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Illinois Statutes Chapter 225. Professions,Occupations and Business Operations § 429/33. Annual report; debt settlement provider disclosure of statistical information; Secretary to report statistical information

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

§ 33. Annual report; debt settlement provider disclosure of statistical information; Secretary to report statistical information.

(a) A debt settlement provider must file an annual report with the Secretary that must include all of the following data:

(1) for each Illinois resident:

(i) the number of accounts enrolled;

(ii) the principal amount of debt at the time each account was enrolled;

(iii) the status of each account (for example, active or terminated);

(iv) whether the account has been settled, and if so, the settlement amount and the corresponding principal amount of debt enrolled for that account;

(v) the total amount of fees paid to the debt settlement service provider;

(vi) whether the creditor has filed suit on the account debt;

(vii) the date the resident is expected to complete the debt settlement program; and

(viii) the date the resident canceled, terminated, or became inactive in the program, if applicable.

(2) for persons completing the program during the reporting period, the median and mean percentage of savings and the median and mean fees paid to the debt settlement service provider;

(3) for persons who cancelled, became inactive, or terminated the program during the reporting period, the median and mean percentage of the savings and the median and mean fees paid to the debt settlement service provider;

(4) the percentage of Illinois residents who canceled, terminated, became inactive, or completed the program without the settlement of all of the enrolled debt; and

(5) the total amount of fees collected from Illinois residents.

The annual report must contain a declaration executed by an official authorized by the debt settlement provider under penalty of perjury that states that the report complies with this Section.

(b) The Secretary may prepare and make available to the public an annual consolidated report of all the data debt settlement providers are required to report pursuant to subsection (a) of this Section.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 225. Professions,Occupations and Business Operations § 429/33. Annual report; debt settlement provider disclosure of statistical information; Secretary to report statistical information - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-225-professionsoccupations-and-business-operations/il-st-sect-225-429-33/

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