Illinois General Assembly - Bill Status for HB1519
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 Bill Status of HB1519  103rd General Assembly


Short Description:  CONSUMER INCOME SHARE ACT

House Sponsors
Rep. Maurice A. West, II - Dagmara Avelar, Nicholas K. Smith, Kevin John Olickal, Edgar Gonzalez, Jr. and Travis Weaver

Senate Sponsors
(Sen. Elgie R. Sims, Jr.)

Last Action
DateChamber Action
  5/5/2023SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Consumer Income Share Agreement Act. Provides that no person, partnership, association, limited liability company, or corporation may engage in the business of making income share agreements without a license provided under the Act. Sets forth provisions concerning applications for an income share agreement license, investigations, fees, suspension or revocation of licenses, closing of business, books and records, prohibitions and limitations of income share agreements, required disclosures, statements of account, advertising, penalties, and cease and desist orders. Provides that a person who engages in business as a licensee without the license required by the Act commits a Class 4 felony. Provides that the Department of Financial and Professional Regulation may adopt and enforce reasonable rules, directions, orders, decisions, and findings as the execution and enforcement of the provisions of the Act require and rules in connection with the activities of licensees that are necessary and appropriate for the protection of consumers in the State. Provides that if it appears to the Director that a person or any entity has committed or is about to commit a violation of the Act, a rule adopted under the Act, or an order of the Director, the Director may apply to the circuit court for an order enjoining the person or entity from the violation. Provides that the provisions of the Act are severable. Provides that income share agreements and licensees are subject to the Know Before You Owe Private Education Loan Act, the Student Loan Servicing Rights Act, and the Predatory Loan Prevention Act and shall comply with their requirements and any rules adopted by the Department of Financial and Professional Regulation pursuant to those Acts. Defines terms. Makes other changes. Effective immediately.

House Floor Amendment No. 1
Deletes reference to:
New Act
Adds reference to:
110 ILCS 992/1-5
110 ILCS 992/Art. 7 heading new
110 ILCS 992/7-1 new
110 ILCS 992/7-5 new
110 ILCS 992/7-10 new
110 ILCS 992/7-15 new
110 ILCS 992/7-20 new
110 ILCS 992/7-25 new
110 ILCS 992/7-30 new
110 ILCS 992/7-35 new
110 ILCS 992/7-40 new
110 ILCS 992/7-45 new
110 ILCS 992/7-50 new
110 ILCS 992/7-55 new
110 ILCS 992/7-60 new
110 ILCS 992/7-65 new
110 ILCS 992/7-70 new
110 ILCS 992/7-75 new
110 ILCS 992/7-80 new
110 ILCS 992/7-85 new
110 ILCS 992/7-90 new
110 ILCS 992/7-95 new
110 ILCS 992/7-100 new
110 ILCS 992/7-105 new
110 ILCS 992/25-5
205 ILCS 670/1from Ch. 17, par. 5401
815 ILCS 205/4from Ch. 17, par. 6404

Replaces everything after the enacting clause. Amends the Student Loan Servicing Rights Act. Creates the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act. Defines terms. Regarding income share agreements, sets forth provisions concerning monthly payment affordability, maximum effective annual percentage rate, Limits on duration of income share agreements, risk sharing, limits on covered income, fees permitted, restrictions on security interests, discharge of obligations, prohibitions on co-signers, limits on acceleration, assignment of wages, limitations on garnishment, use of multiple agreements, required disclosures, early completion of the agreement, assumption of increase in future income, receipts, adjustment of dollar amounts. Provides that the Attorney General may enforce a violation of the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Makes other changes. Amends the Consumer Installment Loan Act and the Interest Act to make conforming changes. Provides that the provisions of the amendatory Act are severable. Effective immediately.

House Floor Amendment No. 2
Provides that income share agreement providers shall (instead of may) not attempt to accelerate or otherwise liquidate a future payment stream under an income share agreement.

Actions 
DateChamber Action
  1/27/2023HouseFiled with the Clerk by Rep. Maurice A. West, II
  1/31/2023HouseFirst Reading
  1/31/2023HouseReferred to Rules Committee
  2/15/2023HouseAssigned to Financial Institutions and Licensing Committee
  2/28/2023HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
  3/1/2023HousePlaced on Calendar 2nd Reading - Short Debate
  3/16/2023HouseAdded Chief Co-Sponsor Rep. Dagmara Avelar
  3/21/2023HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II
  3/21/2023HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/21/2023HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II
  3/21/2023HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/22/2023HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
  3/22/2023HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
  3/22/2023HouseAdded Co-Sponsor Rep. Nicholas K. Smith
  3/22/2023HouseSecond Reading - Short Debate
  3/22/2023HouseHeld on Calendar Order of Second Reading - Short Debate
  3/22/2023HouseAdded Co-Sponsor Rep. Kevin John Olickal
  3/23/2023HouseAdded Co-Sponsor Rep. Edgar Gonzalez, Jr.
  3/23/2023HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 012-000-000
  3/23/2023HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 012-000-000
  3/24/2023HouseHouse Floor Amendment No. 1 Adopted
  3/24/2023HouseHouse Floor Amendment No. 2 Adopted
  3/24/2023HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/24/2023HouseAdded Co-Sponsor Rep. Travis Weaver
  3/24/2023HouseThird Reading - Short Debate - Passed 108-000-000
  3/27/2023SenateArrive in Senate
  3/27/2023SenatePlaced on Calendar Order of First Reading
  3/27/2023SenateChief Senate Sponsor Sen. Omar Aquino
  3/27/2023SenateFirst Reading
  3/27/2023SenateReferred to Assignments
  4/12/2023SenateAssigned to Executive
  4/20/2023SenateAlternate Chief Sponsor Changed to Sen. Elgie R. Sims, Jr.
  4/24/2023SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr.
  4/24/2023SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/25/2023SenateSenate Committee Amendment No. 1 Assignments Refers to Executive
  4/27/2023SenateSenate Committee Amendment No. 1 Postponed - Executive
  4/27/2023SenatePostponed - Executive
  4/28/2023SenateRule 2-10 Committee Deadline Established As May 6, 2023
  5/4/2023SenateSenate Committee Amendment No. 1 Postponed - Executive
  5/4/2023SenatePostponed - Executive
  5/5/2023SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  5/5/2023SenateRule 3-9(a) / Re-referred to Assignments

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