COLLECTION AGENCY ACT

Amends the Regulatory Sunset Act to remove the Collection Agency Act from the provisions of the Act. Amends the Financial Institutions Code. Sets forth the powers and duties of the Division of Financial Institutions of the Department of Financial and Professional Regulation. Amends the Collection Agency Act. Provides that no action may be filed against any licensee for violation of the terms of the Act or its rules unless the action is commenced within 5 years after the discovery of the alleged violation (rather than the occurrence of the alleged violation). Makes changes to provisions concerning definitions; unlicensed practice, violations, and civil penalties; application for original licensure; qualifications for licensure; fees; disciplinary action; communication in connection with debt collection; powers and duties of the Department; investigation, notice, and hearing; administrative review and venue; and expiration, renewal, and restoration of licenses. Repeals provisions concerning: informal conferences; the Collection Agency Licensing and Disciplinary Board; records of hearings; findings and recommendations; rehearings; appointment of hearing officers; orders or certified copies; restoration of licenses from discipline; and surrender of licenses. Makes other changes. Effective January 1, 2023. House Floor Amendment No. 1 Deletes reference to: 5 ILCS 80/4.36 225 ILCS 425/11 rep. 225 ILCS 425/13.1 rep. 225 ILCS 425/17 rep. 225 ILCS 425/19 rep. 225 ILCS 425/20 rep. 225 ILCS 425/21 rep. 225 ILCS 425/22 rep. 225 ILCS 425/23 rep. 225 ILCS 425/24 rep. Adds reference to: 225 ILCS 425/11 from Ch. 111, par. 2036 Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Removes provisions amending the Regulatory Sunset Act. Removes language repealing specified provisions of the Collection Agency Act. Restores language providing that the Department of Financial and Professional Regulation may obtain written recommendations from the Collection Agency Licensing and Disciplinary Board regarding standards of professional conduct, formal disciplinary actions, and the formulation of rules affecting these matters. Restores language providing that at the discretion of the Secretary, after having first received the recommendation of the Board, the accused person's license may be suspended or revoked, if the evidence constitutes sufficient grounds for such action. Provides that an adjudicated finding (rather than a finding) by the Federal Trade Commission or other federal or State agency that a licensee violated the federal Fair Debt Collection Practices Act or its rules is grounds for discipline. Makes other changes. Further amends the Collection Agency Act. In provisions concerning informal conferences, provides that informal conferences shall be conducted with at least one member of the Board in attendance after a formal hearing is requested (rather than informal conferences shall be conducted with at least one member of the Board in attendance). Effective January 1, 2023.