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]
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.
Title
INCOME SHARE AGREEMENT-VARIOUS
Sponsors
Rep. Emanuel Welch [D] | Rep. William Davis [D] | Rep. Kelly Cassidy [D] | Rep. Jonathan Pizer [D] |
Rep. Kambium Buckner [D] | Rep. Jehan Gordon-Booth [D] |
History
Date | Chamber | Action |
---|---|---|
2020-06-23 | House | Rule 19(b) / Re-referred to Rules Committee |
2020-03-12 | House | Assigned to Financial Institutions Committee |
2020-03-06 | House | Added Co-Sponsor Rep. Jehan Gordon-Booth |
2020-03-05 | House | Added Co-Sponsor Rep. Kambium Buckner |
2020-03-03 | House | Added Co-Sponsor Rep. Jonathan "Yoni" Pizer |
2020-03-03 | House | Added Co-Sponsor Rep. Kelly M. Cassidy |
2020-02-26 | House | Added Co-Sponsor Rep. William Davis |
2020-02-18 | House | Referred to Rules Committee |
2020-02-18 | House | First Reading |
2020-02-14 | House | Filed with the Clerk by Rep. Emanuel Chris Welch |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
205 | 670 | 17.10 | New Code | See Bill Text |
205 | 670 | 17.11 | New Code | See Bill Text |
205 | 670 | 17.12 | New Code | See Bill Text |
205 | 670 | 17.13 | New Code | See Bill Text |
205 | 670 | 17.14 | New Code | See Bill Text |
205 | 670 | 17.15 | New Code | See Bill Text |
205 | 670 | 17.16 | New Code | See Bill Text |
205 | 670 | 17.17 | New Code | See Bill Text |
205 | 670 | 17.18 | New Code | See Bill Text |
205 | 670 | 17.19 | New Code | See Bill Text |
205 | 670 | 17.20 | New Code | See Bill Text |
205 | 670 | 17.21 | New Code | See Bill Text |
205 | 670 | 17.22 | New Code | See Bill Text |
205 | 670 | 17.23 | New Code | See Bill Text |
205 | 670 | 17.24 | New Code | See Bill Text |
205 | 670 | 17.25 | New Code | See Bill Text |
205 | 670 | 17.26 | New Code | See Bill Text |
205 | 670 | 17.27 | New Code | See Bill Text |
205 | 670 | 17.6 | New Code | See Bill Text |
205 | 670 | 17.7 | New Code | See Bill Text |
205 | 670 | 17.8 | New Code | See Bill Text |
205 | 670 | 17.9 | New Code | See Bill Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5524&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
Text | https://www.ilga.gov/legislation/101/HB/10100HB5524.htm |