HB4814 - 104th General Assembly (2025-2026)

DEBT MANAGEMENT LICENSE & FEES
Last Action
3/25/2026 - House: Placed on Calendar 2nd Reading - Short Debate
House Sponsors
Rep. Daniel Didech
Hearings
Financial Institutions and Licensing Committee Hearing Apr 7 2026 4:00PM Capitol Building Room 122 Springfield, IL - House Floor Amendment 1
Statutes Amended In Order of Appearance
205 ILCS 665/4  from Ch. 17, par. 5304
205 ILCS 665/12  from Ch. 17, par. 5312
Synopsis As Introduced
Amends the Debt Management Service Act. Provides that every applicant for a license to engage in the debt management service business in the State shall submit to the Secretary, at the time of the application for a license, a bond to be approved by the Secretary in which the applicant shall be the obligor, in the sum of $50,000 (rather than $25,000) or the specified amount. In provisions concerning fees or penalties that may be charged by a debt management service provider, permits the charging of additional fees at the completion of the initial counseling services, which shall not exceed: (A) 15% of the amount disbursed monthly to creditors or $75, whichever is less, if there are fewer than 6 creditors enrolled in the debt management plan; or (B) 15% of the amount disbursed monthly to creditors or $100, whichever is less, if there are 6 or more creditors enrolled in the debt management plan.
Actions
DateChamberAction
2/03/2026HouseFiled with the Clerk by Rep. Daniel Didech
2/06/2026HouseFirst Reading
2/06/2026HouseReferred to Rules Committee
3/04/2026HouseAssigned to Financial Institutions and Licensing Committee
3/24/2026HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
3/25/2026HousePlaced on Calendar 2nd Reading - Short Debate
3/25/2026HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Daniel Didech
3/25/2026HouseHouse Floor Amendment No. 1 Referred to Rules Committee
3/26/2026HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee