Illinois HB4814 amends the Debt Management Service Act to adjust fees for debt management service providers.

Illinois HB4814 modifies the Debt Management Service Act by changing the application fee for a debt management service license from $25,000 to $50,000. It also alters the fees that debt management service providers can charge debtors. The initial counseling fee is reduced from $75 to $50 per debtor. Additionally, the bill sets new limits on additional fees at the completion of initial counseling services, capping them at 15% of the monthly amount disbursed to creditors or $75 if fewer than six creditors are involved, or $100 if six or more creditors are involved.

Illinois HB4814 amends the Debt Management Service Act to adjust fees for debt management service providers.

Illinois HB4814 modifies the Debt Management Service Act by changing the application fee for a debt management service license from $25,000 to $50,000. It also alters the fees that debt management service providers can charge debtors. The initial counseling fee is reduced from $75 to $50 per debtor. Additionally, the bill sets new limits on additional fees at the completion of initial counseling services, capping them at 15% of the monthly amount disbursed to creditors or $75 if fewer than six creditors are involved, or $100 if six or more creditors are involved.