This Act does not apply to persons whose collection activities are confined to and are directly related to the operation of a business other than that of a collection agency, and specifically does not include the following:
         1. Banks, including trust departments, affiliates,
    
and subsidiaries thereof, fiduciaries, and financing and lending institutions (except those who own or operate collection agencies);
        2. Abstract companies doing an escrow business;

Terms Used In Illinois Compiled Statutes 205 ILCS 740/2.03

  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

         3. Real estate brokers when acting in the pursuit of
    
their profession;
        4. Public officers and judicial officers acting under
    
order of a court;
        5. Licensed attorneys at law;
         6. Insurance companies;
         7. Credit unions, including affiliates and
    
subsidiaries thereof (except those who own or operate collection agencies);
        8. Loan and finance companies, including entities
    
licensed pursuant to the Residential Mortgage License Act of 1987;
        9. Retail stores collecting their own accounts;
         10. Unit Owner’s Associations established under the
    
Condominium Property Act, and their duly authorized agents, when collecting assessments from unit owners; and
        11. Any person or business under contract with a
    
creditor to notify the creditor’s debtors of a debt using only the creditor’s name.
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