Illinois Issues New COVID-19 Collections Guidance

On April 14, 2020, the state of Illinois Department of Financial and Professional Regulation issued new guidance to state licensed consumer credit companies that they are referring to as “best practices” that they are “recommending” should be put into practice to help persons during the coronavirus pandemic. Much like Massachusetts, Texas and the district of Colombia, this guidance suggests the suspension of all collection activity, waiver of most fees and the copious offering of payment forbearances. One unique suggestion included, is the waiver of deficiency balances post voluntary repossession.

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