Illinois House of Representatives bill in Session 104.
Status: passed_lower. Latest action: June 1, 2026.
DEBT MANAGEMENT LICENSE & FEES.
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.
| Date | Event | Detail |
|---|---|---|
| 2026-02-06 | Introduced | Bill introduced |
| 2026-06-01 | Status | passed_lower |
| 2026-06-01 | Latest Action | 6/01/2026 - Senate: |