205 ILCS 740/2 — Illinois Code / Chapter 205 / Act 740 / Section 2
Section 2
Status: in_force

(205 ILCS 740/2) (was 225 ILCS 425/2) (Text of Section from P.A. 102-975) Sec. 2. Definitions. In this Act: "Address of record" means the designated address recorded by the Department in the applicant's or licensee's application file or license file as maintained by the Department's licensure maintenance unit. "Board" means the Collection Agency Licensing and Disciplinary Board. "Charge-off balance" means an account principal and other legally collectible costs, expenses, and interest accrued prior to the charge-off date, less any payments or settlement. "Charge-off date" means the date on which a receivable is treated as a loss or expense. "Collection agency" means any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engages in the collection of a debt. "Consumer debt" or "consumer credit" means money or property, or their equivalent, due or owing or alleged to be due or owing from a natural person by reason of a consumer credit transaction. "Credit transaction" means a transaction between a natural person and another person in which property, service, or money is acquired on credit by that natural person from such other person primarily for personal, family, or household purposes. "Creditor" means a person who extends consumer credit to a debtor. "Current balance" means the charge-off balance plus any legally collectible costs, expenses, and interest, less any credits or payments. "Debt" means money, property, or their equivalent which is due or owing or alleged to be due or owing from a person to another person. "Debt buyer" means a person or entity that is engaged in the business of purchasing delinquent or charged-off consumer loans or consumer credit accounts or other delinquent consumer debt for collection purposes, whether it collects the debt itself or hires a third-party for collection or an attorney-at-law for litigation in order to collect such debt. "Debtor" means a person from whom a collection agency seeks to collect a consumer or commercial debt that is due and owing or alleged to be due and owing from such person. "Department" means the Department of Financial and Professional Regulation. "Email address of record" means the designated email address recorded by the Department in the applicant's application file or the licensee's license file, as maintained by the Department's licensure maintenance unit. "Person" means a natural person, partnership, corporation, limited liability company, trust, estate, cooperative, association, or other similar entity. "Licensed collection agency" means a person who is licensed under this Act to engage in the practice of debt collection in Illinois. "Multi-state licensing system" means a web-based platform that allows licensure applicants to submit their applications and renewals to the Department online. "Secretary" means the Secretary of Financial and Professional Regulation or his or her designee. (Source: P.A. 102-975, eff. 1-1-23.) (Text of Section from P.A. 104-149) Sec. 2. Definitions. In this Act: "Address of record" means the designated address recorded by the Department in the applicant's or licensee's application file or license file as maintained by the Department. "Charge-off balance" means an account principal and other legally collectible costs, expenses, and interest accrued prior to the charge-off date, less any payments or settlement. "Charge-off date" means the date on which a receivable is treated as a loss or expense. "Collection agency" means any person who, in the ordinary course of business, regularly: (1) engages in the business of collection of any debt for others; (2) engages in the business of receiving, by assignment or otherwise, debt from any person who owns or controls 20% or more of the business receiving the assignment with the purpose of collecting moneys due on such debt; (3) sells or attempts to sell, or gives away or attempts to give away to any other person, other than a person licensed under this Act, any system of collection, letters, demand forms, or other printed matter where the name of any person, other than that of the creditor, appears in such a manner as to indicate, directly or indirectly, that a request or demand is being made by any person other than the creditor for the payment of the sum or sums due or asserted to be due; (4) engages in the business of buying debt; (5) engages in the business of using a fictitious name in collecting its own accounts, bills, or debts with the intention of conveying to the debtor that a third party has been employed to make such collection; or (6) engages in the business of collection of a check or other payment that is returned unpaid by the financial institution upon which it is drawn. "Consumer debt" or "consumer credit" means money or property, or their equivalent, due or owing or alleged to be due or owing from a natural person by reason of a consumer credit transaction. "Credit transaction" means a transaction between a natural person and another person in which property, service, or money is acquired on credit by that natural person from such other person primarily for personal, family, or household purposes. "Creditor" means a person who extends credit to