IL SB2054 | 2021-2022 | 102nd General Assembly
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on February 26 2021 - 25% progression, died in committee
Action: 2021-03-09 - Added as Co-Sponsor Sen. Laura M. Murphy
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 26 2021 - 25% progression, died in committee
Action: 2021-03-09 - Added as Co-Sponsor Sen. Laura M. Murphy
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Debt Settlement Consumer Protection Act. Adds student loan borrowers to the definition of "consumer". Adds to the definition of "debt settlement provider" any person or entity engaging in, or holding itself out as engaging in, or any person who solicits for or acts on behalf of such person or entity engaging in or holding itself out as engaging in, the business of student loan debt relief services in exchange for any fee or compensation assessed against or charged to a consumer. Excludes institutions of higher education from the definition of "debt settlement provider". Defines other terms. Requires a specified notice and disclosure to student loan borrowers to be included in advertising and marketing communications concerning student loan debt relief services. Requires providers of student loan debt relief services to provide a specified notice and disclosure before a student loan borrower signs a contract. Provides that any fees charged to a student loan borrower in exchange for student loan debt relief shall comply with a provision concerning fees. Makes other changes. Effective immediately.
Title
STUDENT LOAN DEBT RELIEF
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2021-03-09 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 2021-03-09 | Senate | Added as Co-Sponsor Sen. Cristina Castro |
| 2021-02-26 | Senate | Referred to Assignments |
| 2021-02-26 | Senate | First Reading |
| 2021-02-26 | Senate | Filed with Secretary by Sen. Omar Aquino |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 225 | 429 | 10 | Amended Code | Citation Text |
| 225 | 429 | 105 | Amended Code | Citation Text |
| 225 | 429 | 115 | Amended Code | Citation Text |
| 225 | 429 | 125 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2054&GAID=16&DocTypeID=SB&SessionID=110&GA=102 |
| Text | https://www.ilga.gov/legislation/102/SB/10200SB2054.htm |
