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 Bill Status of SB1351  100th General Assembly


Short Description:  STUDENT LOAN SERVICING RIGHTS

Senate Sponsors
Sen. Daniel Biss - Don Harmon - Jacqueline Y. Collins - Scott M. Bennett - Melinda Bush, David Koehler, Bill Cunningham, Cristina Castro, Jennifer Bertino-Tarrant, Andy Manar, Linda Holmes, Michael E. Hastings, Omar Aquino, Laura M. Murphy, Iris Y. Martinez, Patricia Van Pelt, Kimberly A. Lightford, Julie A. Morrison, Mattie Hunter, Martin A. Sandoval and Emil Jones, III

House Sponsors
(Rep. Will Guzzardi - Emanuel Chris Welch - Elizabeth Hernandez - Mary E. Flowers - Christian L. Mitchell, Jaime M. Andrade, Jr., Theresa Mah, Deb Conroy, LaToya Greenwood, Sue Scherer, Kathleen Willis, Litesa E. Wallace, Martin J. Moylan, Robert Rita, Lawrence Walsh, Jr., Ann M. Williams, Marcus C. Evans, Jr., Silvana Tabares, La Shawn K. Ford, Jay Hoffman, Daniel J. Burke, Stephanie A. Kifowit, Jehan Gordon-Booth, Cynthia Soto, André Thapedi, John C. D'Amico, Katie Stuart, Carol Sente, Camille Y. Lilly, Kelly M. Cassidy, Melissa Conyears-Ervin and Natalie A. Manley)

Last Action
DateChamber Action
  8/25/2017SenateGovernor Vetoed

Statutes Amended In Order of Appearance
105 ILCS 10/1from Ch. 122, par. 50-1


Synopsis As Introduced
Amends the Illinois School Student Records Act. Makes a technical change in a Section concerning the short title.

Senate Committee Amendment No. 1
Deletes reference to:
105 ILCS 10/1
Adds reference to:
New Act
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z

Replaces everything after the enacting clause. Creates the Student Loan Servicing Rights Act. Provides a student loan bill of rights that includes provisions concerning payment processing, fees, billing statements, payment histories, specialized assistance for student loan borrowers, disclosures related to discharge and cancellation, income-driven repayment plan certifications, information to be provided to private education loan borrowers, cosigner releases, requirements related to the transfer of servicing, and requests for assistance, account dispute resolution, and appeals. Creates the position of Student Loan Ombudsman within the Office of the Attorney General to provide timely assistance to student loan borrowers and provides responsibilities for the Student Loan Ombudsman. Provides for licensure of student loan servicers by the Secretary of Financial and Professional Regulation, and includes provisions concerning applicability, applications, business names, and recordkeeping. Provides that the Secretary shall have the authority to conduct certain investigations and examinations concerning student loan servicer licenses. Provides that a violations of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Makes conforming changes to the Consumer Fraud and Deceptive Business Practices Act. Provides that the provisions of the Act are severable under the Statute on Statutes. Effective immediately.

Senate Floor Amendment No. 2
Deletes reference to:
815 ILCS 505/22

Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with changes that include the following: Makes changes concerning entities exempt from licensure, the application process for a student loan servicer, and licensee names. Requires an applicant for a license to provide certain averments. Provides circumstances in which the Secretary of Financial and Professional Regulation shall refuse to issue a license. Provides language concerning renewal of licenses, the powers and duties of the Secretary, the use of moneys collected under the Act, confidentiality, rules of the Secretary, and violations of the Act. Provides that the Secretary shall have the authority to conduct certain investigations and examinations concerning licenses. Removes provisions amending the Consumer Fraud and Deceptive Business Practices Act. Changes the effective date from immediate to December 31, 2018.

Senate Floor Amendment No. 3
Deletes reference to:
815 ILCS 505/2Z

Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with changes that include the following: Makes changes concerning definitions, entities exempt from licensure, the application process for a student loan servicer, and licensee names. Requires an applicant for a license to provide certain averments. Provides circumstances in which the Secretary of Financial and Professional Regulation shall refuse to issue a license. Provides language concerning renewal of licenses, the powers and duties of the Secretary, the use of moneys collected under the Act, confidentiality, rules of the Secretary, and violations of the Act. Provides that the Secretary shall have the authority to conduct certain investigations and examinations concerning licenses. Removes provisions amending the Consumer Fraud and Deceptive Business Practices Act. Changes the effective date from immediate to December 31, 2018.

