Illinois 2025-2026 Regular Session

Illinois Senate Bill SB1537 Compare Versions

Version 1 (Old)

Version 2 (New)

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2		-	SB1537 Engrossed LRB104 08584 JDS 18636 b
	1	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1537 Introduced 2/4/2025, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED: See Index 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. LRB104 08584 JDS 18636 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1537 Introduced 2/4/2025, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED: See Index See Index 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. LRB104 08584 JDS 18636 b LRB104 08584 JDS 18636 b A BILL FOR
	2	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1537 Introduced 2/4/2025, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
	3	+	See Index See Index
	4	+	See Index
	5	+	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.
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	8	+	A BILL FOR
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3	11		1 AN ACT concerning education.
4	12		2 Be it enacted by the People of the State of Illinois,
5	13		3 represented in the General Assembly:
6	14		4 Section 5. The Student Loan Servicing Rights Act is
7	15		5 amended by changing Sections 1-5 and 25-5 and by adding
8	16		6 Article 7 as follows:
9	17		7 (110 ILCS 992/1-5)
10	18		8 Sec. 1-5. Definitions. As used in this Act:
11	19		9 "Applicant" means a person applying for a license pursuant
12	20		10 to this Act.
13	21		11 "Borrower" or "student loan borrower" means a person who
14	22		12 has received or agreed to pay a student loan for his or her own
15	23		13 educational expenses.
16	24		14 "Cosigner" means any individual who is liable for the
17	25		15 obligation of another without compensation, regardless of how
18	26		16 the individual is designated in the contract or instrument
19	27		17 with respect to that obligation, including an obligation under
20	28		18 a private education loan extended to consolidate a borrower's
21	29		19 preexisting student loans. The term includes any individual
22	30		20 whose signature is requested, as a condition, to grant credit
23	31		21 or to forbear on collection. The term does not include a spouse
24	32		22 of an individual if the spouse's signature is needed solely to
25	33		23 perfect the security interest in a loan.
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29		-	SB1537 Engrossed LRB104 08584 JDS 18636 b
	37	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1537 Introduced 2/4/2025, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
	38	+	See Index See Index
	39	+	See Index
	40	+	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.
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	43	+	A BILL FOR
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34	68		1 "Department" means the Department of Financial and
35	69		2 Professional Regulation.
36	70		3 "Division of Banking" means the Division of Banking of the
37	71		4 Department of Financial and Professional Regulation.
38	72		5 "Federal loan borrower eligible for referral to a
39	73		6 repayment specialist" means a borrower who possesses any of
40	74		7 the following characteristics:
41	75		8 (1) requests information related to options to reduce
42	76		9 or suspend his or her monthly payment;
43	77		10 (2) indicates that he or she is experiencing or
44	78		11 anticipates experiencing financial hardship, distress, or
45	79		12 difficulty making his or her payments;
46	80		13 (3) has missed 2 consecutive monthly payments;
47	81		14 (4) is at least 75 days delinquent;
48	82		15 (5) is enrolled in a discretionary forbearance for
49	83		16 more than 9 of the previous 12 months;
50	84		17 (6) has rehabilitated or consolidated one or more
51	85		18 loans out of default within the past 12 months; or
52	86		19 (7) has not completed a course of study, as reflected
53	87		20 in the servicer's records, or the borrower identifies
54	88		21 himself or herself as not having completed a program of
55	89		22 study.
56	90		23 "Federal education loan" means any loan made, guaranteed,
57	91		24 or insured under Title IV of the federal Higher Education Act
58	92		25 of 1965.
59	93		26 "Income-driven payment plan certification" means the
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70	104		1 documentation related to a federal student loan borrower's
71	105		2 income or financial status the borrower must submit to renew
72	106		3 an income-driven repayment plan.
73	107		4 "Income-driven repayment options" includes the
74	108		5 Income-Contingent Repayment Plan, the Income-Based Repayment
75	109		6 Plan, the Income-Sensitive Repayment Plan, the Pay As You Earn
76	110		7 Plan, the Revised Pay As You Earn Plan, and any other federal
77	111		8 student loan repayment plan that is calculated based on a
78	112		9 borrower's income.
79	113		10 "Licensee" means a person licensed pursuant to this Act.
80	114		11 "Other repayment plans" means the Standard Repayment Plan,
81	115		12 the Graduated Repayment Plan, the Extended Repayment Plan, or
82	116		13 any other federal student loan repayment plan not based on a
83	117		14 borrower's income.
