Translate
HB4814 - 104th General Assembly
DEBT MANAGEMENT LICENSE & FEES
Last Action
House Sponsors
Rep. Daniel Didech - Justin Cochran - Jawaharial WilliamsSenate Sponsors
(Sen. Mark L. Walker)Statutes Amended In Order of Appearance
205 ILCS 665/4from Ch. 17, par. 5304
205 ILCS 665/12from Ch. 17, par. 5312
Synopsis As Introduced
Amends the Debt Management Service Act. Provides that every applicant for a license to engage in the debt management service business in the State shall submit to the Secretary, at the time of the application for a license, a bond to be approved by the Secretary in which the applicant shall be the obligor, in the sum of $50,000 (rather than $25,000) or the specified amount. In provisions concerning fees or penalties that may be charged by a debt management service provider, permits the charging of additional fees at the completion of the initial counseling services, which shall not exceed: (A) 15% of the amount disbursed monthly to creditors or $75, whichever is less, if there are fewer than 6 creditors enrolled in the debt management plan; or (B) 15% of the amount disbursed monthly to creditors or $100, whichever is less, if there are 6 or more creditors enrolled in the debt management plan.
House Floor Amendment No. 1
Provides that additional fees charged by debt management service providers at the completion of initial counseling services may not exceed the specified amounts per month.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/03/2026 | House | Filed with the Clerk by Rep. Daniel Didech |
| 2/06/2026 | House | First Reading |
| 2/06/2026 | House | Referred to Rules Committee |
| 3/04/2026 | House | Assigned to Financial Institutions and Licensing Committee |
| 3/24/2026 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 3/25/2026 | House | Placed on Calendar 2nd Reading - Short Debate |
| 3/25/2026 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Daniel Didech |
| 3/25/2026 | House | House Floor Amendment No. 1 Referred to Rules Committee |
| 3/26/2026 | House | House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 4/06/2026 | House | Added Chief Co-Sponsor Rep. Justin Cochran |
| 4/07/2026 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000 |
| 4/08/2026 | House | Added Chief Co-Sponsor Rep. Jawaharial Williams |
| 4/10/2026 | House | Second Reading - Short Debate |
| 4/10/2026 | House | Held on Calendar Order of Second Reading - Short Debate |
| 4/14/2026 | House | House Floor Amendment No. 1 Adopted |
| 4/14/2026 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 4/14/2026 | House | Third Reading - Short Debate - Passed 074-034-000 |
| 4/15/2026 | Senate | Arrive in Senate |
| 4/15/2026 | Senate | Placed on Calendar Order of First Reading |
| 4/15/2026 | Senate | Chief Senate Sponsor Sen. Mark L. Walker |
| 4/15/2026 | Senate | First Reading |
| 4/15/2026 | Senate | Referred to Assignments |