HB4814 - 104th General Assembly (2025-2026)

DEBT MANAGEMENT LICENSE & FEES
Last Action
4/15/2026 - Senate: Referred to Assignments
Statutes Amended In Order of Appearance
205 ILCS 665/4  from Ch. 17, par. 5304
205 ILCS 665/12  from 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
DateChamberAction
2/03/2026HouseFiled with the Clerk by Rep. Daniel Didech
2/06/2026HouseFirst Reading
2/06/2026HouseReferred to Rules Committee
3/04/2026HouseAssigned to Financial Institutions and Licensing Committee
3/24/2026HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
3/25/2026HousePlaced on Calendar 2nd Reading - Short Debate
3/25/2026HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Daniel Didech
3/25/2026HouseHouse Floor Amendment No. 1 Referred to Rules Committee
3/26/2026HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
4/06/2026HouseAdded Chief Co-Sponsor Rep. Justin Cochran
4/07/2026HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000
4/08/2026HouseAdded Chief Co-Sponsor Rep. Jawaharial Williams
4/10/2026HouseSecond Reading - Short Debate
4/10/2026HouseHeld on Calendar Order of Second Reading - Short Debate
4/14/2026HouseHouse Floor Amendment No. 1 Adopted
4/14/2026HousePlaced on Calendar Order of 3rd Reading - Short Debate
4/14/2026HouseThird Reading - Short Debate - Passed 074-034-000
4/15/2026SenateArrive in Senate
4/15/2026SenatePlaced on Calendar Order of First Reading
4/15/2026SenateChief Senate Sponsor Sen. Mark L. Walker
4/15/2026SenateFirst Reading
4/15/2026SenateReferred to Assignments