Katie Stuart
- Democratic
- Representative
- District 112
Primary
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.
Public Act . . . . . . . . . 102-0583
Effective Date August 26, 2021
Governor Approved
Sent to the Governor
Senate Committee Amendment No. 1 House Concurs 117-000-001
House Concurs
Added Co-Sponsor Rep. Dagmara Avelar
Added Co-Sponsor Rep. Lamont J. Robinson, Jr.
Passed Both Houses
Senate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Higher Education Committee; 010-000-000
Added as Alternate Co-Sponsor Sen. Dan McConchie
Added as Alternate Co-Sponsor Sen. Jason A. Barickman
Added as Alternate Co-Sponsor Sen. Dave Syverson
Added as Alternate Co-Sponsor Sen. Sally J. Turner
Added as Alternate Co-Sponsor Sen. Craig Wilcox
Added as Alternate Co-Sponsor Sen. John F. Curran
Added as Alternate Co-Sponsor Sen. Donald P. DeWitte
Added as Alternate Co-Sponsor Sen. Sue Rezin
Senate Committee Amendment No. 1 Motion to Concur Rules Referred to Higher Education Committee
Senate Committee Amendment No. 1 Motion Filed Concur Rep. Katie Stuart
Added as Alternate Co-Sponsor Sen. Laura M. Murphy
Senate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
Placed on Calendar Order of Concurrence Senate Amendment(s) 1
Arrived in House
Third Reading - Passed; 058-000-000
Added as Alternate Co-Sponsor Sen. Laura Fine
Added as Alternate Chief Co-Sponsor Sen. Patricia Van Pelt
Placed on Calendar Order of 3rd Reading May 24, 2021
Second Reading
Placed on Calendar Order of 2nd Reading May 20, 2021
Do Pass as Amended Higher Education; 011-000-000
Senate Committee Amendment No. 1 Adopted
Senate Committee Amendment No. 1 Assignments Refers to Higher Education
Added as Alternate Co-Sponsor Sen. Meg Loughran Cappel
Added as Alternate Co-Sponsor Sen. Doris Turner
Added as Alternate Co-Sponsor Sen. Adriane Johnson
Added as Alternate Co-Sponsor Sen. Mattie Hunter
Added as Alternate Co-Sponsor Sen. Julie A. Morrison
Assigned to Higher Education
Senate Committee Amendment No. 1 Referred to Assignments
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Scott M. Bennett
Added as Alternate Co-Sponsor Sen. Celina Villanueva
Added as Alternate Co-Sponsor Sen. Linda Holmes
Added as Alternate Co-Sponsor Sen. John Connor
Added as Alternate Co-Sponsor Sen. Sara Feigenholtz
Added as Alternate Chief Co-Sponsor Sen. Cristina Castro
Added as Alternate Co-Sponsor Sen. Ram Villivalam
Added as Alternate Co-Sponsor Sen. Steve Stadelman
Added as Alternate Co-Sponsor Sen. David Koehler
Added as Alternate Co-Sponsor Sen. Robert Peters
Added as Alternate Co-Sponsor Sen. Kimberly A. Lightford
First Reading
Chief Senate Sponsor Sen. Scott M. Bennett
Placed on Calendar Order of First Reading
Arrive in Senate
Referred to Assignments
Third Reading - Short Debate - Passed 113-000-001
Added Co-Sponsor Rep. Daniel Didech
Added Co-Sponsor Rep. Theresa Mah
Added Co-Sponsor Rep. Camille Y. Lilly
Added Co-Sponsor Rep. Sam Yingling
Added Co-Sponsor Rep. Anna Moeller
Added Co-Sponsor Rep. Angelica Guerrero-Cuellar
Added Co-Sponsor Rep. Michelle Mussman
Placed on Calendar Order of 3rd Reading - Short Debate
House Floor Amendment No. 2 Adopted
Second Reading - Short Debate
Added Chief Co-Sponsor Rep. Aaron M. Ortiz
Added Chief Co-Sponsor Rep. LaToya Greenwood
Added Chief Co-Sponsor Rep. Frances Ann Hurley
Added Co-Sponsor Rep. Kelly M. Cassidy
Added Co-Sponsor Rep. Barbara Hernandez
Added Co-Sponsor Rep. Joyce Mason
Added Co-Sponsor Rep. Anne Stava-Murray
Added Co-Sponsor Rep. Bob Morgan
Added Co-Sponsor Rep. Jonathan Carroll
Added Co-Sponsor Rep. Will Guzzardi
Placed on Calendar 2nd Reading - Short Debate
Removed from Consent Calendar Status Rep. Greg Harris
House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
House Floor Amendment No. 2 Referred to Rules Committee
House Floor Amendment No. 2 Filed with Clerk by Rep. Katie Stuart
Placed on Calendar 2nd Reading - Consent Calendar
Added Co-Sponsor Rep. Elizabeth Hernandez
House Committee Amendment No. 1 Tabled Pursuant to Rule 40
House Committee Amendment No. 1 Filed with Clerk by Rep. Katie Stuart
House Committee Amendment No. 1 Referred to Rules Committee
Do Pass / Consent Calendar Higher Education Committee; 010-000-000
Assigned to Higher Education Committee
Added Chief Co-Sponsor Rep. Maurice A. West, II
Added Co-Sponsor Rep. Carol Ammons
Removed Co-Sponsor Rep. Maurice A. West, II
Added Co-Sponsor Rep. Maurice A. West, II
Added Co-Sponsor Rep. Edgar Gonzalez, Jr.
Added Co-Sponsor Rep. Sue Scherer
Added Co-Sponsor Rep. Maura Hirschauer
First Reading
Referred to Rules Committee
Added Co-Sponsor Rep. Kambium Buckner
Filed with the Clerk by Rep. Katie Stuart
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML PDF |
| Engrossed | HTML PDF |
| Enrolled | HTML PDF |
| House Amendment 001 | HTML PDF |
| House Amendment 002 | HTML PDF |
| Senate Amendment 001 | HTML PDF |
| Document | Format |
|---|---|
| Public Act |
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