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Public Act 093-0903
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| HB5070 Enrolled |
LRB093 18663 SAS 44390 b |
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AN ACT concerning financial regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Debt Management Service Act is amended by |
changing Section 2 as follows:
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(205 ILCS 665/2) (from Ch. 17, par. 5302)
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Sec. 2. Definitions. As used in this Act:
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"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
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State.
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This term shall not include the following when engaged in
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the regular course of their respective businesses and |
professions:
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(a) Attorneys at law.
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(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
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performing credit and financial adjusting service in the |
regular course of
their principal business.
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(c) Title insurers and abstract companies, while doing |
an escrow
business.
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(d) Judicial officers or others acting pursuant to |
court
order.
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(e) Employers for their employees.
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