Illinois House Bill 4507

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 18 2024 - 25% progression
Action: 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

CREDIT REPAIR ORGANIZATIONS

Rep. Debbie Meyers-Martin [D]

Date	Chamber	Action
2024-04-19	House	Rule 19(a) / Re-referred to Rules Committee
2024-04-17	House	Held on Calendar Order of Second Reading - Short Debate
2024-04-17	House	Second Reading - Short Debate
2024-04-03	House	Placed on Calendar 2nd Reading - Short Debate
2024-04-02	House	Do Pass / Short Debate Consumer Protection Committee; 009-000-000
2024-02-28	House	Assigned to Consumer Protection Committee
2024-01-31	House	Referred to Rules Committee
2024-01-31	House	First Reading
2024-01-18	House	Filed with the Clerk by Rep. Debbie Meyers-Martin

Chapter	Article	Section	Citation Type	Statute Text
815	505	2EEEE	New Code	See Bill Text
815	505	2Z	Amended Code	Citation Text
815	605	1	Amended Code	Citation Text
815	605	10	Repealed Code	Citation Text
815	605	11	Amended Code	Citation Text
815	605	12	Amended Code	Citation Text
815	605	14	Amended Code	Citation Text
815	605	15	Amended Code	Citation Text
815	605	17	New Code	See Bill Text
815	605	17.5	New Code	See Bill Text
815	605	18	New Code	See Bill Text
815	605	19	New Code	See Bill Text
815	605	2	Amended Code	Citation Text
815	605	20	New Code	See Bill Text
815	605	21	New Code	See Bill Text
815	605	22	New Code	See Bill Text
815	605	23	New Code	See Bill Text
815	605	3	Amended Code	Citation Text
815	605	4	Repealed Code	Citation Text
815	605	5	Amended Code	Citation Text
815	605	5.4	New Code	See Bill Text
815	605	5.5	New Code	See Bill Text
815	605	6	Amended Code	Citation Text
815	605	7	Amended Code	Citation Text
815	605	7.1	New Code	See Bill Text
815	605	8	Amended Code	Citation Text
815	605	9	Amended Code	Citation Text
815	605	9.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4507&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4507.htm