(225 ILCS 425/8c)
(from Ch. 111, par. 2011c)
(Section scheduled to be repealed on January 1, 2016)
(a) Each licensed agency office shall at all times maintain a
separate bank account in which all monies received on claims 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 provided for by a writing executed by the creditor.
Monies received shall be so deposited within 5 business days after
posting to the agency's books of account.
There shall be sufficient funds in the trust account at all times to pay
the creditors the amount due them.
(b) The trust account shall be established in a bank, savings and loan
association, or other recognized depository which is federally or State
insured or otherwise secured as defined by rule. Such account may be
interest bearing. The licensee shall pay to the creditor interest earned
on funds on deposit after the sixtieth day.
(c) Notwithstanding any contractual arrangement, every client of a
licensee shall within 60 days after the close of each calendar month, account
and pay to the licensee collection agency all sums owed to the collection
agency for payments received by the client during that calendar month on claims
in possession of the collection agency. If a client fails to pay the licensee
any sum due under this Section, the licensee shall, in addition to other
remedies provided by law, have the right to offset any money due the licensee
under this Section against any moneys due the client.
(d) Each collection agency shall keep on file the name of the
savings and loan association, or other recognized depository in which each
trust account is maintained, the name of each trust account, and the names
of the persons authorized to withdraw funds from each account.
The collection agency, within 30 days of the time of a change of
depository or person authorized to make withdrawal, shall update its files
to reflect such change.
An examination and audit of an agency's trust accounts may be made by the
Department as the Department deems appropriate.
A trust account financial report shall be submitted annually on forms
provided by the Department.
(Source: P.A. 89-387, eff. 1-1-96