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SB1537 - 104th General Assembly
STUDENT LOAN SERVICING RIGHTS
Last Action
Senate Sponsors
Sen. Elgie R. Sims, Jr., Bill Cunningham, Mattie Hunter and Kimberly A. Lightford
House Sponsors
(Rep. Maurice A. West, II, Katie Stuart and Kevin Schmidt)
Statutes Amended In Order of Appearance
110 ILCS 992/Art. 7 heading new
110 ILCS 992/7-1 new
110 ILCS 992/7-3 new
110 ILCS 992/7-5 new
110 ILCS 992/7-10 new
110 ILCS 992/7-15 new
110 ILCS 992/7-20 new
110 ILCS 992/7-25 new
110 ILCS 992/7-30 new
110 ILCS 992/7-35 new
110 ILCS 992/7-40 new
110 ILCS 992/7-45 new
110 ILCS 992/7-50 new
110 ILCS 992/7-55 new
110 ILCS 992/7-60 new
110 ILCS 992/7-65 new
110 ILCS 992/7-70 new
110 ILCS 992/7-75 new
110 ILCS 992/7-80 new
110 ILCS 992/7-85 new
110 ILCS 992/7-90 new
110 ILCS 992/7-95 new
110 ILCS 992/7-100 new
110 ILCS 992/7-105 new
110 ILCS 992/7-110 new
205 ILCS 670/1from Ch. 17, par. 5401
815 ILCS 205/4from Ch. 17, par. 6404
Synopsis As Introduced
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.
Senate Committee Amendment No. 1
In provisions concerning monthly payment affordability, changes the calculation for the consumer's minimum essential income.
Senate Floor Amendment No. 2
Adds reference to:
110 ILCS 992/7-41 new
Makes changes in provisions concerning monthly payment affordability. Sets forth provisions requiring an EISA provider, before offering a person an EISA that is being used to refinance an existing loan, to provide the person with a disclosure explaining that the benefits and protections applicable to the existing loan may be lost due to the refinancing. Provides that the disclosure must be provided on a one-page information sheet in at least 12-point type and must be written in simple, clear, and understandable language. Makes changes in provisions concerning the discharge of obligations under and EISA. Requires an EISA provider to provide a written payment history to a borrower (rather than a borrower or cosigner) upon request at no cost within 21 calendar days of receiving the request. Makes other changes.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2025 | Senate | Filed with Secretary by Sen. Elgie R. Sims, Jr. |
| 2/04/2025 | Senate | First Reading |
| 2/04/2025 | Senate | Referred to Assignments |
| 2/18/2025 | Senate | Assigned to Executive |
| 3/05/2025 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr. |
| 3/05/2025 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 3/12/2025 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Executive |
| 3/17/2025 | Senate | Added as Co-Sponsor Sen. Bill Cunningham |
| 3/17/2025 | Senate | Added as Co-Sponsor Sen. Mattie Hunter |
| 3/19/2025 | Senate | Senate Committee Amendment No. 1 Adopted |
| 3/19/2025 | Senate | Do Pass as Amended Executive; 011-000-000 |
| 3/19/2025 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2025 |
| 3/20/2025 | Senate | Second Reading |
| 3/20/2025 | Senate | Placed on Calendar Order of 3rd Reading April 1, 2025 |
| 4/01/2025 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Elgie R. Sims, Jr. |
| 4/01/2025 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 4/02/2025 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Executive |
| 4/03/2025 | Senate | Senate Floor Amendment No. 2 Recommend Do Adopt Executive; 012-000-000 |
| 4/04/2025 | Senate | Recalled to Second Reading |
| 4/04/2025 | Senate | Senate Floor Amendment No. 2 Adopted; Sims |
| 4/04/2025 | Senate | Placed on Calendar Order of 3rd Reading |
| 4/09/2025 | Senate | Third Reading - Passed; 055-000-000 |
| 4/09/2025 | House | Arrived in House |
| 4/09/2025 | House | Chief House Sponsor Rep. Maurice A. West, II |
| 4/09/2025 | Senate | Added as Co-Sponsor Sen. Kimberly A. Lightford |
| 4/09/2025 | House | First Reading |
| 4/09/2025 | House | Referred to Rules Committee |
| 4/17/2025 | House | Added Alternate Co-Sponsor Rep. Katie Stuart |
| 4/17/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 4/29/2025 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 4/30/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 5/16/2025 | House | Second Reading - Short Debate |
| 5/16/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 5/22/2025 | House | Added Alternate Co-Sponsor Rep. Kevin Schmidt |
| 5/22/2025 | House | Third Reading - Short Debate - Passed 114-000-000 |
| 5/22/2025 | Senate | Passed Both Houses |
| 6/20/2025 | Senate | Sent to the Governor |