Bill Status of SB 1685   104th General Assembly

Short Description:  DEBT RESOLUTION SERVICES ACT

Senate Sponsors
Sen. Christopher Belt

Last Action  View All Actions

DateChamber Action
  2/5/2025SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/6z-26
20 ILCS 1205/6
205 ILCS 665/2from Ch. 17, par. 5302
225 ILCS 429/Act rep.
815 ILCS 505/2JJJ

Synopsis As Introduced
Creates the Debt Resolution Services Act. Provides that no person shall provide or offer to provide debt resolution services without a debt resolution services license. Defines "debt resolution services" as a program or service represented, directly or by implication, to renegotiate, settle, or in any way alter the terms of payment or other terms of the debt between a consumer and one or more unsecured creditors. Sets forth requirements for a debt resolution services license. Sets forth the process for obtaining a debt resolution services license. Provides that specified persons are exempt under the Act. Provides the prerequisites and permitted practices for providing debt resolution services. Provides the requirements for a contract between a licensee and a consumer for debt resolution services. Provides that a consumer may terminate a contract to provide debt resolution services at any time without any penalty. Provides that a licensee may terminate a contract to provide debt resolution services if specified conditions are satisfied. Includes provisions concerning the powers of the Department of Financial and Professional Regulation; prohibited activities under the Act, including prohibitions against false or misleading advertising; annual reports filed by a licensee; fees for debt resolution services; information a licensee must provide to a consumer; records a licensee is required to keep; penalties for violating the Act; and transactions entered into before the effective date of the Act. Repeals the Debt Settlement Consumer Protection Act. Amends various Acts to replace references to the Debt Settlement Consumer Protection Act to the Debt Resolution Services Act. Effective January 9, 2026.

Actions 
DateChamber Action
  2/5/2025SenateFiled with Secretary by Sen. Christopher Belt
  2/5/2025SenateFirst Reading
  2/5/2025SenateReferred to Assignments

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