Illinois Compiled Statutes 205 ILCS 665/2 – Definitions
Current as of: 2024 | Check for updates
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As used in this Act:
“Credit counselor” means an individual, corporation, or other entity that is not a debt management service that provides (1) guidance, educational programs, or advice for the purpose of addressing budgeting, personal finance, financial literacy, saving and spending practices, or the sound use of consumer credit; or (2) assistance or offers to assist individuals and families with financial problems by providing counseling; or (3) a combination of the activities described in items (1) and (2) of this definition.
“Debt management service” means the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor’s creditors in payment or partial payment of the debtor’s obligations or soliciting financial contributions from creditors. The business of debt management is conducted in this State if the debt management business, its employees, or its agents are located in this State or if the debt management business solicits or contracts with debtors located in this State. “Debt management service” does not include “debt settlement service” as defined in the Debt Settlement Consumer Protection Act.
This term shall not include the following when engaged in the regular course of their respective businesses and professions:
(a) Attorneys at law licensed, or otherwise
“Credit counselor” means an individual, corporation, or other entity that is not a debt management service that provides (1) guidance, educational programs, or advice for the purpose of addressing budgeting, personal finance, financial literacy, saving and spending practices, or the sound use of consumer credit; or (2) assistance or offers to assist individuals and families with financial problems by providing counseling; or (3) a combination of the activities described in items (1) and (2) of this definition.
Terms Used In Illinois Compiled Statutes 205 ILCS 665/2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Debt management service” means the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor’s creditors in payment or partial payment of the debtor’s obligations or soliciting financial contributions from creditors. The business of debt management is conducted in this State if the debt management business, its employees, or its agents are located in this State or if the debt management business solicits or contracts with debtors located in this State. “Debt management service” does not include “debt settlement service” as defined in the Debt Settlement Consumer Protection Act.
This term shall not include the following when engaged in the regular course of their respective businesses and professions:
(a) Attorneys at law licensed, or otherwise
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authorized to practice, in Illinois who are engaged in the practice of law.
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(b) Banks, operating subsidiaries of banks,
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affiliates of banks, fiduciaries, credit unions, savings and loan associations, and savings banks as duly authorized and admitted to transact business in the State of Illinois and performing credit and financial adjusting service in the regular course of their principal business.
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(c) Title insurers, title agents, independent
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escrowees, and abstract companies, while doing an escrow business.
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(d) Judicial officers or others acting pursuant to
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court order.
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(e) Employers for their employees, except that no
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employer shall retain the services of an outside debt management service to perform this service unless the debt management service is licensed pursuant to this Act.
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(f) Bill payment services, as defined in the
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Transmitters of Money Act.
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(g) Credit counselors, only when providing services
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described in the definition of credit counselor in this Section.
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“Debtor” means the person or persons for whom the debt management service is performed.
“Person” means an individual, firm, partnership, association, limited liability company, corporation, or not-for-profit corporation.
“Licensee” means a person licensed under this Act.
“Secretary” means the Secretary of Financial and Professional Regulation.
“Person” means an individual, firm, partnership, association, limited liability company, corporation, or not-for-profit corporation.
“Licensee” means a person licensed under this Act.
“Secretary” means the Secretary of Financial and Professional Regulation.