IL HB2850 | 2025-2026 | 104th General Assembly
Status
Sponsorship: Partisan Bill (Democrat 2)
Status: Introduced on February 5 2025 - 25% progression, died in committee
Action: 2025-04-11 - House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 5 2025 - 25% progression, died in committee
Action: 2025-04-11 - House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
STUDENT LOAN SERVICING RIGHTS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2025-04-11 | House | House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee |
| 2025-04-11 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2025-04-09 | House | Added Co-Sponsor Rep. Camille Y. Lilly |
| 2025-03-26 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2025-03-26 | House | Second Reading - Short Debate |
| 2025-03-25 | House | House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000 |
| 2025-03-25 | House | House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee |
| 2025-03-24 | House | House Floor Amendment No. 2 Referred to Rules Committee |
| 2025-03-24 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II |
| 2025-03-19 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2025-03-18 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-001-000 |
| 2025-03-18 | House | House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote |
| 2025-03-11 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 2025-03-07 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2025-03-07 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II |
| 2025-03-04 | House | Assigned to Financial Institutions and Licensing Committee |
| 2025-02-06 | House | Referred to Rules Committee |
| 2025-02-06 | House | First Reading |
| 2025-02-05 | House | Filed with the Clerk by Rep. Maurice A. West, II |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 110 | 992 | 1-5 | Amended Code | Citation Text |
| 110 | 992 | 25-5 | Amended Code | Citation Text |
| 110 | 992 | 7-1 | New Code | See Bill Text |
| 110 | 992 | 7-10 | New Code | See Bill Text |
| 110 | 992 | 7-100 | New Code | See Bill Text |
| 110 | 992 | 7-105 | New Code | See Bill Text |
| 110 | 992 | 7-110 | New Code | See Bill Text |
| 110 | 992 | 7-15 | New Code | See Bill Text |
| 110 | 992 | 7-20 | New Code | See Bill Text |
| 110 | 992 | 7-25 | New Code | See Bill Text |
| 110 | 992 | 7-3 | New Code | See Bill Text |
| 110 | 992 | 7-30 | New Code | See Bill Text |
| 110 | 992 | 7-35 | New Code | See Bill Text |
| 110 | 992 | 7-40 | New Code | See Bill Text |
| 110 | 992 | 7-45 | New Code | See Bill Text |
| 110 | 992 | 7-5 | New Code | See Bill Text |
| 110 | 992 | 7-50 | New Code | See Bill Text |
| 110 | 992 | 7-55 | New Code | See Bill Text |
| 110 | 992 | 7-60 | New Code | See Bill Text |
| 110 | 992 | 7-65 | New Code | See Bill Text |
| 110 | 992 | 7-70 | New Code | See Bill Text |
| 110 | 992 | 7-75 | New Code | See Bill Text |
| 110 | 992 | 7-80 | New Code | See Bill Text |
| 110 | 992 | 7-85 | New Code | See Bill Text |
| 110 | 992 | 7-90 | New Code | See Bill Text |
| 110 | 992 | 7-95 | New Code | See Bill Text |
| 110 | 992 | Art. 7 heading | New Code | See Bill Text |
| 205 | 670 | 1 | Amended Code | Citation Text |
| 815 | 205 | 4 | Amended Code | Citation Text |
