Establishes the Debt Resolution Services Act, requiring a license for debt resolution services in Illinois.
The Debt Resolution Services Act mandates that no person can provide debt resolution services in Illinois without a license from the Department of Financial and Professional Regulation. It defines "debt resolution services" as programs or services that renegotiate, settle, or alter debt terms between consumers and creditors. The Act outlines the licensing process, including application requirements, fees, and the conditions under which licenses may be suspended or revoked.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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