a debtor. "Current balance" means the charge-off balance plus any legally collectible costs, expenses, and interest, less any credits or payments. "Debt" means money, property, or their equivalent which is due or owing or alleged to be due or owing from a person to another person. "Debt buyer" means a person that is engaged in the business of purchasing delinquent or charged-off consumer loans or consumer credit accounts or other delinquent consumer debt for collection purposes, whether it collects the debt itself or hires a third party to collect or hires an attorney-at-law for litigation to collect such debt. "Debtor" means a person from whom a collection agency seeks to collect a consumer or commercial debt that is due and owing or alleged to be due and owing from such person. "Department" means the Department of Financial and Professional Regulation. "Email address of record" means the designated email address recorded by the Department in the applicant's application file or the licensee's license file, as maintained by the Department. "Licensed collection agency" means a person who is licensed under this Act to act as a collection agency in Illinois. "Multi-state licensing system" means a web-based platform that allows licensure applicants to submit their applications and renewals to the Department online. "Person" means a natural person, partnership, corporation, limited liability company, trust, estate, cooperative, association, or other similar entity. "Secretary" means the Secretary of Financial and Professional Regulation or the Secretary's designee. (Source: P.A. 104-149, eff. 1-1-26.) (Text of Section from P.A. 104-297) Sec. 2. Definitions. In this Act: "Address of record" means the designated address recorded by the Department in the applicant's or licensee's application file or license file as maintained by the Department's licensure maintenance unit. "Board" means the Collection Agency Licensing and Disciplinary Board. "Charge-off balance" means an account principal and other legally collectible costs, expenses, and interest accrued prior to the charge-off date, less any payments or settlement. "Charge-off date" means the date on which a receivable is treated as a loss or expense. "Coerced debt" means any debt as defined by this Act or a portion of the debt, except for debt secured by real property, that was incurred by the debtor because of fraud, duress, intimidation, threat, force, coercion, undue influence, or the non-consensual use of the debtor's personal identifying information between family or household members as defined in Section 103 of the Illinois Domestic Violence Act of 1986, as a result of abuse or exploitation as defined in Section 103 of the Illinois Domestic Violence Act of 1986, or due to human trafficking as defined in subsections (b), (c), and (d) of Section 10-9 of the Criminal Code of 2012. "Collection agency" means any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engages in the collection of a debt. "Consumer debt" or "consumer credit" means money or property, or their equivalent, due or owing or alleged to be due or owing from a natural person by reason of a consumer credit transaction. "Credit transaction" means a transaction between a natural person and another person in which property, service, or money is acquired on credit by that natural person from such other person primarily for personal, family, or household purposes. "Creditor" means a person who extends consumer credit to a debtor. "Current balance" means the charge-off balance plus any legally collectible costs, expenses, and interest, less any credits or payments. "Debt" means money, property, or their equivalent which is due or owing or alleged to be due or owing from a person to another person. "Debt buyer" means a person or entity that is engaged in the business of purchasing delinquent or charged-off consumer loans or consumer credit accounts or other delinquent consumer debt for collection purposes, whether it collects the debt itself or hires a third-party for collection or an attorney-at-law for litigation in order to collect such debt. "Debtor" means a person from whom a collection agency seeks to collect a consumer or commercial debt that is due and owing or alleged to be due and owing from such person. "Department" means the Department of Financial and Professional Regulation. "Email address of record" means the designated email address recorded by the Department in the applicant's application file or the licensee's license file, as maintained by the Department's licensure maintenance unit. "Perpetrator of coerced debt" or "perpetrator" means an individual who caused coerced debt to be incurred by another. "Person" means a natural person, partnership, corporation, limited liability company, trust, estate, cooperative, association, or other similar entity. "Licensed collection agency" means a person who is licensed under this Act to engage in the practice of debt collection in Illinois. "Multi-state licensing system" means a web-based platform that allows licensure applicants to submit their applications and renewals to the Department online. "Secretary" means the Secretary of Financial and Professional Regulation or his or her designee. (Source: P.A. 104-297, eff. 1-1-26.)