Illinois Compiled Statutes 205 ILCS 740/2.03 – Exemptions
Current as of: 2024 | Check for updates
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This Act does not apply to persons whose collection activities are confined to and are directly related to the operation of a business other than that of a collection agency, and specifically does not include the following:
1. Banks, including trust departments, affiliates,
1. Banks, including trust departments, affiliates,
and subsidiaries thereof, fiduciaries, and financing and lending institutions (except those who own or operate collection agencies);
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2. Abstract companies doing an escrow business;
3. Real estate brokers when acting in the pursuit of
Terms Used In Illinois Compiled Statutes 205 ILCS 740/2.03
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
3. Real estate brokers when acting in the pursuit of
their profession;
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4. Public officers and judicial officers acting under
order of a court;
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5. Licensed attorneys at law;
6. Insurance companies;
7. Credit unions, including affiliates and
6. Insurance companies;
7. Credit unions, including affiliates and
subsidiaries thereof (except those who own or operate collection agencies);
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8. Loan and finance companies, including entities
licensed pursuant to the Residential Mortgage License Act of 1987;
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9. Retail stores collecting their own accounts;
10. Unit Owner’s Associations established under the
10. Unit Owner’s Associations established under the
Condominium Property Act, and their duly authorized agents, when collecting assessments from unit owners; and
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11. Any person or business under contract with a
creditor to notify the creditor’s debtors of a debt using only the creditor’s name.
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