Loading chat...
IL HB4814
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Daniel Didech
Click for details
AI Summary
- Doubles the required surety bond for debt management service license applicants from $25,000 to $50,000
- Increases the maximum initial counseling fee from $50 to $75 per debtor
- Replaces the flat $50 monthly fee with a tiered structure: 15% of monthly disbursements or $75 (whichever is less) for plans with fewer than 6 creditors
- Allows higher monthly fees of 15% of disbursements or $100 (whichever is less) for debt management plans with 6 or more creditors
- Amends the Debt Management Service Act (205 ILCS 665), introduced by Rep. Daniel Didech in the 104th General Assembly
Legislative Description
DEBT MANAGEMENT LICENSE & FEES
Last Action
Assigned to Financial Institutions and Licensing Committee
3/4/2026
Committee Referrals
Financial Institutions and Licensing3/4/2026
Rules2/6/2026
Full Bill Text
No bill text available