Illinois General Assembly - Full Text of Public Act 093-0903

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Public Act 093-0903

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Public Act 0903 93RD GENERAL ASSEMBLY

Public Act 093-0903

HB5070 Enrolled LRB093 18663 SAS 44390 b

    AN ACT concerning financial regulation.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    Section 5. The Debt Management Service Act is amended by
changing Section 2 as follows:

    (205 ILCS 665/2)  (from Ch. 17, par. 5302)
    Sec. 2. Definitions. As used in this Act:
    "Debt management service" means the planning and
management of the financial affairs of a debtor for a fee and
the receiving of money from the debtor for the purpose of
distributing it, directly or indirectly, to the debtor's
creditors in payment or partial payment of the debtor's
obligations or soliciting financial contributions from
creditors. The business of debt management is conducted in this
State if the debt management business, its employees, or its
agents are located in this State or if the debt management
business solicits or contracts with debtors located in this
State.
    This term shall not include the following when engaged in
the regular course of their respective businesses and
professions:
        (a) Attorneys at law.
        (b) Banks, fiduciaries, credit unions, savings and
    loan associations, and savings banks as duly authorized and
    admitted to transact business in the State of Illinois and
    performing credit and financial adjusting service in the
    regular course of their principal business.
        (c) Title insurers and abstract companies, while doing
    an escrow business.
        (d) Judicial officers or others acting pursuant to
    court order.
        (e) Employers for their employees.
        (f) Bill payment services, as defined in the
    Transmitters of Money Act.
    "Director" means Director of Financial Institutions.
    "Debtor" means the person or persons for whom the debt
management service is performed.
    "Person" means an individual, firm, partnership,
association, limited liability company, corporation, or
not-for-profit corporation.
    "Licensee" means a person licensed under this Act.
    "Director" means the Director of the Department of
Financial Institutions.
(Source: P.A. 92-400, eff. 1-1-02.)

    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/10/2004

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