IL HB4218

Amends Section 9 of the Collection Agency Act to add findings by the Consumer Financial Protection Bureau, Federal Trade Commission, or Bureau of Consumer Financial Protection as grounds for disciplinary action by the Department of Financial and Professional Regulation.

Allows the Department to refuse, revoke, suspend, place on probation, or reprimand collection agency licensees based on a finding that the licensee violated the federal Fair Debt Collection Practices Act or its rules.

Establishes that disciplinary actions can include fines not to exceed $10,000 per violation for violations of the Collection Agency Act or its rules.

Adds the new disciplinary ground to an existing list of 35 grounds for discipline, which includes material misstatements, criminal convictions, fraud, and various prohibited debt collection practices.