IL SB0059 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Know Before You Owe Private Education Loan Act. Provides that the information regarding loans shall be provided to borrowers and cosigners (instead of just borrowers). Sets forth provisions for cosigner disclosure and notice, cosigner release, cosigner rights, what happens in the event of the bankruptcy or death of a cosigner, the total and permanent disability of a borrower or cosigner, refinancing, and modified or flexible repayment plans. Effective immediately.
Title
HIGHER ED-COSIGNER LOANS
Sponsors
| Sen. Laura Fine [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-07 | Senate | Session Sine Die |
| 2023-01-20 | Senate | Referred to Assignments |
| 2023-01-20 | Senate | First Reading |
| 2023-01-20 | Senate | Filed with Secretary by Sen. Laura Fine |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 110 | 983 | 15 | Amended Code | Citation Text |
| 110 | 983 | 25 | New Code | See Bill Text |
| 110 | 983 | 30 | New Code | See Bill Text |
| 110 | 983 | 35 | New Code | See Bill Text |
| 110 | 983 | 40 | New Code | See Bill Text |
| 110 | 983 | 45 | New Code | See Bill Text |
| 110 | 983 | 5 | Amended Code | Citation Text |
| 110 | 983 | 50 | New Code | See Bill Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=59&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB0059.htm |
