Bill Status of SB 3514   101st General Assembly

Short Description:  INCOME SHARE AGREEMENT-VARIOUS

Senate Sponsors
Sen. Elgie R. Sims, Jr.-Jacqueline Y. Collins-Christopher Belt, Emil Jones, III, Napoleon Harris, III-Mattie Hunter, Cristina Castro-Iris Y. Martinez, Robert Peters and Omar Aquino

Last Action  View All Actions

DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/17.6 new
205 ILCS 670/17.7 new
205 ILCS 670/17.8 new
205 ILCS 670/17.9 new
205 ILCS 670/17.10 new
205 ILCS 670/17.11 new
205 ILCS 670/17.12 new
205 ILCS 670/17.13 new
205 ILCS 670/17.14 new
205 ILCS 670/17.15 new
205 ILCS 670/17.16 new
205 ILCS 670/17.17 new
205 ILCS 670/17.18 new
205 ILCS 670/17.19 new
205 ILCS 670/17.20 new
205 ILCS 670/17.21 new
205 ILCS 670/17.22 new
205 ILCS 670/17.23 new
205 ILCS 670/17.24 new
205 ILCS 670/17.25 new
205 ILCS 670/17.26 new
205 ILCS 670/17.27 new

Synopsis As Introduced
Amends the Consumer Installment Loan Act. Provides that an income share agreement provider shall clearly and conspicuously disclose specified information in an income-based financing transaction no later than 3 business days before the consummation of the transaction. Requires an income share agreement provider to disclose a borrower's effective annual percentage rate under specified scenarios. Requires an income share agreement provider to provide a borrower with a monthly statement within 15 days before a payment due date, and to provide a borrower with an annual statement. Provides that the contractual payment percentage of an agreement may not exceed 5% of a borrower's qualified income, and no income share agreement term may exceed 60 months. Provides that an income share agreement provider shall not contract for a payment cap that exceeds 1.10 times the amount of the advance or extend an advance that exceeds $5,000. Provides that no payment may be collected under the terms of an income share agreement when a borrower is enrolled in a covered educational program, or during the 6-month grace period after a borrower leaves such a program. Provides that an income share agreement provider shall not engage in unfair or deceptive practices toward a borrower or misrepresent or omit any material information in connection with an income-based financing transaction. Provides that a borrower must exhaust all sources of federal student loans and state grants for which the borrower is directly eligible before entering into an educational income share agreement. Requires an income share agreement provider to provide readily accessible methods for consumers to submit a request for assistance to the provider, and to implement a process by which a borrower can escalate any request for assistance. Makes other changes. Defines terms.

Actions 
DateChamber Action
  2/14/2020SenateFiled with Secretary by Sen. Elgie R. Sims, Jr.
  2/14/2020SenateFirst Reading
  2/14/2020SenateReferred to Assignments
  2/25/2020SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/26/2020SenateAdded as Chief Co-Sponsor Sen. Christopher Belt
  2/26/2020SenateAdded as Co-Sponsor Sen. Emil Jones, III
  2/26/2020SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  2/26/2020SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  3/3/2020SenateAdded as Co-Sponsor Sen. Cristina Castro
  3/4/2020SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  3/5/2020SenateAdded as Co-Sponsor Sen. Robert Peters
  3/5/2020SenateAdded as Co-Sponsor Sen. Omar Aquino
  1/13/2021SenateSession Sine Die

Back To Top