Bill Title: Creates the Know Before You Owe Private Education Loan Act. Requires private educational lenders to obtain from the relevant institution of higher education at which the borrower will use the loan proceeds certifications regarding cost, enrollment status of the borrower, and financial assistance available to the borrower. Provides that private educational lenders must file reports with the Department of Financial and Professional Regulation and the Student Loan Ombudsman. Provides that loan statements must be provided not less frequently than quarterly. Requires institutions of higher education to certify compliance with provisions of the Act to the Board of Higher Education or Illinois Community College Board as a condition to operate. Defines terms. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 46-8)

Status: (Passed) 2021-08-26 - Public Act . . . . . . . . . 102-0583 [HB2746 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
House	Concurrence in House	2021-05-31	117	0	1	0	118	Passed	Link	View
Senate	Third Reading in Senate	2021-05-28	58	0	1	0	59	Passed	Link	View
House	Third Reading in House	2021-04-22	113	0	2	1	116	Passed	Link	View

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