Illinois HB4814 amends the Debt Management Service Act to adjust fees and bond requirements for debt management service providers.
Illinois HB4814 amends the Debt Management Service Act by modifying the fees and bond requirements for debt management service providers. The bill increases the bond amount required for applicants from $25,000 to $50,000. It also permits additional fees at the completion of initial counseling services, capping these fees at 15% of the amount disbursed monthly to creditors or $75 if fewer than six creditors are involved, and $100 if six or more creditors are involved. The bill also reduces the initial counseling fee from $75 to $50 per debtor counseled.
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