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