Senate Floor Amendment No. 4
In provisions defining "student loan" and in provisions concerning entities exempted from licensure as student loan servicers, provides that a servicer shall oversee certain third parties when the third parties are working on behalf of the servicer and inserts a missing "or".

 Land Conveyance Appraisal Note (Dept. of Transportation)
 No land conveyances are included in this bill; therefore, there are no appraisals to be filed.

 Pension Note (Government Forecasting & Accountability)
 This bill will not impact any public pension fund or retirement system in Illinois.

 State Debt Impact Note (Government Forecasting & Accountability)
 This bill would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.

 Housing Affordability Impact Note (Housing Development Authority)
 This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence.

 Fiscal Note (Financial & Professional Regulation)
 The Illinois Department of Financial and Professional Regulation anticipates SB 1351 to result in approximately $311,500 in recurring annual expenses to the Department related to additional responsibilities assigned to the Department.

 Correctional Note (Dept of Corrections)
 This bill has no fiscal or population impact on the Department.

 State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
 This bill does not create a State mandate.

 Judicial Note (Admin Office of the Illinois Courts)
 This bill would neither increase nor decrease the number of judges needed in the State.

 Home Rule Note (Dept. of Commerce & Economic Opportunity)
 This bill does not pre-empt home rule authority.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Daniel Biss
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  3/7/2017SenateAssigned to Financial Institutions
  3/8/2017SenateAdded as Chief Co-Sponsor Sen. Don Harmon
  3/10/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Daniel Biss
  3/10/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/14/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/15/2017SenateSenate Committee Amendment No. 1 Adopted
  3/15/2017SenateDo Pass as Amended Financial Institutions; 006-002-000
  3/15/2017SenatePlaced on Calendar Order of 2nd Reading March 16, 2017
  3/20/2017SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/29/2017SenateAdded as Co-Sponsor Sen. David Koehler
  3/29/2017SenateAdded as Co-Sponsor Sen. Bill Cunningham
  3/29/2017SenateAdded as Chief Co-Sponsor Sen. Scott M. Bennett
  4/3/2017SenateAdded as Co-Sponsor Sen. Cristina Castro
  4/4/2017SenateAdded as Co-Sponsor Sen. Jennifer Bertino-Tarrant
  4/4/2017SenateAdded as Co-Sponsor Sen. Andy Manar
  4/4/2017SenateAdded as Chief Co-Sponsor Sen. Melinda Bush
  4/5/2017SenateAdded as Co-Sponsor Sen. Linda Holmes
  4/7/2017SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  4/24/2017SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Daniel Biss
  4/24/2017SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/25/2017SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  4/25/2017SenateAdded as Co-Sponsor Sen. Omar Aquino
  4/26/2017SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  4/26/2017SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-003-000
  4/26/2017SenateAdded as Co-Sponsor Sen. Iris Y. Martinez
  4/26/2017SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
  4/26/2017SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  4/26/2017SenateSecond Reading
  4/26/2017SenateSenate Floor Amendment No. 2 Adopted; Biss
  4/26/2017SenatePlaced on Calendar Order of 3rd Reading April 27, 2017
  4/27/2017SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Daniel Biss
  4/27/2017SenateSenate Floor Amendment No. 3 Referred to Assignments
  4/28/2017SenateAdded as Co-Sponsor Sen. Julie A. Morrison
  4/28/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/1/2017SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. Daniel Biss
  5/1/2017SenateSenate Floor Amendment No. 4 Referred to Assignments
  5/2/2017SenateSenate Floor Amendment No. 3 Assignments Refers to Financial Institutions
  5/3/2017SenateSenate Floor Amendment No. 3 Recommend Do Adopt Financial Institutions; 006-003-000
  5/4/2017SenateAdded as Co-Sponsor Sen. Mattie Hunter
  5/5/2017SenateSenate Floor Amendment No. 4 Be Approved for Consideration Assignments
  5/9/2017SenateAdded as Co-Sponsor Sen. Martin A. Sandoval
  5/10/2017SenateRecalled to Second Reading
  5/10/2017SenateSenate Floor Amendment No. 3 Adopted; Biss
