IL HB5016

Amends the Collection Agency Act to define "debt buyer" as a person or entity purchasing delinquent or charged-off consumer debt for collection purposes, whether collecting directly or through third parties or attorneys.

Adds new definitions for "charge-off balance," "charge-off date," and "current balance" to establish clear accounting standards for debt collection activities.

Requires debt buyers to comply with all terms and conditions of the Collection Agency Act, with specified exceptions including exemptions from surety bond, trust account, and written attorney authorization requirements.

Prohibits debt buyers from initiating legal actions on consumer debts outside the applicable statute of limitations period.

Authorizes the Attorney General to enforce certain provisions against debt buyers as unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, effective January 1, 2013.