Illinois Collection Agency Act Updates Are Material, And Have Already Taken Effect

Illinois Public Act No. 227 was quietly signed into law earlier this month, containing several substantive updates to the Illinois Collection Agency Act (ICAA). It is important to note that there is no implementation period on these changes; they took effect upon signing of the law on August 3, 2015.

Commercial collectors are now treated like consumer agencies

On page 53 of the Act, the words “consumer” and “natural” [person] were removed, causing the Law to apply to commercial collection activities in addition to consumer collections. This includes the requirement to be licensed, with limited exceptions (see page 60).

View this content by subscribing

Please register to unlock this content

I already have an account. Log in