Illinois General Assembly - Full Text of HB2746
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Full Text of HB2746  102nd General Assembly


Sen. Scott M. Bennett

Filed: 5/11/2021





10200HB2746sam001LRB102 14627 JLS 26262 a


2    AMENDMENT NO. ______. Amend House Bill 2746 as follows:
3on page 1, by inserting immediately below line 6 the
5    "Annual percentage rate" means the percentage rate
6calculated according to the Federal Reserve Board's
7methodology as set forth under Regulation Z, 12 CFR Part
81026."; and
9on page 1, by replacing lines 13 through 23 with the following:
10        "(1) a person that provides money, payments, or
11    credits to or on behalf of a borrower pursuant to the terms
12    of an income share agreement; or
13        (2) any other person engaged in the business of
14    soliciting, making, funding, or extending income share
15    agreements."; and



10200HB2746sam001- 2 -LRB102 14627 JLS 26262 a

1on page 2, by deleting lines 1 through 5; and
2on page 5, line 21, by replacing "student" with "education";
4On page 6, line 1, by replacing "education" with
5"educational"; and
6On page 6, line 5, by replacing "education" with
7"educational"; and
8On page 6, line 11, by replacing "education" with
9"educational"; and
10On page 6, line 14, by replacing "education" with
11"educational"; and
12on page 6, line 17, by replacing "education" with
13"educational"; and
14on page 6, by inserting immediately below line 17 the
16    "(f) Annual report exemption. A private educational lender
17that funds 10 or fewer new private education loans in a
18calendar year shall be exempt from submitting the annual
19report for that year. Any lender claiming this exemption shall



10200HB2746sam001- 3 -LRB102 14627 JLS 26262 a

1submit a statement to the Department of Financial and
2Professional Regulation and the Student Loan Ombudsman
3certifying the number of private education loans made in that
4calendar year."; and
5on page 6, by inserting immediately below line 25 the
7        "(2) Contents of statements for income share
8    agreements. Each statement described in subparagraph (1)
9    with respect to income share agreements, shall:
10            (A) report the consumer's total amounts financed
11        under each income share agreement;
12            (B) report the percentage of income payable under
13        each income share agreement;
14            (C) report the maximum number of monthly payments
15        required to be paid under each income share agreement;
16            (D) report the maximum amount payable under each
17        income share agreement;
18            (E) report the maximum duration of each income
19        share agreement;
20            (F) report the minimum annual income above which
21        payments are required under each income share
22        agreement; and
23            (G) report the annual percentage rate for each
24        income share agreement at the minimum annual income
25        above which payments are required and at $10,000



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1        income increments thereafter up to the annual income
2        where the maximum number of monthly payments results
3        in the maximum amount payable."; and
4on page 7, by replacing lines 1 through 2 with the following:
5        "(3) Contents of all other loan statements. Each
6    statement described in subparagraph (1) that does not fall
7    under subparagraph (2) shall:"; and
8on page 7, line 8, by replacing "interest" with "annual
9percentage"; and
10on page 7, line 10, by replacing "student" with "educational";
12on page 8, line 23, by replacing "accordingly; and" with
13"accordingly;"; and
14on page 9, line 23, by replacing "period." with "period; and";
16on page 9, by inserting immediately below line 23 the
18        "(3) Any institution of higher education that is also
19    acting as a private educational lender shall provide the
20    certification of exhaustion of federal student loan funds



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1    described in paragraphs (1) and (2) of this subsection (c)
2    to the borrower prior to disbursing funds to the borrower.
3    Any institution of higher education that is not eligible
4    for funding under Title IV of the federal Higher Education
5    Act of 1965 is not required to provide this certification
6    to the borrower.".