IL HB5524 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 6-0)
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]

Summary

Amends the Consumer Installment Loan Act. Provides that an income share agreement provider shall clearly and conspicuously disclose specified information in an income-based financing transaction no later than 3 business days before the consummation of the transaction. Requires an income share agreement provider to disclose a borrower's effective annual percentage rate under specified scenarios. Requires an income share agreement provider to provide a borrower with a monthly statement within 15 days before a payment due date, and to provide a borrower with an annual statement. Provides that the contractual payment percentage of an agreement may not exceed 5% of a borrower's qualified income, and no income share agreement term may exceed 60 months. Provides that an income share agreement provider shall not contract for a payment cap that exceeds 1.10 times the amount of the advance or extend an advance that exceeds $5,000. Provides that no payment may be collected under the terms of an income share agreement when a borrower is enrolled in a covered educational program, or during the 6-month grace period after a borrower leaves such a program. Provides that an income share agreement provider shall not engage in unfair or deceptive practices toward a borrower or misrepresent or omit any material information in connection with an income-based financing transaction. Provides that a borrower must exhaust all sources of federal student loans and state grants for which the borrower is directly eligible before entering into an educational income share agreement. Requires an income share agreement provider to provide readily accessible methods for consumers to submit a request for assistance to the provider, and to implement a process by which a borrower can escalate any request for assistance. Makes other changes. Defines terms.

Tracking Information

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Title

INCOME SHARE AGREEMENT-VARIOUS

Sponsors


History

DateChamberAction
2020-06-23HouseRule 19(b) / Re-referred to Rules Committee
2020-03-12HouseAssigned to Financial Institutions Committee
2020-03-06HouseAdded Co-Sponsor Rep. Jehan Gordon-Booth
2020-03-05HouseAdded Co-Sponsor Rep. Kambium Buckner
2020-03-03HouseAdded Co-Sponsor Rep. Jonathan "Yoni" Pizer
2020-03-03HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
2020-02-26HouseAdded Co-Sponsor Rep. William Davis
2020-02-18HouseReferred to Rules Committee
2020-02-18HouseFirst Reading
2020-02-14HouseFiled with the Clerk by Rep. Emanuel Chris Welch

Code Citations

ChapterArticleSectionCitation TypeStatute Text
20567017.10New CodeSee Bill Text
20567017.11New CodeSee Bill Text
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20567017.27New CodeSee Bill Text
20567017.6New CodeSee Bill Text
20567017.7New CodeSee Bill Text
20567017.8New CodeSee Bill Text
20567017.9New CodeSee Bill Text

Illinois State Sources


Bill Comments

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