HB4814 - 104th General Assembly (2025-2026)
DEBT MANAGEMENT LICENSE & FEES
Last Action
3/04/2026 - House: Assigned to Financial Institutions and Licensing Committee
Hearings
Financial Institutions and Licensing Committee Hearing Mar 24 2026 4:00PM Capitol Building Room 122 Springfield, IL
Statutes Amended In Order of Appearance
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.
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 |