When it comes to debt settlement companies, it is the Wild West out there. The industry operates unchecked, misleading vulnerable consumers and profitting from their financial troubles.

Fortunately for Illinois residents, those days of "anything goes" are numbered.

The Illinois State Treasurer's Office worked with Attorney General Lisa Madigan to craft the the Illinois Debt Settlement Consumer Protection Bill, which regulates debt settlement companies for the first time. For more information please see the attached fact sheet.

The bill forces debt settlement companies to successfully negotiate lower payoff amounts for their clients' bills before they charge their clients for services. Currently, these companies gouge consumers already riddled with debt by charging upfront fees for savings they may never achieve.

With the assistance of sponsor Sen. Jacqueline Collins, last week the Senate passed our landmark consumer protection bill. It now moves to Governor Quinn's desk for his signature.

This successful legislation demonstrates my committment to consumer advocacy and collaboration with state leaders. As your next State Treasurer, you can count on me to stand up for Illinois residents and to work with state lawmakers on reform that moves our state forward.

Sincerely,
Robin