84	118		15 "Private education loan" has the meaning ascribed to the
85	119		16 term in Section 140 of the federal Truth in Lending Act (15
86	120		17 U.S.C. 1650). In addition, "private education loan" includes
87	121		18 an income share agreement and student financing.
88	122		19 "Private loan borrower eligible for referral to a
89	123		20 repayment specialist" means a borrower who possesses any of
90	124		21 the following characteristics:
91	125		22 (1) requests information related to options to reduce
92	126		23 or suspend his or her monthly payments; or
93	127		24 (2) indicates that he or she is experiencing or
94	128		25 anticipates experiencing financial hardship, distress, or
95	129		26 difficulty making his or her payments.
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106	140		1 "Requester" means any borrower or cosigner that submits a
107	141		2 request for assistance.
108	142		3 "Request for assistance" means all inquiries, complaints,
109	143		4 account disputes, and requests for documentation a servicer
110	144		5 receives from borrowers or cosigners.
111	145		6 "Secretary" means the Secretary of Financial and
112	146		7 Professional Regulation, or his or her designee, including the
113	147		8 Director of the Division of Banking of the Department of
114	148		9 Financial and Professional Regulation.
115	149		10 "Servicing" means: (1) receiving any scheduled periodic
116	150		11 payments from a student loan borrower or cosigner pursuant to
117	151		12 the terms of a student loan; (2) applying the payments of
118	152		13 principal and interest and such other payments with respect to
119	153		14 the amounts received from a student loan borrower or cosigner,
120	154		15 as may be required pursuant to the terms of a student loan; and
121	155		16 (3) performing other administrative services with respect to a
122	156		17 student loan.
123	157		18 "Student loan" or "loan" means any federal education loan
124	158		19 or other loan primarily for use to finance a postsecondary
125	159		20 education and costs of attendance at a postsecondary
126	160		21 institution, including, but not limited to, tuition, fees,
127	161		22 books and supplies, room and board, transportation, and
128	162		23 miscellaneous personal expenses. "Student loan" includes a
129	163		24 loan made to refinance a student loan.
130	164		25 "Student loan" shall not include an extension of credit
131	165		26 under an open-end consumer credit plan, a reverse mortgage
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142	176		1 transaction, a residential mortgage transaction, or any other
143	177		2 loan that is secured by real property or a dwelling.
144	178		3 "Student loan" shall not include an extension of credit
145	179		4 made by a postsecondary educational institution to a borrower
146	180		5 if one of the following apply:
147	181		6 (1) The term of the extension of credit is no longer
148	182		7 than the borrower's education program.
149	183		8 (2) The remaining, unpaid principal balance of the
150	184		9 extension of credit is less than $1,500 at the time of the
151	185		10 borrower's graduation or completion of the program.
152	186		11 (3) The borrower fails to graduate or successfully
153	187		12 complete his or her education program and has a balance
154	188		13 due at the time of his or her disenrollment from the
155	189		14 postsecondary institution.
156	190		15 "Student loan servicer" or "servicer" means any person
157	191		16 engaged in the business of servicing student loans. "Student
158	192		17 loan servicer" or "servicer" includes persons or entities
159	193		18 acting on behalf of the State Treasurer. "Student loan
160	194		19 servicer" includes an EISA provider covered under Article 7 of
161	195		20 this Act.
162	196		21 "Student loan servicer" shall not include:
163	197		22 (1) a bank, savings bank, savings association, or
164	198		23 credit union organized under the laws of the State or any
165	199		24 other state or under the laws of the United States;
166	200		25 (2) a wholly owned subsidiary of any bank, savings
167	201		26 bank, savings association, or credit union organized under
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178	212		1 the laws of the State or any other state or under the laws
179	213		2 of the United States;
180	214		3 (3) an operating subsidiary where each owner of the
181	215		4 operating subsidiary is wholly owned by the same bank,
182	216		5 savings bank, savings association, or credit union
183	217		6 organized under the laws of the State or any other state or
184	218		7 under the laws of the United States;
185	219		8 (4) the Illinois Student Assistance Commission and its
186	220		9 agents when the agents are acting on the Illinois Student
187	221		10 Assistance Commission's behalf;
188	222		11 (5) a public postsecondary educational institution or
189	223		12 a private nonprofit postsecondary educational institution
190	224		13 servicing a student loan it extended to the borrower;
191	225		14 (6) a licensed debt management service under the Debt
192	226		15 Management Service Act, except to the extent that the
193	227		16 organization acts as a subcontractor, affiliate, or
194	228		17 service provider for an entity that is otherwise subject
195	229		18 to licensure under this Act;
196	230		19 (7) any collection agency licensed under the
197	231		20 Collection Agency Act that is collecting post-default
198	232		21 debt;
199	233		22 (8) in connection with its responsibilities as a
200	234		23 guaranty agency engaged in default aversion, a State or
201	235		24 nonprofit private institution or organization having an
202	236		25 agreement with the U.S. Secretary of Education under
203	237		26 Section 428(b) of the Higher Education Act (20 U.S.C.
