Illinois House Bill 1519

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Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: Engrossed on March 24 2023 - 50% progression
Action: 2023-05-05 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Engrossed) [HTML]

Amends the Student Loan Servicing Rights Act. Creates the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act. Defines terms. Regarding income share agreements, sets forth provisions concerning monthly payment affordability, maximum effective annual percentage rate, Limits on duration of income share agreements, risk sharing, limits on covered income, fees permitted, restrictions on security interests, discharge of obligations, prohibitions on co-signers, limits on acceleration, assignment of wages, limitations on garnishment, use of multiple agreements, required disclosures, early completion of the agreement, assumption of increase in future income, receipts, 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.

CONSUMER INCOME SHARE ACT

Rep. Maurice West [D]	Rep. Dagmara Avelar [D]	Rep. Nicholas Smith [D]	Rep. Kevin Olickal [D]
Rep. Edgar Gonzalez [D]	Rep. Travis Weaver [R]	Sen. Elgie Sims [D]

2023-03-24 - House - Third Reading in House (Y: 108 N: 0 NV: 1 Abs: 1) [PASS]

Date	Chamber	Action
2023-05-05	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-05-05	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
2023-05-04	Senate	Postponed - Executive
2023-05-04	Senate	Senate Committee Amendment No. 1 Postponed - Executive
2023-04-28	Senate	Rule 2-10 Committee Deadline Established As May 6, 2023
2023-04-27	Senate	Postponed - Executive
2023-04-27	Senate	Senate Committee Amendment No. 1 Postponed - Executive
2023-04-25	Senate	Senate Committee Amendment No. 1 Assignments Refers to Executive
2023-04-24	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2023-04-24	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr.
2023-04-20	Senate	Alternate Chief Sponsor Changed to Sen. Elgie R. Sims, Jr.
2023-04-12	Senate	Assigned to Executive
2023-03-27	Senate	Referred to Assignments
2023-03-27	Senate	First Reading
2023-03-27	Senate	Chief Senate Sponsor Sen. Omar Aquino
2023-03-27	Senate	Placed on Calendar Order of First Reading
2023-03-27	Senate	Arrive in Senate
2023-03-24	House	Third Reading - Short Debate - Passed 108-000-000
2023-03-24	House	Added Co-Sponsor Rep. Travis Weaver
2023-03-24	House	Placed on Calendar Order of 3rd Reading - Short Debate
2023-03-24	House	House Floor Amendment No. 2 Adopted
2023-03-24	House	House Floor Amendment No. 1 Adopted
2023-03-23	House	House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 012-000-000
2023-03-23	House	House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 012-000-000
2023-03-23	House	Added Co-Sponsor Rep. Edgar Gonzalez, Jr.
2023-03-22	House	Added Co-Sponsor Rep. Kevin John Olickal
2023-03-22	House	Held on Calendar Order of Second Reading - Short Debate
2023-03-22	House	Second Reading - Short Debate
2023-03-22	House	Added Co-Sponsor Rep. Nicholas K. Smith
2023-03-22	House	House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
2023-03-22	House	House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
2023-03-21	House	House Floor Amendment No. 2 Referred to Rules Committee
2023-03-21	House	House Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II
2023-03-21	House	House Floor Amendment No. 1 Referred to Rules Committee
2023-03-21	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II
2023-03-16	House	Added Chief Co-Sponsor Rep. Dagmara Avelar
2023-03-01	House	Placed on Calendar 2nd Reading - Short Debate
2023-02-28	House	Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
2023-02-15	House	Assigned to Financial Institutions and Licensing Committee
2023-01-31	House	Referred to Rules Committee
2023-01-31	House	First Reading
2023-01-27	House	Filed with the Clerk by Rep. Maurice A. West, II

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1519&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB1519.htm
Text	https://www.ilga.gov/legislation/103/HB/10300HB1519eng.htm
Amendment	https://www.ilga.gov/legislation/103/HB/10300HB1519ham001.htm
Amendment	https://www.ilga.gov/legislation/103/HB/10300HB1519ham002.htm
Amendment	https://www.ilga.gov/legislation/103/HB/10300HB1519sam001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/103/house/10300HB1519_03242023_021000T.pdf