KNOW BEFORE YOU OWE ED LOANS Senate SponsorsSen. Don Harmon, John F. Curran, Kimberly A. Lightford, Omar Aquino, Karina Villa, Laura M. Murphy, Celina Villanueva, Steve Stadelman, Cristina Castro, Rachelle Crowe, John Connor, David Koehler, Suzy Glowiak Hilton, Robert Peters, Laura Fine, Sara Feigenholtz, Ram Villivalam and Linda Holmes 1/10/2023SenateSession Sine Die New ActCreates the Know Before You Owe Private Education Loan Act. Requires private educational lenders to obtain from the relevant institution of higher education at which the borrower will use the loan proceeds certifications regarding cost, enrollment status of the borrower, and financial assistance available to the borrower. Provides that private educational lenders must file reports with the Department of Financial and Professional Regulation and the Student Loan Ombudsman. Provides that loan statements must be provided not less frequently than quarterly. Requires institutions of higher education to certify compliance with provisions of the Act to the Board of Higher Education or Illinois Community College Board as a condition to operate. Defines terms. Effective immediately.Senate Committee Amendment No. 1 Revises a cross-reference to certain certifications required under the Act to be made by an institution of higher education. 2/26/2021SenateFiled with Secretary by Sen. Scott M. Bennett 2/26/2021SenateFirst Reading 2/26/2021SenateReferred to Assignments 3/11/2021SenateAdded as Co-Sponsor Sen. John F. Curran 3/17/2021SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford 3/23/2021SenateAssigned to Higher Education 3/23/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Scott M. Bennett 3/23/2021SenateSenate Committee Amendment No. 1 Referred to Assignments 3/25/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Higher Education 4/13/2021SenateAdded as Co-Sponsor Sen. Omar Aquino 4/13/2021SenateSenate Committee Amendment No. 1 Adopted 4/14/2021SenateDo Pass as Amended Higher Education; 012-000-000 4/14/2021SenatePlaced on Calendar Order of 2nd Reading April 15, 2021 4/14/2021SenateAdded as Co-Sponsor Sen. Karina Villa 4/16/2021SenateAdded as Co-Sponsor Sen. Laura M. Murphy 4/20/2021SenateAdded as Co-Sponsor Sen. Celina Villanueva 4/20/2021SenateSecond Reading 4/20/2021SenatePlaced on Calendar Order of 3rd Reading April 21, 2021 4/21/2021SenateAdded as Co-Sponsor Sen. Steve Stadelman 4/21/2021SenateAdded as Co-Sponsor Sen. Cristina Castro 4/21/2021SenateAdded as Co-Sponsor Sen. Rachelle Crowe 4/21/2021SenateAdded as Co-Sponsor Sen. John Connor 4/21/2021SenateAdded as Co-Sponsor Sen. David Koehler 4/21/2021SenateAdded as Co-Sponsor Sen. Suzy Glowiak Hilton 4/21/2021SenateAdded as Co-Sponsor Sen. Robert Peters 4/22/2021SenateAdded as Co-Sponsor Sen. Laura Fine 4/22/2021SenateAdded as Co-Sponsor Sen. Sara Feigenholtz 4/23/2021SenateRule 2-10 Third Reading Deadline Established As April 30, 2021 4/27/2021SenateAdded as Co-Sponsor Sen. Ram Villivalam 4/27/2021SenateAdded as Co-Sponsor Sen. Linda Holmes 4/30/2021SenateRule 3-9(a) / Re-referred to Assignments 12/22/2022SenateChief Sponsor Changed to Sen. Don Harmon 1/10/2023SenateSession Sine Die