IL SB2464

Amends the Collection Agency Act to add a new disciplinary ground allowing the Department of Financial and Professional Regulation to discipline collection agency licensees based on findings by the Consumer Financial Protection Bureau or Bureau of Consumer Financial Protection that the licensee violated the federal Fair Debt Collection Practices Act or its rules.

Adds this violation as item (12) to the list of causes for which the Department may refuse to issue or renew a license, revoke, suspend, place on probation, reprimand, or take other disciplinary action, including fines up to $10,000 per violation.

Effective date of January 1, 2026 is scheduled for the repeal of Section 9 of the Collection Agency Act.