Bill Status of SB 86   103rd General Assembly

Short Description:  HIGHER ED-COSIGNER LOANS

Senate Sponsors
Sen. Laura Fine, Cristina H. Pacione-Zayas-Adriane Johnson and Mike Simmons

House Sponsors
(Rep. Katie Stuart, Diane Blair-Sherlock, Will Guzzardi, Gregg Johnson, Anna Moeller and Norma Hernandez)


Last Action  View All Actions

DateChamber Action
  8/2/2024SenatePublic Act . . . . . . . . . 103-0748

Statutes Amended In Order of Appearance
110 ILCS 983/5
110 ILCS 983/15
110 ILCS 983/25 new
110 ILCS 983/30 new
110 ILCS 983/35 new
110 ILCS 983/40 new
110 ILCS 983/45 new
110 ILCS 983/50 new

Synopsis As Introduced
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.

Actions 
DateChamber Action
  1/20/2023SenateFiled with Secretary by Sen. Laura Fine
  1/20/2023SenateFirst Reading
  1/20/2023SenateReferred to Assignments
  1/31/2023SenateAssigned to Higher Education
  2/22/2023SenateDo Pass Higher Education; 011-000-000
  2/22/2023SenatePlaced on Calendar Order of 2nd Reading February 23, 2023
  3/3/2023SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Fine
  3/3/2023SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/7/2023SenateSenate Floor Amendment No. 1 Assignments Refers to Higher Education
  3/22/2023SenateSenate Floor Amendment No. 1 Recommend Do Adopt Higher Education; 010-000-000
  3/23/2023SenateSecond Reading
  3/23/2023SenateSenate Floor Amendment No. 1 Adopted; Fine
  3/23/2023SenatePlaced on Calendar Order of 3rd Reading March 24, 2023
  3/24/2023SenateThird Reading - Passed; 055-000-000
  3/24/2023SenateAdded as Co-Sponsor Sen. Cristina H. Pacione-Zayas
  3/24/2023HouseArrived in House
  3/24/2023HouseChief House Sponsor Rep. Katie Stuart
  3/24/2023SenateAdded as Chief Co-Sponsor Sen. Adriane Johnson
  3/24/2023SenateAdded as Co-Sponsor Sen. Mike Simmons
  3/24/2023HouseFirst Reading
  3/24/2023HouseReferred to Rules Committee
  4/11/2023HouseAssigned to Higher Education Committee
  4/19/2023HouseDo Pass / Short Debate Higher Education Committee; 011-000-000
  4/20/2023HousePlaced on Calendar 2nd Reading - Short Debate
  5/3/2023HouseSecond Reading - Short Debate
  5/3/2023HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/12/2023HouseThird Reading/Final Action Deadline Extended-9(b) May 19, 2023
  5/19/2023HouseThird Reading/Final Action Deadline Extended-9(b) May 31, 2023
  5/31/2023HouseRule 19(a) / Re-referred to Rules Committee
  4/17/2024HouseAdded Alternate Co-Sponsor Rep. Diane Blair-Sherlock
  4/17/2024HouseAdded Alternate Co-Sponsor Rep. Will Guzzardi
  4/17/2024HouseAdded Alternate Co-Sponsor Rep. Gregg Johnson
  4/17/2024HouseAdded Alternate Co-Sponsor Rep. Anna Moeller
  4/18/2024HouseAdded Alternate Co-Sponsor Rep. Norma Hernandez
  4/24/2024HouseApproved for Consideration Rules Committee; 005-000-000
  4/24/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/9/2024HouseThird Reading - Short Debate - Passed 112-000-000
  5/9/2024SenatePassed Both Houses
  6/7/2024SenateSent to the Governor
  8/2/2024SenateGovernor Approved
  8/2/2024SenateEffective Date August 2, 2024
  8/2/2024SenatePublic Act . . . . . . . . . 103-0748

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