Illinois has amended provisions of the state Collection Agency Act, including extending the repeal of the Act from January 1, 2016, to January 1, 2026. The amendment makes changes concerning definitions, exemptions, restrictions, and qualifications for license and makes revisions to improve readability and clarity in addition to other technical changes. Among the changes, the amendment adds to the list of licensable activities, engaging in the business of collection of a check or other payment that is returned unpaid by the financial institution upon which it is drawn. Further, the amendment clarifies the exemption from licensing for “loan and finance companies” to specifically include entities licensed under the Residential Mortgage License Act. The amendment also adds provisions concerning expiration, renewal, and restoration of registration.

The amendments are effective immediately.