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214	248		1 1078(B));
215	249		2 (9) a State institution or a nonprofit private
216	250		3 organization designated by a governmental entity to make
217	251		4 or service student loans, provided in each case that the
218	252		5 institution or organization services fewer than 20,000
219	253		6 student loan accounts of borrowers who reside in Illinois;
220	254		7 (10) a law firm or licensed attorney that is
221	255		8 collecting post-default debt; or
222	256		9 (11) the State Treasurer.
223	257		10 "Total and permanent disability" means a physical or
224	258		11 mental impairment, disease, or loss of a permanent nature that
225	259		12 prevents employment with or without reasonable accommodation,
226	260		13 with proof of disability being in the form of a declaration
227	261		14 from the United States Social Security Administration, the
228	262		15 Illinois Workers' Compensation Commission, the United States
229	263		16 Department of Defense, or an insurer authorized to transact
230	264		17 business in this State who is providing disability insurance
231	265		18 coverage to a contractor. The term does not include a
232	266		19 condition that has not progressed or been exacerbated or that
233	267		20 the individual did not acquire until after the closing of the
234	268		21 loan agreement. In addition, documentation sufficient to
235	269		22 establish a total and permanent disability for a federal
236	270		23 student loan made pursuant to Title IV of the federal Higher
237	271		24 Education Act of 1965 is sufficient to establish a total and
238	272		25 permanent disability under this Act.
239	273		26 (Source: P.A. 103-748, eff. 8-2-24.)
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250	284		1 (110 ILCS 992/Art. 7 heading new)
251	285		2 ARTICLE 7. EDUCATIONAL INCOME SHARE AGREEMENTS
252	286		3 (110 ILCS 992/7-1 new)
253	287		4 Sec. 7-1. Purpose and construction. This Article shall be
254	288		5 construed as a consumer-protection law for all purposes and
255	289		6 shall be liberally construed to effectuate its purpose.
256	290		7 (110 ILCS 992/7-3 new)
257	291		8 Sec. 7-3. Applicability. This Article applies only to
258	292		9 educational income share agreements.
259	293		10 (110 ILCS 992/7-5 new)
260	294		11 Sec. 7-5. Definitions. As used in this Article:
261	295		12 "Amount financed" means the amounts advanced by the EISA
262	296		13 provider to the consumer or on behalf of the consumer, or if
263	297		14 the EISA provider is a merchant financing the sale of goods or
264	298		15 services to the consumer using an EISA, "amount financed"
265	299		16 means the amount credited by the EISA provider toward the
266	300		17 purchase of expenses described in the definition of
267	301		18 "educational income share agreement".
268	302		19 "Annual percentage rate" or "APR" means the percentage
269	303		20 rate calculated according to the Federal Reserve Board's
270	304		21 methodology as set forth under Regulation Z, 12 CFR Part 1026.
271	305		22 The "annual percentage rate" of an EISA is the measure of the
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282	316		1 cost of the EISA, expressed as a yearly rate, that relates to
283	317		2 the amount and timing of value received by the consumer to the
284	318		3 amount and timing of payments made, including any charges or
285	319		4 fees that would be included in the APR as set forth under
286	320		5 Regulation Z, 12 CFR Part 1026. The "annual percentage rate"
287	321		6 is determined in accordance with either the actuarial method
288	322		7 or the United States rule method.
289	323		8 "Cash price" has the meaning given in 12 CFR 1026.2(a)(9).
290	324		9 "Consumer" means a natural person who enters into an EISA.
