Bill Status of SB2054  102nd General Assembly


Short Description:  STUDENT LOAN DEBT RELIEF

Senate Sponsors
Sen. Omar Aquino, Cristina Castro and Laura M. Murphy

Last Action
DateChamber Action
  2/26/2021SenateReferred to Assignments

Statutes Amended In Order of Appearance
225 ILCS 429/10
225 ILCS 429/105
225 ILCS 429/115
225 ILCS 429/125


Synopsis As Introduced
Amends the Debt Settlement Consumer Protection Act. Adds student loan borrowers to the definition of "consumer". Adds to the definition of "debt settlement provider" any person or entity engaging in, or holding itself out as engaging in, or any person who solicits for or acts on behalf of such person or entity engaging in or holding itself out as engaging in, the business of student loan debt relief services in exchange for any fee or compensation assessed against or charged to a consumer. Excludes institutions of higher education from the definition of "debt settlement provider". Defines other terms. Requires a specified notice and disclosure to student loan borrowers to be included in advertising and marketing communications concerning student loan debt relief services. Requires providers of student loan debt relief services to provide a specified notice and disclosure before a student loan borrower signs a contract. Provides that any fees charged to a student loan borrower in exchange for student loan debt relief shall comply with a provision concerning fees. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Omar Aquino
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/9/2021SenateAdded as Co-Sponsor Sen. Cristina Castro
  3/9/2021SenateAdded as Co-Sponsor Sen. Laura M. Murphy