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republic-os/legislation/us/states/il/104th/sb-1537.md
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Fabio 5941153bb7 Legislation: batch B — IL IN KS KY LA MA MD ME MI MN 
Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 17:27:20 -04:00

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type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags
type title description jurisdiction legislature session identifier citation classification subjects status primary_sponsors version_count action_count vote_count first_action last_action source source_identifier source_url source_hash vintage source_snapshot retrieved_at confidence tags
Bill STUDENT LOAN SERVICING RIGHTS 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. us/states/il Illinois General Assembly 104th SB 1537 Illinois SB 1537 (104th)
bill
enacted
Elgie R. Sims, Jr.
Maurice A. West, II
5 40 6 2025-02-04 2025-08-15 openstates ocd-bill/48653f9b-dac0-4459-9372-a2f981a9b117 https://ilga.gov/Legislation/BillStatus?DocNum=1537&GAID=18&DocTypeID=SB&LegId=160225&SessionID=114 aab5da90cb7d4947b10863f1a228a08c7e08b3dfc7abb58f3caa341721f60865 2026-07-01 https://data.openstates.org/daily/2026-07-01/public.pgdump 2026-07-06 reported
legislation
bill
us-il

Illinois SB 1537 (104th) — STUDENT LOAN SERVICING RIGHTS

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.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

  1. Introduced (filed) — source
  2. Engrossed (committee substitute) — source
  3. Senate Amendment 001 (committee substitute) — source
  4. Senate Amendment 002 (committee substitute) — source
  5. Enrolled (enrolled) — source

Votes

  • Third Reading — 55–0 (pass) · upper
  • Financial Institutions & Licensing — 12–0 (pass) · lower
  • Third Reading — 114–0 (pass) · lower
  • Executive, Amendment 2 — 12–0 (pass) · upper
  • Executive — 11–0 (pass) · upper
  • Executive — 11–0 (pass) · upper

Sponsors

  • Elgie R. Sims, Jr. — primary (person)
  • Maurice A. West, II — primary (person)
  • Bill Cunningham — cosponsor (person)
  • Katie Stuart — cosponsor (person)
  • Kevin Schmidt — cosponsor (person)
  • Kimberly A. Lightford — cosponsor (person)
  • Mattie Hunter — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

  • 2025-02-04 Filed with Secretary by Sen. Elgie R. Sims, Jr. filing
  • 2025-02-04 First Reading reading-1
  • 2025-02-04 Referred to Assignments
  • 2025-02-18 Assigned to Executive referral-committee
  • 2025-03-05 Senate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr. amendment-introduction
  • 2025-03-05 Senate Committee Amendment No. 1 Referred to Assignments
  • 2025-03-12 Senate Committee Amendment No. 1 Assignments Refers to Executive
  • 2025-03-17 Added as Co-Sponsor Sen. Bill Cunningham
  • 2025-03-17 Added as Co-Sponsor Sen. Mattie Hunter
  • 2025-03-19 Senate Committee Amendment No. 1 Adopted amendment-passage
  • 2025-03-19 Do Pass as Amended Executive; 011-000-000
  • 2025-03-19 Placed on Calendar Order of 2nd Reading March 20, 2025 reading-2
  • 2025-03-20 Second Reading reading-2
  • 2025-03-20 Placed on Calendar Order of 3rd Reading April 1, 2025
  • 2025-04-01 Senate Floor Amendment No. 2 Filed with Secretary by Sen. Elgie R. Sims, Jr. amendment-introduction
  • 2025-04-01 Senate Floor Amendment No. 2 Referred to Assignments
  • 2025-04-02 Senate Floor Amendment No. 2 Assignments Refers to Executive
  • 2025-04-03 Senate Floor Amendment No. 2 Recommend Do Adopt Executive; 012-000-000
  • 2025-04-04 Recalled to Second Reading reading-2
  • 2025-04-04 Senate Floor Amendment No. 2 Adopted; Sims amendment-passage
  • 2025-04-04 Placed on Calendar Order of 3rd Reading
  • 2025-04-09 Third Reading - Passed; 055-000-000 passage, reading-3
  • 2025-04-09 Arrived in House introduction
  • 2025-04-09 Chief House Sponsor Rep. Maurice A. West, II
  • 2025-04-09 Added as Co-Sponsor Sen. Kimberly A. Lightford
  • 2025-04-09 First Reading reading-1
  • 2025-04-09 Referred to Rules Committee
  • 2025-04-17 Added Alternate Co-Sponsor Rep. Katie Stuart
  • 2025-04-17 Assigned to Financial Institutions and Licensing Committee referral-committee
  • 2025-04-29 Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
  • 2025-04-30 Placed on Calendar 2nd Reading - Short Debate reading-2
  • 2025-05-16 Second Reading - Short Debate reading-2
  • 2025-05-16 Placed on Calendar Order of 3rd Reading - Short Debate
  • 2025-05-22 Added Alternate Co-Sponsor Rep. Kevin Schmidt
  • 2025-05-22 Third Reading - Short Debate - Passed 114-000-000 passage, reading-3
  • 2025-05-22 Passed Both Houses
  • 2025-06-20 Sent to the Governor executive-receipt
  • 2025-08-15 Governor Approved executive-signature
  • 2025-08-15 Effective Date August 15, 2025
  • 2025-08-15 Public Act . . . . . . . . . 104-0383 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/48653f9b-dac0-4459-9372-a2f981a9b117. Confidence: reported (aggregated from official Illinois legislature records).

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