Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 145 - DEBT SETTLEMENT CONSUMER PROTECTION ACT
Section 145.90 - Annual Report
Universal Citation: 38 IL Admin Code ยง 145.90
Current through Register Vol. 48, No. 12, March 22, 2024
a) A debt settlement provider must file an annual report with the Secretary pursuant to Section 33 of the Act on or before March 1 for the previous calendar year. The annual report must contain a declaration executed by an official authorized by the debt settlement provider under penalty of perjury that states that the report complies with Section 33 of the Act. The report shall be in a form prescribed by the Secretary. The Secretary will maintain the annual report form on the Division's website for a period of 2 years after submittal.
b) The annual report form must include all of the following data:
1) for each Illinois
resident:
A) the number of accounts
enrolled;
B) the principal amount
of debt at the time each account was enrolled;
C) the status of each account (for example,
active or terminated);
D) whether
the account has been settled and, if so, the settlement amount and the
corresponding principal amount of debt enrolled for that account;
E) the total amount of provider fees
paid;
F) whether the creditor has
filed suit on the account debt;
G)
the date the resident is expected to complete the debt settlement program;
and
H) the date the resident
cancelled, terminated or became inactive in the program, if
applicable;
2) for
persons completing the program during the reporting period, the median and mean
percentage of savings and the median and mean provider fees paid;
3) for persons who cancelled, became
inactive, or terminated the program during the reporting period, the median and
mean percentage of the savings and the median and mean provider fees;
4) the percentage of Illinois residents who
cancelled, terminated, became inactive, or completed the program without the
settlement of all of the enrolled debt; and
5) the total amount of fees collected from
Illinois residents.
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