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Illinois Statutes Chapter 205. Financial Regulation § 665/16. Penalties

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 16. Penalties.

(a) Any person who engages in the business of debt management service without a license shall be guilty of a Class 4 felony.

(b) Any contract of debt management service as defined in this Act, made by an unlicensed person, shall be null and void and of no legal effect.

(c) The Secretary may, after 10 days notice by registered mail to the debt management service provider at the address on the license or unlicensed entity engaging in the debt management service business, stating the contemplated action and in general the grounds therefore, fine that debt management service provider or unlicensed entity an amount not exceeding $10,000 per violation, and revoke or suspend any license issued if he or she finds that either:

(1) the debt management service provider or unlicensed entity has failed to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary lawfully made pursuant to the authority of this Act; or

(2) any fact or condition exists which, if it had existed at the time of the original application for the license, clearly would have warranted the Secretary in refusing to issue the license.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 665/16. Penalties - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-665-16/

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