Laura Fine
- Democratic
- Senator
- District 9
Primary
Amends the Know Before You Owe Private Education Loan Act. Provides that the information regarding loans shall be provided to borrowers and cosigners (instead of just borrowers). Sets forth provisions for cosigner disclosure and notice, cosigner release, cosigner rights, what happens in the event of the bankruptcy or death of a cosigner, the total and permanent disability of a borrower or cosigner, refinancing, and modified or flexible repayment plans. Effective immediately. Senate Floor Amendment No. 1 Deletes reference to: 110 ILCS 983/ 35 new 110 ILCS 983/ 40 new 110 ILCS 983/ 45 new 110 ILCS 983/ 50 new Adds reference to: 110 ILCS 992/1-5 110 ILCS 992/5-30 110 ILCS 992/5-50 110 ILCS 992/5-70 new 110 ILCS 992/5-75 new 110 ILCS 992/5-80 new 110 ILCS 992/5-85 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Moves specified provisions regarding cosigner release, cosigner rights, what happens in the event of the bankruptcy or death of a cosigner, the total and permanent disability of a borrower or cosigner, and modified or flexible repayment plans from the Know Before You Owe Private Education Loan Act to the Student Loan Servicing Rights Act, and makes conforming changes. Further amends the Student Loan Servicing Rights Act to change the definition of "cosigner". Effective immediately.
Public Act . . . . . . . . . 103-0748
Effective Date August 2, 2024
Governor Approved
Sent to the Governor
Third Reading - Short Debate - Passed 112-000-000
Passed Both Houses
Approved for Consideration Rules Committee; 005-000-000
Placed on Calendar Order of 3rd Reading - Short Debate
Added Alternate Co-Sponsor Rep. Norma Hernandez
Added Alternate Co-Sponsor Rep. Diane Blair-Sherlock
Added Alternate Co-Sponsor Rep. Anna Moeller
Added Alternate Co-Sponsor Rep. Gregg Johnson
Added Alternate Co-Sponsor Rep. Will Guzzardi
Rule 19(a) / Re-referred to Rules Committee
Third Reading/Final Action Deadline Extended-9(b) May 31, 2023
Third Reading/Final Action Deadline Extended-9(b) May 19, 2023
Placed on Calendar Order of 3rd Reading - Short Debate
Second Reading - Short Debate
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Higher Education Committee; 011-000-000
Assigned to Higher Education Committee
Third Reading - Passed; 055-000-000
Referred to Rules Committee
First Reading
Added as Co-Sponsor Sen. Mike Simmons
Added as Chief Co-Sponsor Sen. Adriane Johnson
Chief House Sponsor Rep. Katie Stuart
Arrived in House
Added as Co-Sponsor Sen. Cristina H. Pacione-Zayas
Senate Floor Amendment No. 1 Adopted; Fine
Placed on Calendar Order of 3rd Reading March 24, 2023
Second Reading
Senate Floor Amendment No. 1 Recommend Do Adopt Higher Education; 010-000-000
Senate Floor Amendment No. 1 Assignments Refers to Higher Education
Senate Floor Amendment No. 1 Referred to Assignments
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Fine
Do Pass Higher Education; 011-000-000
Placed on Calendar Order of 2nd Reading February 23, 2023
Assigned to Higher Education
First Reading
Referred to Assignments
Filed with Secretary by Sen. Laura Fine
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML PDF |
| Engrossed | HTML PDF |
| Enrolled | HTML PDF |
| Senate Amendment 001 | HTML PDF |
| Document | Format |
|---|---|
| Public Act |
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