  5/10/2017SenateSenate Floor Amendment No. 4 Adopted; Biss
  5/10/2017SenatePlaced on Calendar Order of 3rd Reading
  5/10/2017SenateAdded as Co-Sponsor Sen. Emil Jones, III
  5/10/2017SenateThird Reading - Passed; 034-015-001
  5/11/2017HouseArrived in House
  5/11/2017HouseChief House Sponsor Rep. Will Guzzardi
  5/11/2017HouseFirst Reading
  5/11/2017HouseReferred to Rules Committee
  5/15/2017HouseAssigned to Executive Committee
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Jaime M. Andrade, Jr.
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Theresa Mah
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Deb Conroy
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. LaToya Greenwood
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Sue Scherer
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Kathleen Willis
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Litesa E. Wallace
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Martin J. Moylan
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Robert Rita
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Lawrence Walsh, Jr.
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Ann M. Williams
  5/17/2017HouseAdded Alternate Chief Co-Sponsor Rep. Emanuel Chris Welch
  5/17/2017HouseAdded Alternate Chief Co-Sponsor Rep. Elizabeth Hernandez
  5/17/2017HouseAdded Alternate Chief Co-Sponsor Rep. Mary E. Flowers
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. Silvana Tabares
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. La Shawn K. Ford
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. Christian L. Mitchell
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. Jay Hoffman
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. Daniel J. Burke
  5/18/2017HouseAlternate Co-Sponsor Removed Rep. Christian L. Mitchell
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/22/2017HouseAdded Alternate Co-Sponsor Rep. Stephanie A. Kifowit
  5/22/2017HouseAdded Alternate Co-Sponsor Rep. Jehan Gordon-Booth
  5/24/2017HouseDo Pass / Short Debate Executive Committee; 006-004-000
  5/24/2017HousePlaced on Calendar 2nd Reading - Short Debate
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Cynthia Soto
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. André Thapedi
  5/24/2017HouseSecond Reading - Short Debate
  5/24/2017HouseHeld on Calendar Order of Second Reading - Short Debate
  5/24/2017HouseFiscal Note Requested by Rep. Tom Demmer
  5/24/2017HouseState Mandates Fiscal Note Requested by Rep. Tom Demmer
  5/25/2017HouseBalanced Budget Note Requested by Rep. Will Guzzardi
  5/25/2017HouseCorrectional Note Requested by Rep. Will Guzzardi
  5/25/2017HouseHome Rule Note Requested by Rep. Will Guzzardi
  5/25/2017HouseHousing Affordability Impact Note Requested by Rep. Will Guzzardi
  5/25/2017HouseJudicial Note Requested by Rep. Will Guzzardi
  5/25/2017HouseLand Conveyance Appraisal Note Requested by Rep. Will Guzzardi
  5/25/2017HousePension Note Requested by Rep. Will Guzzardi
  5/25/2017HouseState Debt Impact Note Requested by Rep. Will Guzzardi
  5/26/2017HouseAdded Alternate Co-Sponsor Rep. John C. D'Amico
  5/26/2017HouseLand Conveyance Appraisal Note Filed
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/26/2017HousePension Note Filed
  5/26/2017HouseState Debt Impact Note Filed
  5/26/2017HouseHousing Affordability Impact Note Filed
  5/28/2017HouseFiscal Note Filed
  5/29/2017HouseCorrectional Note Filed
  5/29/2017HouseAdded Alternate Co-Sponsor Rep. Katie Stuart
  5/29/2017HouseAdded Alternate Chief Co-Sponsor Rep. Christian L. Mitchell
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Carol Sente
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Kelly M. Cassidy
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Melissa Conyears-Ervin
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Natalie A. Manley
  5/30/2017HouseState Mandates Fiscal Note Filed
  5/30/2017HouseJudicial Note Filed
  5/31/2017HouseHome Rule Note Filed
  5/31/2017HouseBalanced Budget Note Requested - Withdrawn by Rep. Will Guzzardi
  5/31/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/31/2017HouseRemoved from Short Debate Status
  5/31/2017HousePlaced on Calendar Order of 3rd Reading - Standard Debate
  5/31/2017HouseThird Reading - Standard Debate - Passed 063-048-001
  5/31/2017SenatePassed Both Houses
  6/29/2017SenateSent to the Governor
  8/25/2017SenateGovernor Vetoed

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