Illinois General Assembly - Bill Status for HB5524
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 Bill Status of HB5524 General Assembly


House Sponsors
Rep. Emanuel Chris Welch, William Davis, Kelly M. Cassidy, Jonathan "Yoni" Pizer, Kambium Buckner and Jehan Gordon-Booth

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/17.6 new
205 ILCS 670/17.7 new
205 ILCS 670/17.8 new
205 ILCS 670/17.9 new
205 ILCS 670/17.10 new
205 ILCS 670/17.11 new
205 ILCS 670/17.12 new
205 ILCS 670/17.13 new
205 ILCS 670/17.14 new
205 ILCS 670/17.15 new
205 ILCS 670/17.16 new
205 ILCS 670/17.17 new
205 ILCS 670/17.18 new
205 ILCS 670/17.19 new
205 ILCS 670/17.20 new
205 ILCS 670/17.21 new
205 ILCS 670/17.22 new
205 ILCS 670/17.23 new
205 ILCS 670/17.24 new
205 ILCS 670/17.25 new
205 ILCS 670/17.26 new
205 ILCS 670/17.27 new

Synopsis As Introduced
Amends the Consumer Installment Loan Act. Provides that an income share agreement provider shall clearly and conspicuously disclose specified information in an income-based financing transaction no later than 3 business days before the consummation of the transaction. Requires an income share agreement provider to disclose a borrower's effective annual percentage rate under specified scenarios. Requires an income share agreement provider to provide a borrower with a monthly statement within 15 days before a payment due date, and to provide a borrower with an annual statement. Provides that the contractual payment percentage of an agreement may not exceed 5% of a borrower's qualified income, and no income share agreement term may exceed 60 months. Provides that an income share agreement provider shall not contract for a payment cap that exceeds 1.10 times the amount of the advance or extend an advance that exceeds $5,000. Provides that no payment may be collected under the terms of an income share agreement when a borrower is enrolled in a covered educational program, or during the 6-month grace period after a borrower leaves such a program. Provides that an income share agreement provider shall not engage in unfair or deceptive practices toward a borrower or misrepresent or omit any material information in connection with an income-based financing transaction. Provides that a borrower must exhaust all sources of federal student loans and state grants for which the borrower is directly eligible before entering into an educational income share agreement. Requires an income share agreement provider to provide readily accessible methods for consumers to submit a request for assistance to the provider, and to implement a process by which a borrower can escalate any request for assistance. Makes other changes. Defines terms.

DateChamber Action
  2/14/2020HouseFiled with the Clerk by Rep. Emanuel Chris Welch
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  2/26/2020HouseAdded Co-Sponsor Rep. William Davis
  3/3/2020HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  3/3/2020HouseAdded Co-Sponsor Rep. Jonathan "Yoni" Pizer
  3/5/2020HouseAdded Co-Sponsor Rep. Kambium Buckner
  3/6/2020HouseAdded Co-Sponsor Rep. Jehan Gordon-Booth
  3/12/2020HouseAssigned to Financial Institutions Committee
  6/23/2020HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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