IL HB1803

Changes the deposit fund for civil penalties and fees collected under the Collection Agency Act from the "General Professions Dedicated Fund" to the "Financial Institution Fund"

Authorizes the Department to transfer any fees previously collected under the Act from the General Professions Dedicated Fund to the Financial Institution Fund after the effective date of this amendatory act

Establishes civil penalties of up to $10,000 per offense for unlicensed collection agency practice, assessed by the Department after a hearing

Requires civil penalties to be paid within 60 days and allows the resulting order to be filed as a judgment and executed like any court judgment

Empowers the Department to investigate unlicensed activity and issue cease and desist orders, with violators having 7 days to answer or face immediate cessation orders