Illinois General Assembly - Bill Status for SB0086

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, and 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

Date	Chamber	Action
1/20/2023	Senate	Filed with Secretary by Sen. Laura Fine
1/20/2023	Senate	First Reading
1/20/2023	Senate	Referred to Assignments
1/31/2023	Senate	Assigned to Higher Education
2/22/2023	Senate	Do Pass Higher Education; 011-000-000
2/22/2023	Senate	Placed on Calendar Order of 2nd Reading February 23, 2023
3/3/2023	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Fine
3/3/2023	Senate	Senate Floor Amendment No. 1 Referred to Assignments
3/7/2023	Senate	Senate Floor Amendment No. 1 Assignments Refers to Higher Education
3/22/2023	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Higher Education; 010-000-000
3/23/2023	Senate	Second Reading
3/23/2023	Senate	Senate Floor Amendment No. 1 Adopted; Fine
3/23/2023	Senate	Placed on Calendar Order of 3rd Reading March 24, 2023
3/24/2023	Senate	Third Reading - Passed; 055-000-000
3/24/2023	Senate	Added as Co-Sponsor Sen. Cristina H. Pacione-Zayas
3/24/2023	House	Arrived in House
3/24/2023	House	Chief House Sponsor Rep. Katie Stuart
3/24/2023	Senate	Added as Chief Co-Sponsor Sen. Adriane Johnson
3/24/2023	Senate	Added as Co-Sponsor Sen. Mike Simmons
3/24/2023	House	First Reading
3/24/2023	House	Referred to Rules Committee
4/11/2023	House	Assigned to Higher Education Committee
4/19/2023	House	Do Pass / Short Debate Higher Education Committee; 011-000-000
4/20/2023	House	Placed on Calendar 2nd Reading - Short Debate
5/3/2023	House	Second Reading - Short Debate
5/3/2023	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/12/2023	House	Third Reading/Final Action Deadline Extended-9(b) May 19, 2023
5/19/2023	House	Third Reading/Final Action Deadline Extended-9(b) May 31, 2023
5/31/2023	House	Rule 19(a) / Re-referred to Rules Committee
4/17/2024	House	Added Alternate Co-Sponsor Rep. Diane Blair-Sherlock
4/17/2024	House	Added Alternate Co-Sponsor Rep. Will Guzzardi
4/17/2024	House	Added Alternate Co-Sponsor Rep. Gregg Johnson
4/17/2024	House	Added Alternate Co-Sponsor Rep. Anna Moeller
4/18/2024	House	Added Alternate Co-Sponsor Rep. Norma Hernandez

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