Illinois · House Bill 2850 · 104th General Assembly

STUDENT LOAN SERVICING RIGHTS

HB 2850 Sponsored by Maurice A. West, II In committee

  1. Introduced Feb 5, 2025
  2. In committee Feb 6, 2025
  3. Passed the House Next
  4. Passed the Senate  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Amends the Student Loan Servicing Rights Act. Creates within the Act an Article concerning educational income share agreements. Contains provisions concerning: monthly payment affordability; maximum annual percentage rates; limits on the duration of income share agreements; risk sharing; limits on covered income; fees; restrictions on security interests; discharge of obligations; prohibitions on cosigners; limits on…

Read the full title (150 words)

Amends the Student Loan Servicing Rights Act. Creates within the Act an Article concerning educational income share agreements. Contains provisions concerning: monthly payment affordability; maximum annual percentage rates; limits on the duration of income share agreements; risk sharing; limits on covered income; fees; restrictions on security interests; discharge of obligations; prohibitions on cosigners; limits on acceleration; assignment of wages; limitations on garnishment; use of multiple agreements; required disclosures; early completion of the agreement; assumption of increases in future income; receipts; and adjustment of dollar amounts. Provides that the Attorney General may enforce a violation of the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Makes other changes. Amends the Consumer Installment Loan Act and the Interest Act to make conforming changes. Provides that the provisions of the amendatory Act are severable. Effective immediately.

Every action

19 steps, oldest first, as the legislature records them.

Show the 11 earlier steps
  1. HouseFiled with the Clerk by Rep. Maurice A. West, II
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  5. HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II
  6. CommitteeHouse Committee Amendment No. 1 Referred to Rules Committee · House Rules
  7. CommitteeHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  8. CommitteeHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote · House Financial Institutions & Licensing
  9. CommitteeDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-001-000 · House Financial Institutions & Licensing
  10. HousePlaced on Calendar 2nd Reading - Short Debate
  11. HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II
  1. CommitteeHouse Floor Amendment No. 2 Referred to Rules Committee · House Rules
  2. CommitteeHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  3. CommitteeHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000 · House Financial Institutions & Licensing
  4. HouseSecond Reading - Short Debate
  5. HouseHeld on Calendar Order of Second Reading - Short Debate
  6. HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  7. CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
  8. CommitteeHouse Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee · House Rules

Roll calls

2 recorded votes: 0 on the floor, 2 in committee. Each shows how every member voted.

Committee votes

DateWhereQuestionResult
Mar 18, 2025 House Financial Institutions & Licensing Financial Institutions & Licensing - Do Pass As Amended
Members

Yes · 11

No · 1

 Passed 11–1
Mar 25, 2025 House Financial Institutions & Licensing House Floor Amendment No. 2 - Financial Institutions & Licensing - Recommends Be Adopted
Members

Yes · 10

Not voting · 2

 Passed 10–0

Sponsors

The member who introduced it, joined by 1 cosponsor: 1 Democrat.

All 1 cosponsor

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.