Illinois House Bill 5361 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 14 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Higher Education Loan Act. Creates the Know Before You Owe Private Education Loan Act. Provides that before a private educational lender makes a private education loan to a student who attends an institution of higher education, the private educational lender must obtain certification from the institution about the student borrower's: (i) enrollment status, (ii) cost of attendance, and (iii) the difference between the cost of attendance and the borrower's estimated financial assistance from all sources. Allows a private educational lender to disburse the funds of a private education loan if the institution of higher education fails to provide the requested certification within 15 business days of the request. Requires the private educational lender to provide notice to the institution that the loan has been disbursed without the certification. Requires a private educational lender to submit annual reports to the Department of Financial and Professional Regulation and to the Student Loan Ombudsman. Sets forth the requirements that must be included on the loan statement of a private educational loan. Provides that the institution of higher education must inform the student borrower of his or her lending options and whether the student has applied for or exhausted all available sources of federal financial assistance. Effective immediately.

HIGHER ED-LOAN-PRIVATE LENDER

Rep. Lamont Robinson [D]

Rep. Carol Ammons [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-03-17	House	Assigned to Higher Education Committee
2020-02-28	House	Added Co-Sponsor Rep. Carol Ammons
2020-02-18	House	Referred to Rules Committee
2020-02-18	House	First Reading
2020-02-14	House	Filed with the Clerk by Rep. Lamont J. Robinson, Jr.

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5361&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB5361.htm