Sen. Elgie R. Sims, Jr.
Filed: 4/1/2025
 
 

 
 

 
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1
AMENDMENT TO SENATE BILL 1537

2    AMENDMENT NO. ______. Amend Senate Bill 1537 on page 17, 
3immediately below line 17, by inserting the following:
4    "The requirements for repayment options in subsection (k) 
5of Section 5-30 apply to this Section."; and
 
6on page 22, line 7, by replacing "paragraph (7)" with 
7"subsection (b)"; and
 
8on page 22, immediately below line 12, by inserting the 
9following: 
 
10    "(110 ILCS 992/7-41 new)
11    Sec. 7-41. Refinancing. Before offering a person an EISA 
12that is being used to refinance an existing loan, an EISA 
13provider shall provide the person with a disclosure explaining 
14that the benefits and protections applicable to the existing 
15loan may be lost due to the refinancing. The disclosure must be 
 
 
10400SB1537sam002- 2 -LRB104 08584 BAB 24225 a

1provided on a one-page information sheet in at least 12-point 
2type and must be written in simple, clear, understandable, and 
3easily readable language."; and
 
4on page 22, immediately below line 19, by inserting the 
5following:
6    "(c) The requirements for total and permanent disability 
7of a borrower or cosigner in subsections (b) through (e) of 
8Section 5-85 that apply to borrowers apply to this Section."; 
9and
 
10on page 27, line 2, by replacing "submit." with "submit;"; and
 
11on page 32, line 2, by deleting "or cosigner".