summary
Introduced
02/18/2021
02/18/2021
In Committee
05/19/2021
05/19/2021
Crossed Over
04/22/2021
04/22/2021
Passed
05/31/2021
05/31/2021
Dead
Signed/Enacted/Adopted
08/26/2021
08/26/2021
Introduced Session
102nd General Assembly
Bill Summary
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.
AI Summary
This bill creates the Know Before You Owe Private Education Loan Act, which requires private educational lenders to obtain certifications from the relevant institution of higher education regarding the borrower's enrollment status, cost of attendance, and available financial assistance before disbursing any private education loan funds. The bill also mandates that private educational lenders file annual reports with the Department of Financial and Professional Regulation and the Student Loan Ombudsman, and that institutions of higher education must certify their compliance with the Act's provisions to continue operating. The bill defines key terms such as "annual percentage rate," "income share agreement," and "student financing company," and it requires lenders to provide loan statements to borrowers at least quarterly. The bill takes effect immediately upon becoming law.
Committee Categories
Education
Sponsors (54)
Scott Bennett (D)*,
Katie Stuart (D)*,
Carol Ammons (D),
Dee Avelar (D),
Jason Barickman (R),
Kam Buckner (D),
Jonathan Carroll (D),
Kelly Cassidy (D),
Cristina Castro (D),
John Connor (D),
John Curran (R),
Don DeWitte (R),
Dan Didech (D),
Sara Feigenholtz (D),
Laura Fine (D),
Edgar González (D),
LaToya Greenwood (D),
Angelica Guerrero-Cuellar (D),
Will Guzzardi (D),
Barbara Hernandez (D),
Lisa Hernandez (D),
Maura Hirschauer (D),
Linda Holmes (D),
Mattie Hunter (D),
Frances Hurley (D),
Adriane Johnson (D),
Dave Koehler (D),
Kimberly Lightford (D),
Camille Lilly (D),
Meg Loughran Cappel (D),
Theresa Mah (D),
Joyce Mason (D),
Dan McConchie (R),
Anna Moeller (D),
Bob Morgan (D),
Julie Morrison (D),
Laura Murphy (D),
Michelle Mussman (D),
Aarón Ortíz (D),
Robert Peters (D),
Sue Rezin (R),
Lamont Robinson (D),
Sue Scherer (D),
Steve Stadelman (D),
Anne Stava-Murray (D),
Dave Syverson (R),
Doris Turner (D),
Sally Turner (R),
Patricia Van Pelt (D),
Celina Villanueva (D),
Ram Villivalam (D),
Maurice West (D),
Craig Wilcox (R),
Sam Yingling (D),
Last Action
Public Act . . . . . . . . . 102-0583 (on 08/26/2021)
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