Illinois Senate Bill 3936 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 26 2010 - 25% progression, died in committee
Action: 2010-05-26 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Debt Settlement Consumer Protection Act, if and only if House Bill 4781 of the 96th General Assembly becomes law. Deletes the provision that requires every applicant for a license to operate as a debt settlement provider to submit a bond in the sum of $100,000 or an additional amount as required by the Secretary of Financial and Professional Regulation. Provides instead that the surety bond must be in the amount of $50,000 or other larger or smaller amount that the Secretary determines. Sets forth other requirements concerning the surety bond. Provides that instead of the surety bond required under the Act, a provider may deliver to the Secretary, under certain conditions, a certificate of insurance or other instrument with the approval of the Secretary. Deletes the provision prohibiting a debt settlement provider from charging a settlement fee in an amount greater than 15% of the savings. Provides instead that a debt settlement provider may calculate fees on a percentage of debt basis or on a percentage of savings basis. Sets forth provisions concerning the calculation and collection of fees. Provides that the Act is repealed 2 years after its effective date. Makes other changes. Effective immediately or on the effective date of House Bill 4781, whichever is later.

DEBT SETTLEMENT

Sen. John Cullerton [D]

Date	Chamber	Action
2010-05-26		Referred to Assignments
2010-05-26		First Reading
2010-05-26		Filed with Secretary by Sen. John J. Cullerton

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3936&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB3936.htm