Fabio
112 lines
7.4 KiB
Markdown
112 lines
7.4 KiB
Markdown
---
|
||
type: "Bill"
|
||
title: "STUDENT LOAN SERVICING RIGHTS"
|
||
description: "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."
|
||
jurisdiction: "us/states/il"
|
||
legislature: "Illinois General Assembly"
|
||
session: "104th"
|
||
identifier: "SB 1537"
|
||
citation: "Illinois SB 1537 (104th)"
|
||
classification: ["bill"]
|
||
subjects: []
|
||
status: "enacted"
|
||
primary_sponsors: ["Elgie R. Sims, Jr.", "Maurice A. West, II"]
|
||
version_count: 5
|
||
action_count: 40
|
||
vote_count: 6
|
||
first_action: "2025-02-04"
|
||
last_action: "2025-08-15"
|
||
source: "openstates"
|
||
source_identifier: "ocd-bill/48653f9b-dac0-4459-9372-a2f981a9b117"
|
||
source_url: "https://ilga.gov/Legislation/BillStatus?DocNum=1537&GAID=18&DocTypeID=SB&LegId=160225&SessionID=114"
|
||
source_hash: "aab5da90cb7d4947b10863f1a228a08c7e08b3dfc7abb58f3caa341721f60865"
|
||
vintage: "2026-07-01"
|
||
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
|
||
retrieved_at: "2026-07-06"
|
||
confidence: "reported"
|
||
tags: ["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](https://ilga.gov/documents/legislation/104/SB/PDF/10400SB1537.pdf)
|
||
2. **Engrossed** (committee substitute) — [source](https://ilga.gov/documents/legislation/104/SB/PDF/10400SB1537eng.pdf)
|
||
3. **Senate Amendment 001** (committee substitute) — [source](https://ilga.gov/documents/legislation/104/SB/PDF/10400SB1537sam001.pdf)
|
||
4. **Senate Amendment 002** (committee substitute) — [source](https://ilga.gov/documents/legislation/104/SB/PDF/10400SB1537sam002.pdf)
|
||
5. **Enrolled** (enrolled) — [source](https://ilga.gov/documents/legislation/104/SB/PDF/10400SB1537enr.pdf)
|
||
|
||
## 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](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/48653f9b-dac0-4459-9372-a2f981a9b117`. Confidence: reported (aggregated from official Illinois legislature records).
|
||
|