KNOW BEFORE YOU OWE ED LOANS House SponsorsRep. Katie Stuart-Maurice A. West, II-Frances Ann Hurley-LaToya Greenwood-Aaron M. Ortiz, Camille Y. Lilly, Kambium Buckner, Maura Hirschauer, Carol Ammons, Sue Scherer, Edgar Gonzalez, Jr., Elizabeth Hernandez, Will Guzzardi, Jonathan Carroll, Barbara Hernandez, Bob Morgan, Anne Stava-Murray, Joyce Mason, Kelly M. Cassidy, Michelle Mussman, Daniel Didech, Theresa Mah, Angelica Guerrero-Cuellar, Anna Moeller, Sam Yingling, Lamont J. Robinson, Jr. and Dagmara Avelar Senate Sponsors(Sen. Scott M. Bennett, Ram Villivalam-Cristina Castro, Steve Stadelman, David Koehler, Robert Peters, Kimberly A. Lightford, John Connor, Sara Feigenholtz, Linda Holmes, Celina Villanueva, Julie A. Morrison, Mattie Hunter, Adriane Johnson, Doris Turner, Meg Loughran Cappel-Patricia Van Pelt, Laura Fine, Laura M. Murphy, Sue Rezin, Donald P. DeWitte, John F. Curran, Craig Wilcox, Sally J. Turner, Dave Syverson, Jason A. Barickman and Dan McConchie) 8/26/2021HousePublic Act . . . . . . . . . 102-0583 New Act 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.House Floor Amendment No. 2 Revises a cross-reference to certain certifications required under the Act to be made by an institution of higher education.Senate Committee Amendment No. 1 Defines the term "annual percentage rate" and requires disclosure of that rate. Provides an exemption from reporting for private educational lenders that fund 10 or fewer educational loans in a calendar year. Adds disclosure requirements for income share agreements. 2/18/2021HouseFiled with the Clerk by Rep. Katie Stuart 2/19/2021HouseAdded Co-Sponsor Rep. Kambium Buckner 2/19/2021HouseFirst Reading 2/19/2021HouseReferred to Rules Committee 2/24/2021HouseAdded Co-Sponsor Rep. Maura Hirschauer 2/24/2021HouseAdded Co-Sponsor Rep. Carol Ammons 2/24/2021HouseAdded Co-Sponsor Rep. Sue Scherer 2/24/2021HouseAdded Co-Sponsor Rep. Edgar Gonzalez, Jr. 2/24/2021HouseAdded Co-Sponsor Rep. Maurice A. West, II 2/24/2021HouseRemoved Co-Sponsor Rep. Maurice A. West, II 2/26/2021HouseAdded Chief Co-Sponsor Rep. Maurice A. West, II 3/9/2021HouseAssigned to Higher Education Committee 3/18/2021HouseDo Pass / Consent Calendar Higher Education Committee; 010-000-000 3/18/2021HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Katie Stuart 3/18/2021HouseHouse Committee Amendment No. 1 Referred to Rules Committee 3/23/2021HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40 3/23/2021HouseAdded Co-Sponsor Rep. Elizabeth Hernandez 4/8/2021HousePlaced on Calendar 2nd Reading - Consent Calendar 4/13/2021HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Katie Stuart 4/13/2021HouseHouse Floor Amendment No. 2 Referred to Rules Committee 4/14/2021HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 4/14/2021HouseRemoved from Consent Calendar Status Rep. Greg Harris 4/14/2021HousePlaced on Calendar 2nd Reading - Short Debate 4/20/2021HouseAdded Co-Sponsor Rep. Will Guzzardi 4/20/2021HouseAdded Co-Sponsor Rep. Jonathan Carroll 4/20/2021HouseAdded Co-Sponsor Rep. Barbara Hernandez 4/20/2021HouseAdded Co-Sponsor Rep. Bob Morgan 4/20/2021HouseAdded Co-Sponsor Rep. Anne Stava-Murray 4/20/2021HouseAdded Co-Sponsor Rep. Joyce Mason 4/21/2021HouseAdded Co-Sponsor Rep. Kelly M. Cassidy 4/21/2021HouseAdded Co-Sponsor Rep. Michelle Mussman 4/21/2021HouseAdded Chief Co-Sponsor Rep. Frances Ann Hurley 4/21/2021HouseAdded Chief Co-Sponsor Rep. LaToya Greenwood 4/21/2021HouseAdded Chief Co-Sponsor Rep. Aaron M. Ortiz 4/21/2021HouseSecond Reading - Short Debate 4/21/2021HouseHouse Floor Amendment No. 2 Adopted 4/21/2021HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/22/2021HouseAdded Co-Sponsor Rep. Daniel Didech 4/22/2021HouseAdded