Debt Resolution Services Act regulates debt resolution services in Illinois, requiring licensing and defining permissible practices.
The Debt Resolution Services Act establishes regulations for debt resolution services in Illinois. It mandates that no person can provide such services without a license from the Department of Financial and Professional Regulation. The Act defines "debt resolution services" as programs or services that renegotiate, settle, or alter debt payment terms between consumers and unsecured creditors. It outlines the licensing process, including application requirements and fees.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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