Illinois · Senate Bill 1537 · 104th General Assembly

STUDENT LOAN SERVICING RIGHTS

SB 1537 Sponsored by Elgie R. Sims, Jr. Became law

  1. Introduced Feb 4, 2025
  2. In committee Feb 4, 2025
  3. Passed the Senate Apr 9, 2025
  4. Passed the House May 22, 2025
  5. To the governor Jun 20, 2025
  6. Became law Aug 15, 2025

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

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

Show the 32 earlier steps
  1. SenateFiled with Secretary by Sen. Elgie R. Sims, Jr.
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. CommitteeAssigned to Executive · Senate Executive
  5. SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr.
  6. CommitteeSenate Committee Amendment No. 1 Referred to Assignments · Senate Assignments
  7. CommitteeSenate Committee Amendment No. 1 Assignments Refers to Executive · Senate Assignments
  8. SenateAdded as Co-Sponsor Sen. Bill Cunningham
  9. SenateAdded as Co-Sponsor Sen. Mattie Hunter
  10. SenateSenate Committee Amendment No. 1 Adopted
  11. CommitteeDo Pass as Amended Executive; 011-000-000 · Senate Executive
  12. SenatePlaced on Calendar Order of 2nd Reading March 20, 2025
  13. SenateSecond Reading
  14. SenatePlaced on Calendar Order of 3rd Reading April 1, 2025
  15. SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Elgie R. Sims, Jr.
  16. CommitteeSenate Floor Amendment No. 2 Referred to Assignments · Senate Assignments
  17. CommitteeSenate Floor Amendment No. 2 Assignments Refers to Executive · Senate Assignments
  18. CommitteeSenate Floor Amendment No. 2 Recommend Do Adopt Executive; 012-000-000 · Senate Executive
  19. SenateRecalled to Second Reading
  20. SenateSenate Floor Amendment No. 2 Adopted; Sims
  21. SenatePlaced on Calendar Order of 3rd Reading
  22. SenateThird Reading - Passed; 055-000-000
  23. HouseArrived in House
  24. HouseChief House Sponsor Rep. Maurice A. West, II
  25. SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  26. HouseFirst Reading
  27. CommitteeReferred to Rules Committee · House Rules
  28. HouseAdded Alternate Co-Sponsor Rep. Katie Stuart
  29. CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  30. CommitteeDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 · House Financial Institutions & Licensing
  31. HousePlaced on Calendar 2nd Reading - Short Debate
  32. HouseSecond Reading - Short Debate
  1. HousePlaced on Calendar Order of 3rd Reading - Short Debate
  2. HouseAdded Alternate Co-Sponsor Rep. Kevin Schmidt
  3. HouseThird Reading - Short Debate - Passed 114-000-000
  4. SenatePassed Both Houses
  5. SenateSent to the Governor
  6. SenateGovernor Approved
  7. SenateEffective Date August 15, 2025
  8. SenatePublic Act . . . . . . . . . 104-0383

Roll calls

6 recorded votes: 2 on the floor, 4 in committee. Each shows how every member voted.

Third Reading · Full Senate

Passed 55–0
Apr 9, 2025 · journal entry
Yes 55 No 0 Not voting 4
Democrats: 37 yes, 0 no Republicans: 18 yes, 0 no
How each member voted

Yes · 55

Not voting · 4

Third Reading · Full House

Passed 114–0
May 22, 2025 · journal entry
Yes 114 No 0 Not voting 4
Democrats: 75 yes, 0 no Republicans: 39 yes, 0 no
How each member voted

Yes · 114

Not voting · 1

Excused · 3

Committee and other votes

DateWhereQuestionResult
Mar 19, 2025 Senate Executive Executive - Do Pass As Amended
Members

Yes · 11

Not voting · 2

 Passed 11–0
Mar 19, 2025 Senate Executive Senate Committee Amendment No. 1 - Executive - Be Adopted
Members

Yes · 11

Not voting · 2

 Passed 11–0
Apr 3, 2025 Senate Executive Senate Floor Amendment No. 2 - Executive - Recommend Do Adopt
Members

Yes · 12

Not voting · 1

 Passed 12–0
Apr 29, 2025 House Financial Institutions & Licensing Financial Institutions & Licensing - Do Pass
Members

Yes · 12

 Passed 12–0

Sponsors

The member who introduced it, joined by 5 cosponsors: 4 Democrats, 1 Republican.

All 5 cosponsors

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.