|Public Act 097-1070|
|HB5016 Enrolled||LRB097 18247 CEL 63473 b|
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Collection Agency Act is amended by changing
Section 2 and by adding Sections 8.5 and 8.6 as follows:
(225 ILCS 425/2)
(from Ch. 111, par. 2002)
(Section scheduled to be repealed on January 1, 2016)
Definitions. In this Act:
"Charge-off balance" means an account principal and other
legally collectible costs, expenses, and interest accrued
prior to the charge-off date, less any payments or settlement.
"Charge-off date" means the date on which a receivable is
treated as a loss or expense.
"Consumer credit transaction" means a transaction between
a natural person and another person in which property, service,
or money is acquired on credit by that natural person from such
other person primarily for personal, family, or household
"Consumer debt" or "consumer credit" means money,
property, or their equivalent, due or owing or alleged to be
due or owing from a natural person by reason of a consumer
"Creditor" means a person who extends consumer credit to a