Illinois General Assembly - Bill Status for SB2244
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 Bill Status of SB2244  102nd General Assembly

Short Description:  DEBT SETTLEMENT ACT

Senate Sponsors
Sen. Chris Lauzen

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Debt Settlement Act. Provides that no person shall engage in the business of debt settlement in the State without a license. Provides that an applicant for a license to engage in the business of debt settlement shall file an application with the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation that contains specified provisions. Contains provisions concerning the renewal of licenses. Requires a licensee to create, maintain, and preserve accurate and complete books relating to the licensee's business. Contains provisions concerning contract fees. Provides for debt settlement contract requirements. Specifies the functions required to be performed and acts that are prohibited by a debt settlement provider. Provides that without limiting the generality of the Act and other applicable laws, the debt settlement provider, manager, or an employee of the debt settlement provider (except a licensed attorney who provides legal services in an attorney-client relationship or who is otherwise authorized to practice law in the State) shall not perform specified actions. Provides that the Attorney General or the prosecuting attorney of any county within the State may bring an action in the name of the State against any person to restrain and prevent any violation of the Act and specifies penalties for violations of the Act.

DateChamber Action
  2/20/2009SenateFiled with Secretary by Sen. Chris Lauzen
  2/20/2009SenateFirst Reading
  2/20/2009SenateReferred to Assignments
  3/4/2009SenateAssigned to Financial Institutions
  3/16/2009SenateRule 2-10 Committee Deadline Established As April 3, 2009
  4/3/2009SenateRule 3-9(a) / Re-referred to Assignments
  1/12/2011SenateSession Sine Die

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