Bill Status of HB 2850   104th General Assembly

Short Description:  STUDENT LOAN SERVICING RIGHTS

House Sponsors
Rep. Maurice A. West, II and Camille Y. Lilly

Last Action  View All Actions

DateChamber Action
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
110 ILCS 992/1-5
110 ILCS 992/Art. 7 heading new
110 ILCS 992/7-1 new
110 ILCS 992/7-3 new
110 ILCS 992/7-5 new
110 ILCS 992/7-10 new
110 ILCS 992/7-15 new
110 ILCS 992/7-20 new
110 ILCS 992/7-25 new
110 ILCS 992/7-30 new
110 ILCS 992/7-35 new
110 ILCS 992/7-40 new
110 ILCS 992/7-45 new
110 ILCS 992/7-50 new
110 ILCS 992/7-55 new
110 ILCS 992/7-60 new
110 ILCS 992/7-65 new
110 ILCS 992/7-70 new
110 ILCS 992/7-75 new
110 ILCS 992/7-80 new
110 ILCS 992/7-85 new
110 ILCS 992/7-90 new
110 ILCS 992/7-95 new
110 ILCS 992/7-100 new
110 ILCS 992/7-105 new
110 ILCS 992/7-110 new
110 ILCS 992/25-5
205 ILCS 670/1from Ch. 17, par. 5401
815 ILCS 205/4from Ch. 17, par. 6404

Synopsis As Introduced
Amends the Student Loan Servicing Rights Act. Creates within the Act an Article concerning educational income share agreements. Contains provisions concerning: monthly payment affordability; maximum annual percentage rates; limits on the duration of income share agreements; risk sharing; limits on covered income; fees; restrictions on security interests; discharge of obligations; prohibitions on cosigners; limits on acceleration; assignment of wages; limitations on garnishment; use of multiple agreements; required disclosures; early completion of the agreement; assumption of increases in future income; receipts; and adjustment of dollar amounts. Provides that the Attorney General may enforce a violation of the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Makes other changes. Amends the Consumer Installment Loan Act and the Interest Act to make conforming changes. Provides that the provisions of the amendatory Act are severable. Effective immediately.

House Committee Amendment No. 1
In provisions concerning monthly payment affordability, changes the calculation for the consumer's minimum essential income.

Actions 
DateChamber Action
  2/5/2025HouseFiled with the Clerk by Rep. Maurice A. West, II
  2/6/2025HouseFirst Reading
  2/6/2025HouseReferred to Rules Committee
  3/4/2025HouseAssigned to Financial Institutions and Licensing Committee
  3/7/2025HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II
  3/7/2025HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/11/2025HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
  3/18/2025HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
  3/18/2025HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-001-000
  3/19/2025HousePlaced on Calendar 2nd Reading - Short Debate
  3/24/2025HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II
  3/24/2025HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/25/2025HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
  3/25/2025HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000
  3/26/2025HouseSecond Reading - Short Debate
  3/26/2025HouseHeld on Calendar Order of Second Reading - Short Debate
  4/9/2025HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee
  4/11/2025HouseHouse Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee

Back To Top