291	325		10 "Educational income share agreement" or "EISA" means an
292	326		11 agreement between a consumer and an EISA provider under which:
293	327		12 (1) the EISA provider credits or advances a sum of
294	328		13 money to the consumer or to a third party on the consumer's
295	329		14 behalf or, if the EISA provider is a seller of goods or
296	330		15 services to the consumer, the EISA provider credits or
297	331		16 advances toward the purchase of such goods or services;
298	332		17 (2) the consumer is obligated to make periodic
299	333		18 payments, if any become due, to the EISA provider
300	334		19 calculated, based upon, or determined by the consumer's
301	335		20 income;
302	336		21 (3) the consumer incurs an obligation in each payment
303	337		22 period only if the individual's income in that period is
304	338		23 above an income threshold specified in the EISA;
305	339		24 (4) there is an EISA duration after which the
306	340		25 obligation is complete, regardless of how much has been
307	341		26 paid, as long as the consumer has paid any prior amounts
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318	352		1 due;
319	353		2 (5) each of these elements is available at the time
320	354		3 the agreement is executed;
321	355		4 (6) the agreement is not made, insured, or guaranteed
322	356		5 under Title IV of the federal Higher Education Act of 1965
323	357		6 or another federally subsidized educational finance
324	358		7 program; and
325	359		8 (7) the agreement is extended to a consumer expressly,
326	360		9 in whole or in part, for postsecondary educational
327	361		10 expenses, tuition, or other obligations of, or pay amounts
328	362		11 to or on behalf of such an individual, for the costs
329	363		12 associated with a postsecondary training program or any
330	364		13 other program designed to increase the individual's human
331	365		14 capital, employability, or earning potential, including,
332	366		15 but not limited to, a program eligible to participate as a
333	367		16 program under Title IV of the federal Higher Education Act
334	368		17 of 1965, as well as any personal expenses, such as books,
335	369		18 supplies, transportation, and living costs, incurred by
336	370		19 the individual while enrolled in such a program and any
337	371		20 other costs or expenses included in the definition of
338	372		21 "qualified higher education expenses" under 26 U.S.C.
339	373		22 529(e)(3)(A), including the refinancing of loans or
340	374		23 agreements used for the purposes described in this
341	375		24 paragraph (7) and regardless of whether the agreement is
342	376		25 provided by the educational institution that the consumer
343	377		26 attends.
344	378
345	379
346	380
347	381
348	382
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350	384
351	385
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354	388		1 For purposes of this definition, an EISA shall be
355	389		2 treated as a credit, within the meaning of that term under
356	390		3 15 U.S.C. 1602(f), and as a "private education loan",
357	391		4 within the meaning of that term under 15 U.S.C.
358	392		5 1650(a)(8), to the extent the proceeds of the EISA are
359	393		6 used for postsecondary educational expenses in a manner
360	394		7 consistent with the definition of that term.
361	395		8 "EISA duration" means the maximum time during which a
362	396		9 consumer could remain obligated on the EISA, other than
363	397		10 periods when an EISA provider is attempting to collect
364	398		11 past-due amounts and absent periods of payment relief pauses,
365	399		12 forbearance, military service suspension, or other suspension
366	400		13 of obligations at the request of the consumer, regardless of
367	401		14 whether the consumer's income is greater than the minimum
368	402		15 income.
369	403		16 "EISA maximum number of payments" means the maximum number
370	404		17 of EISA payments during EISA payment periods in which the
371	405		18 consumer's income is equal to or greater than the income
372	406		19 threshold that a consumer could be required to make under the
373	407		20 terms of the EISA. "EISA maximum number of payments" does not
374	408		21 include periods of payment relief pause.
375	409		22 "EISA payment" means a calculated monthly payment in
376	410		23 excess of $0.00 that counts toward the maximum income-based
377	411		24 payments under the EISA. An "EISA payment" is required only
378	412		25 for income earned during an EISA payment period in which the
379	413		26 consumer's income was equal to or greater than the income
380	414
381	415
382	416
383	417
384	418
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386	420
387	421
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390	424		1 threshold.
391	425		2 "EISA payment calculation method" means the mechanism,
392	426		3 formula, percentage, dollar figure, or other means of
393	427		4 calculating a student's payment obligation, based on the
394	428		5 student's income, under the terms of the EISA.
395	429		6 "EISA payment cap" means the maximum amount of money a
396	430		7 consumer must pay to satisfy the terms of an EISA, which may be
397	431		8 expressed as a dollar value, a multiple of the amount funded to
398	432		9 the student or on the student's behalf, or as a maximum
399	433		10 effective annual percentage rate.
400	434		11 "EISA payment cap" does not include charges that would be
401	435		12 excluded from the definition of the term "finance charge"
402	436		13 under 12 CFR 1026.
