Bill Status of SB0059  103rd General Assembly

Short Description:  HIGHER ED-COSIGNER LOANS

Senate Sponsors
Sen. Laura Fine

Last Action
DateChamber Action
  1/20/2023SenateReferred to Assignments

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, and refinancing and modified or flexible repayment plans. Effective immediately.

Actions 
DateChamber Action
  1/20/2023SenateFiled with Secretary by Sen. Laura Fine
  1/20/2023SenateFirst Reading
  1/20/2023SenateReferred to Assignments