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Amends the Student Loan Servicing Rights Act. Creates within the Act an Article concerning educational income share agreements. Contains provisions concerning: monthly payment affordability; maximum annual percentage rates; limits on the duration of income share agreements; risk sharing; limits on covered income; fees; restrictions on security interests; discharge of obligations; prohibitions on cosigners; limits on acceleration; assignment of wages; limitations on garnishment; use of multiple agreements; required disclosures; early completion of the agreement; assumption of increases in future income; receipts; and adjustment of dollar amounts. Provides that the Attorney General may enforce a violation of the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Makes other changes. Amends the Consumer Installment Loan Act and the Interest Act to make conforming changes. Provides that the provisions of the amendatory Act are severable. Effective immediately.
Introduced
Feb 6, 2025
Last Action
Apr 11, 2025
Session
IL 104th
Sponsors
1 primary · 1 co
Rule 19(a) / Re-referred to Rules Committee
House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee
Added Co-Sponsor Rep. Camille Y. Lilly
Held on Calendar Order of Second Reading - Short Debate
Second Reading - Short Debate
House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000
House Floor Amendment No. 2 Referred to Rules Committee
House Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II
Placed on Calendar 2nd Reading - Short Debate
Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-001-000
House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
House Committee Amendment No. 1 Referred to Rules Committee
House Committee Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II
Assigned to Financial Institutions and Licensing Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Maurice A. West, II
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee
Maurice A. West, II
Camille Y. Lilly