97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3221

 

Introduced 2/24/2011, by Rep. Norine Hammond - John D. Cavaletto - David Harris - Sandra M. Pihos, Kay Hatcher, et al.

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Student Loan Estimated Monthly Payment Act. Provides that at the time a student enters into a loan agreement with a lender to pay for the costs of attending an institution of higher education, the lender shall provide the student with a statement estimating the monthly payments that must be made by the student in order to repay the loan. Requires the Illinois Student Assistance Commission to administer and enforce the Act as it deems necessary and adopt rules to implement the Act.


LRB097 07958 NHT 48077 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3221LRB097 07958 NHT 48077 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Student Loan Estimated Monthly Payment Act.
 
6    Section 5. Definitions. In this Act:
7    "Institution of higher education" means a public or private
8college or university in this State, including a public
9community college.
10    "Lender" means an entity that provides loans to students to
11pay for the costs of attending an institution of higher
12education.
13    "Student" means a person who is attending or will be
14attending an institution of higher education.
 
15    Section 10. Statement of estimated monthly payments. At the
16time a student enters into a loan agreement with a lender, the
17lender shall provide the student with a statement estimating
18the monthly payments that must be made by the student in order
19to repay the loan.
 
20    Section 90. Administration and enforcement; rules. The
21Illinois Student Assistance Commission shall administer and

 

 

HB3221- 2 -LRB097 07958 NHT 48077 b

1enforce this Act as it deems necessary and shall adopt rules to
2implement this Act.