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Amends the Know Before You Owe Private Education Loan Act. Provides that the annual report to the Department of Financial and Professional Regulation and the Student Loan Ombudsman shall include the total number and dollar amount (instead of the volume) of private education loans made annually by a private educational lender, the total number and dollar amount (instead of the volume) of private education loans made annually at institutions of higher education, the total number and dollar amount of private education loans made annually with a cosigner, and the default rate for the private education loans reported by the private educational lender pursuant to specified provisions for the previous reporting period. Effective immediately.
Introduced
Feb 6, 2026
Last Action
Mar 6, 2026
Session
IL 104th
Sponsors
1 primary · 2 co
Added Chief Co-Sponsor Rep. Jawaharial Williams
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Financial Institutions and Licensing Committee; 011-000-000
Added Chief Co-Sponsor Rep. Katie Stuart
Assigned to Financial Institutions and Licensing Committee
Referred to Rules Committee
First Reading
Filed with the Clerk by Rep. Margaret Croke
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Added Chief Co-Sponsor Rep. Jawaharial Williams
Jawaharial Williams