Illinois General Assembly - Bill Status for HB4507
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 Bill Status of HB4507  103rd General Assembly


Short Description:  CREDIT REPAIR ORGANIZATIONS

House Sponsors
Rep. Debbie Meyers-Martin

Last Action
DateChamber Action
  4/17/2024HouseHeld on Calendar Order of Second Reading - Short Debate

Statutes Amended In Order of Appearance
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z
815 ILCS 505/2EEEE new
815 ILCS 605/1from Ch. 121 1/2, par. 2101
815 ILCS 605/2from Ch. 121 1/2, par. 2102
815 ILCS 605/3from Ch. 121 1/2, par. 2103
815 ILCS 605/5from Ch. 121 1/2, par. 2105
815 ILCS 605/5.4 new
815 ILCS 605/5.5 new
815 ILCS 605/6from Ch. 121 1/2, par. 2106
815 ILCS 605/7from Ch. 121 1/2, par. 2107
815 ILCS 605/7.1 new
815 ILCS 605/8from Ch. 121 1/2, par. 2108
815 ILCS 605/9from Ch. 121 1/2, par. 2109
815 ILCS 605/9.5 new
815 ILCS 605/11from Ch. 121 1/2, par. 2111
815 ILCS 605/12from Ch. 121 1/2, par. 2112
815 ILCS 605/14from Ch. 121 1/2, par. 2114
815 ILCS 605/15from Ch. 121 1/2, par. 2115
815 ILCS 605/17 new
815 ILCS 605/17.5 new
815 ILCS 605/18 new
815 ILCS 605/19 new
815 ILCS 605/20 new
815 ILCS 605/21 new
815 ILCS 605/22 new
815 ILCS 605/23 new
815 ILCS 605/4 rep.
815 ILCS 605/10 rep.


Synopsis As Introduced
Amends the Credit Services Organizations Act. Changes the short title of the Act to the Credit Repair Organizations Act. Provides that the Secretary of Financial and Professional Regulation shall oversee the activities of credit repair organizations and compliance with the Act. Provides that a credit repair organization shall submit reports to the Secretary containing specified information. Provides that every credit repair organization shall maintain a surety bond or electronic surety bond in the principal sum of $100,000 issued by a bonding company authorized to do business in this State and approved by the Secretary. Provides that the bond shall run to the Secretary and shall be for the benefit of any consumer who incurs damages as a result of any violation of the Act or rules adopted under the Act. Makes changes in provisions concerning contracts between a buyer and a credit repair organization and registration of credit repair organizations. Inserts provisions concerning the transfer of records; rulemaking; regulatory assessment; evasion; examination and reports; violations; enforcement; confidential supervisory information; judicial review; buyer and a credit repair organization; registration of credit repair organizations; violations of the Act; remedies; and conflicts of law. Repeals provisions concerning construction of the Act and surety bonds. Provides that the Secretary may adopt rules necessary to administer the Act. Defines terms. Repeals provisions concerning surety bonds. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that any person who violates the Credit Repair Organizations Act commits an unlawful practice within the meaning of the Act. Effective January 1, 2025.

Actions 
DateChamber Action
  1/18/2024HouseFiled with the Clerk by Rep. Debbie Meyers-Martin
  1/31/2024HouseFirst Reading
  1/31/2024HouseReferred to Rules Committee
  2/28/2024HouseAssigned to Consumer Protection Committee
  4/2/2024HouseDo Pass / Short Debate Consumer Protection Committee; 009-000-000
  4/3/2024HousePlaced on Calendar 2nd Reading - Short Debate
  4/17/2024HouseSecond Reading - Short Debate
  4/17/2024HouseHeld on Calendar Order of Second Reading - Short Debate

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