Ill. Admin. Code tit. 38 § 145.90

Current through Register Vol. 48, No. 44, November 1, 2024

Section 145.90 - Annual Report

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.

Ill. Admin. Code tit. 38, § 145.90