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Full Text of HB5016  97th General Assembly

HB5016ham003 97TH GENERAL ASSEMBLY

Rep. Lou Lang

Filed: 3/16/2012

 

 


 

 


 
09700HB5016ham003LRB097 18247 AMC 67523 a

1
AMENDMENT TO HOUSE BILL 5016

2    AMENDMENT NO. ______. Amend House Bill 5016, AS AMENDED, by
3replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Collection Agency Act is amended by
6changing Section 2 and by adding Sections 8.5 and 8.6 as
7follows:
 
8    (225 ILCS 425/2)  (from Ch. 111, par. 2002)
9    (Section scheduled to be repealed on January 1, 2016)
10    Sec. 2. Definitions. In this Act:
11    "Charge-off balance" means an account principal and other
12legally collectible costs, expenses, and interest accrued
13prior to the charge-off date, less any payments or settlement.
14    "Charge-off date" means the date on which a receivable is
15treated as a loss or expense.
16    "Consumer credit transaction" means a transaction between

 

 

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1a natural person and another person in which property, service,
2or money is acquired on credit by that natural person from such
3other person primarily for personal, family, or household
4purposes.
5    "Consumer debt" or "consumer credit" means money,
6property, or their equivalent, due or owing or alleged to be
7due or owing from a natural person by reason of a consumer
8credit transaction.
9    "Creditor" means a person who extends consumer credit to a
10debtor.
11    "Current balance" means the charge-off balance plus any
12legally collectible costs, expenses, and interest, less any
13credits or payments.
14    "Debt" means money, property, or their equivalent which is
15due or owing or alleged to be due or owing from a natural
16person to another person.
17    "Debt buyer" means any person engaging in, or holding
18itself out as engaging in, the business of purchasing accounts
19for value and acquiring all rights in and ownership of a debt.
20    "Debt collection" means any act or practice in connection
21with the collection of consumer debts.
22    "Debt collector", "collection agency", or "agency" means
23any person who, in the ordinary course of business, regularly,
24on behalf of himself or herself or others, engages in debt
25collection.
26    "Debtor" means a natural person from whom a debt collector

 

 

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1seeks to collect a consumer debt that is due and owing or
2alleged to be due and owing from such person.
3    "Department" means Division of Professional Regulation
4within the Department of Financial and Professional
5Regulation.
6    "Director" means the Director of the Division of
7Professional Regulation within the Department of Financial and
8Professional Regulation.
9    "Person" means a natural person, partnership, corporation,
10limited liability company, trust, estate, cooperative,
11association, or other similar entity.
12(Source: P.A. 95-437, eff. 1-1-08.)
 
13    (225 ILCS 425/8.5 new)
14    Sec. 8.5. Debt buyers. A debt buyer shall be subject to all
15of the terms, conditions, and requirements of this Act, except
16as otherwise provided for in subsection (b) of Section 8.6 of
17this Act.
 
18    (225 ILCS 425/8.6 new)
19    Sec. 8.6. Debt buyer activities.
20    (a) Debt buyers initiating actions upon an obligation
21arising out of a consumer debt shall be commenced within the
22applicable statute of limitations period.
23    (b) With respect to its activities as a debt buyer in
24pursuing the collection of accounts it owns, a debt buyer shall

 

 

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1be subject to all of the terms, conditions, and requirements of
2this Act, except that a debt buyer shall not be required to (i)
3file and maintain in force a surety bond under Section 8 of
4this Act; (ii) maintain a trust account under Section 8c of
5this Act; (iii) procure written authorization to refer the
6account to an attorney for suit under Section 8a-1 of this Act;
7or (iv) adhere to the assignment for collection criteria under
8Section 8b of this Act.
9    (c) The Attorney General may enforce against debt buyers
10the provisions identified in Section 9.7 of this Act as an
11unlawful practice under the Consumer Fraud and Deceptive
12Business Practices Act.
 
13    Section 99. Effective date. This Act takes effect January
141, 2013.".