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 Bill Status of SB1537  104th General Assembly

Short Description:  STUDENT LOAN SERVICING RIGHTS

Senate Sponsors
Sen. Elgie R. Sims, Jr., Bill Cunningham, Mattie Hunter and Kimberly A. Lightford

House Sponsors
(Rep. Maurice A. West, II and Katie Stuart)

Last Action
DateChamber Action
  4/30/2025HousePlaced on Calendar 2nd Reading - Short Debate

Statutes Amended In Order of Appearance
110 ILCS 992/1-5
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
110 ILCS 992/25-5
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 
DateChamber Action
  2/4/2025SenateFiled with Secretary by Sen. Elgie R. Sims, Jr.
  2/4/2025SenateFirst Reading
  2/4/2025SenateReferred to Assignments
  2/18/2025SenateAssigned to Executive
  3/5/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr.
  3/5/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/12/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Executive
  3/17/2025SenateAdded as Co-Sponsor Sen. Bill Cunningham
  3/17/2025SenateAdded as Co-Sponsor Sen. Mattie Hunter
  3/19/2025SenateSenate Committee Amendment No. 1 Adopted
  3/19/2025SenateDo Pass as Amended Executive; 011-000-000
  3/19/2025SenatePlaced on Calendar Order of 2nd Reading March 20, 2025
  3/20/2025SenateSecond Reading
  3/20/2025SenatePlaced on Calendar Order of 3rd Reading April 1, 2025
  4/1/2025SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Elgie R. Sims, Jr.
  4/1/2025SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/2/2025SenateSenate Floor Amendment No. 2 Assignments Refers to Executive
  4/3/2025SenateSenate Floor Amendment No. 2 Recommend Do Adopt Executive; 012-000-000
  4/4/2025SenateRecalled to Second Reading
  4/4/2025SenateSenate Floor Amendment No. 2 Adopted; Sims
  4/4/2025SenatePlaced on Calendar Order of 3rd Reading
  4/9/2025SenateThird Reading - Passed; 055-000-000
  4/9/2025HouseArrived in House
  4/9/2025HouseChief House Sponsor Rep. Maurice A. West, II
  4/9/2025SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  4/9/2025HouseFirst Reading
  4/9/2025HouseReferred to Rules Committee
  4/17/2025HouseAdded Alternate Co-Sponsor Rep. Katie Stuart
  4/17/2025HouseAssigned to Financial Institutions and Licensing Committee
  4/29/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
  4/30/2025HousePlaced on Calendar 2nd Reading - Short Debate

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