(205 ILCS 665/14)
(from Ch. 17, par. 5314)
Trust funds; requirements and restrictions.
(a) All funds received by a debt management service provider or his agent from and for the purpose
of paying bills, invoices, or accounts of a debtor shall constitute trust funds
owned by and belonging to the debtor from whom they were received. All such
funds received by a debt management service provider shall be separated from the funds of the debt management service provider
not later than the end of the business day following receipt by the
debt management service provider. All such funds shall be kept separate and apart at all times from
funds belonging to the debt management service provider or any of its officers, employees or agents and
may be used for no purpose other than paying bills, invoices, or accounts of
the debtor. All such trust funds received at the main or branch offices of a
debt management service provider shall be deposited in a bank in an account in the name of the debt management service provider
designated "trust account", or by some other appropriate name indicating that
the funds are not the funds of the debt management service provider or its officers, employees, or
agents, on or before the close of the business day following receipt.
(b) If a consumer's funds are kept in an interest earning trust account, then any interest earned on the consumer funds shall belong to the consumer. If multiple consumers funds are kept in a single interest earning trust account, then the interest earned shall belong to the consumers and shall be deposited pro rata among the consumers whose funds are in the account. Such funds are not subject to
attachment, lien, levy of execution, or sequestration by order of court except
by a debtor for whom a licensee is acting as an agent in paying bills,
invoices, or accounts.
(c) Each debt management service provider shall make remittances within 30 days after
initial receipt of funds, and thereafter remittances shall be made within
15 days of receipt, less fees and costs, unless the reasonable
payment of one or more of the debtor's obligations requires that the funds
be held for a longer period so as to accumulate a sum certain.
(d) At least once every quarter, the debt management service provider shall render an accounting to
the debtor which shall itemize the total amount received from the debtor, the
total amount paid each creditor, the amount of charges deducted, and any amount
held in reserve. A debt management service provider shall, in addition thereto, provide such an
accounting to a debtor within 7 days after written demand, but not more
than 3 times per 6 month period.
(Source: P.A. 96-1420, eff. 8-3-10.)