Co-Sponsor Rep. Theresa Mah 4/22/2021HouseThird Reading - Short Debate - Passed 113-000-001 4/22/2021HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar 4/22/2021HouseAdded Co-Sponsor Rep. Anna Moeller 4/22/2021HouseAdded Co-Sponsor Rep. Sam Yingling 4/22/2021HouseAdded Co-Sponsor Rep. Camille Y. Lilly 4/23/2021SenateArrive in Senate 4/23/2021SenatePlaced on Calendar Order of First Reading 4/23/2021SenateChief Senate Sponsor Sen. Scott M. Bennett 4/23/2021SenateFirst Reading 4/23/2021SenateReferred to Assignments 4/27/2021SenateAdded as Alternate Co-Sponsor Sen. Ram Villivalam 4/27/2021SenateAdded as Alternate Chief Co-Sponsor Sen. Cristina Castro 4/27/2021SenateAdded as Alternate Co-Sponsor Sen. Steve Stadelman 4/27/2021SenateAdded as Alternate Co-Sponsor Sen. David Koehler 4/27/2021SenateAdded as Alternate Co-Sponsor Sen. Robert Peters 4/27/2021SenateAdded as Alternate Co-Sponsor Sen. Kimberly A. Lightford 4/28/2021SenateAdded as Alternate Co-Sponsor Sen. John Connor 4/28/2021SenateAdded as Alternate Co-Sponsor Sen. Sara Feigenholtz 4/28/2021SenateAdded as Alternate Co-Sponsor Sen. Linda Holmes 5/5/2021SenateAdded as Alternate Co-Sponsor Sen. Celina Villanueva 5/11/2021SenateAssigned to Higher Education 5/11/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Scott M. Bennett 5/11/2021SenateSenate Committee Amendment No. 1 Referred to Assignments 5/13/2021SenateAdded as Alternate Co-Sponsor Sen. Julie A. Morrison 5/13/2021SenateAdded as Alternate Co-Sponsor Sen. Mattie Hunter 5/13/2021SenateAdded as Alternate Co-Sponsor Sen. Adriane Johnson 5/13/2021SenateAdded as Alternate Co-Sponsor Sen. Doris Turner 5/13/2021SenateAdded as Alternate Co-Sponsor Sen. Meg Loughran Cappel 5/14/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Higher Education 5/18/2021SenateSenate Committee Amendment No. 1 Adopted 5/19/2021SenateDo Pass as Amended Higher Education; 011-000-000 5/19/2021SenatePlaced on Calendar Order of 2nd Reading May 20, 2021 5/21/2021SenateSecond Reading 5/21/2021SenatePlaced on Calendar Order of 3rd Reading May 24, 2021 5/26/2021SenateAdded as Alternate Chief Co-Sponsor Sen. Patricia Van Pelt 5/28/2021SenateAdded as Alternate Co-Sponsor Sen. Laura Fine 5/28/2021SenateThird Reading - Passed; 058-000-000 5/28/2021HouseArrived in House 5/28/2021HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1 5/28/2021HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. Katie Stuart 5/28/2021HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee 5/28/2021SenateAdded as Alternate Co-Sponsor Sen. Laura M. Murphy 5/29/2021HouseSenate Committee Amendment No. 1 Motion to Concur Rules Referred to Higher Education Committee 5/30/2021HouseSenate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Higher Education Committee; 010-000-000 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Sue Rezin 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Donald P. DeWitte 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. John F. Curran 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Craig Wilcox 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Sally J. Turner 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Dave Syverson 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Jason A. Barickman 5/30/2021SenateAdded as Alternate Co-Sponsor Sen. Dan McConchie 5/31/2021HouseSenate Committee Amendment No. 1 House Concurs 117-000-001 5/31/2021HouseHouse Concurs 5/31/2021HousePassed Both Houses 5/31/2021HouseAdded Co-Sponsor Rep. Lamont J. Robinson, Jr. 5/31/2021HouseAdded Co-Sponsor Rep. Dagmara Avelar 6/29/2021HouseSent to the Governor 8/26/2021HouseGovernor Approved 8/26/2021HouseEffective Date August 26, 2021 8/26/2021HousePublic Act . . . . . . . . . 102-0583