Bill Sponsor
Illinois Senate Bill 1537
Session 104th
Student Loan Servicing Rights
Became Law
Became Law
Became Law on Aug 15, 2025
Sponsors
First Action
Feb 4, 2025
Latest Action
Aug 15, 2025
Origin Chamber
Senate
Type
Bill
Bill Number
1537
State
Illinois
Session
104th
Sponsorship by Party
Summary
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.
08/15/2025
Senate
Public Act . . . . . . . . . 104-0383
08/15/2025
Senate
Effective Date August 15, 2025
08/15/2025
Senate
Governor Approved
06/20/2025
Senate
Sent to the Governor
05/22/2025
Senate
Passed Both Houses
05/22/2025
House
Third Reading - Short Debate - Passed 114-000-000
05/22/2025
House
Added Alternate Co-Sponsor Rep. Kevin Schmidt
05/16/2025
House
Placed on Calendar Order of 3rd Reading - Short Debate
05/16/2025
House
Second Reading - Short Debate
04/30/2025
House
Placed on Calendar 2nd Reading - Short Debate
04/29/2025
House
Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
04/17/2025
House
Assigned to Financial Institutions and Licensing Committee
04/17/2025
House
Added Alternate Co-Sponsor Rep. Katie Stuart
04/09/2025
House
Referred to Rules Committee
04/09/2025
House
First Reading
04/09/2025
Senate
Added as Co-Sponsor Sen. Kimberly A. Lightford
04/09/2025
House
Chief House Sponsor Rep. Maurice A. West, II
04/09/2025
House
Arrived in House
04/09/2025
Senate
Third Reading - Passed; 055-000-000
04/04/2025
Senate
Placed on Calendar Order of 3rd Reading
04/04/2025
Senate
Senate Floor Amendment No. 2 Adopted; Sims
04/04/2025
Senate
Recalled to Second Reading
04/03/2025
Senate
Senate Floor Amendment No. 2 Recommend Do Adopt Executive; 012-000-000
04/02/2025
Senate
Senate Floor Amendment No. 2 Assignments Refers to Executive
04/01/2025
Senate
Senate Floor Amendment No. 2 Referred to Assignments
04/01/2025
Senate
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Elgie R. Sims, Jr.
03/20/2025
Senate
Placed on Calendar Order of 3rd Reading April 1, 2025
03/20/2025
Senate
Second Reading
03/19/2025
Senate
Placed on Calendar Order of 2nd Reading March 20, 2025
03/19/2025
Senate
Do Pass as Amended Executive; 011-000-000
03/19/2025
Senate
Senate Committee Amendment No. 1 Adopted
03/17/2025
Senate
Added as Co-Sponsor Sen. Mattie Hunter
03/17/2025
Senate
Added as Co-Sponsor Sen. Bill Cunningham
03/12/2025
Senate
Senate Committee Amendment No. 1 Assignments Refers to Executive
03/05/2025
Senate
Senate Committee Amendment No. 1 Referred to Assignments
03/05/2025
Senate
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr.
02/18/2025
Senate
Assigned to Executive
02/04/2025
Senate
Referred to Assignments
02/04/2025
Senate
First Reading
02/04/2025
Senate
Filed with Secretary by Sen. Elgie R. Sims, Jr.
Sources
Record Created
Feb 7, 2025 12:33:47 AM
Record Updated
Aug 27, 2025 1:19:40 PM