403	437		14 "EISA provider" means:
404	438		15 (1) a person or entity that provides money, payments,
405	439		16 or credits to or on behalf of a consumer pursuant to the
406	440		17 terms of an EISA;
407	441		18 (2) any person or entity engaged in the business of
408	442		19 soliciting, making, funding, or extending EISAs; or
409	443		20 (3) any person or entity that is providing educational
410	444		21 services to the consumer and receiving compensation from
411	445		22 an EISA provider (separate from proceeds of the EISA to
412	446		23 cover educational expenses of the consumer) for
413	447		24 advertising, marketing, or recommending EISAs, on behalf
414	448		25 of an EISA provider, for those educational services.
415	449		26 This definition does not apply to an entity that either
416	450
417	451
418	452
419	453
420	454
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422	456
423	457
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425		-	SB1537 ~~Engrossed~~ - 13 - LRB104 08584 JDS 18636 b
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426	460		1 (i) has no direct interactions with the consumer and is not
427	461		2 responsible for making credit decisions regarding the consumer
428	462		3 or (ii) is the provider of the educational services to the
429	463		4 consumer, unless the entity qualifies under paragraph (1),
430	464		5 (2), or (3).
431	465		6 "Federal poverty guidelines" means the poverty guidelines
432	466		7 updated periodically in the Federal Register by the U.S.
433	467		8 Department of Health and Human Services under the authority of
434	468		9 42 U.S.C. 9902(2).
435	469		10 "Garnishment" means any legal or equitable procedure
436	470		11 through which earnings of an individual are required to be
437	471		12 withheld for payment of obligations to an EISA provider as set
438	472		13 forth in the Code of Civil Procedure.
439	473		14 "Income threshold" means a fixed dollar amount that is the
440	474		15 minimum income per payment period that an EISA recipient is
441	475		16 required to earn before the EISA recipient is required to make
442	476		17 a payment on an EISA for such payment period.
443	477		18 "Index" means the Consumer Price Index for Urban Wage
444	478		19 Earners and Clerical Workers: U.S. City Average, All Items,
445	479		20 1967=100, compiled by the Bureau of Labor Statistics, United
446	480		21 States Department of Labor.
447	481		22 "Payment relief pause" means a period of time that is
448	482		23 requested by the consumer during which the consumer is not
449	483		24 required to make payments despite the consumer's income
450	484		25 exceeding the income threshold.
451	485		26 "Sales price" means the "total sale price" as set forth in
452	486
453	487
454	488
455	489
456	490
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458	492
459	493
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461		-	SB1537 ~~Engrossed~~ - 14 - LRB104 08584 JDS 18636 b
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	495	+	SB1537 - 14 - LRB104 08584 JDS 18636 b
462	496		1 12 CFR 1026.18(j).
463	497		2 (110 ILCS 992/7-10 new)
464	498		3 Sec. 7-10. Monthly payment affordability.
465	499		4 (a) Each EISA shall specify the EISA payment calculation
466	500		5 method applicable to the EISA. An EISA shall not require
467	501		6 payments from the consumer toward that EISA that exceed 8% of
468	502		7 the consumer's income. An EISA provider shall not enter into
469	503		8 an EISA with a consumer if the consumer would be committing to
470	504		9 pay more than 15% of the consumer's income at any time during
471	505		10 the EISA duration, based on information available to the EISA
472	506		11 provider at the time of the projection, inclusive of any
473	507		12 payment obligations that the EISA provider knows will arise in
474	508		13 the future for other EISAs and education loans upon which the
475	509		14 consumer is obligated at the time of the projection. The EISA
476	510		15 provider must confirm a consumer's EISA and education loan
477	511		16 liabilities through a verifiable third-party source. At a
478	512		17 minimum, the EISA provider must confirm such liabilities using
479	513		18 information maintained by a nationwide consumer reporting
480	514		19 agency, as defined by 15 U.S.C. 1681a(f), and doing so is
481	515		20 sufficient for meeting the requirement in this subsection.
482	516		21 However, nothing in this subsection shall prohibit an EISA
483	517		22 provider from using other sources to provide additional
484	518		23 verification. For the purposes of calculating the portion of a
485	519		24 student's future income that would be consumed by the EISA for
486	520		25 which the student has applied and other EISAs and education
487	521
488	522
489	523
490	524
491	525
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493	527
494	528
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496		-	SB1537 ~~Engrossed~~ - 15 - LRB104 08584 JDS 18636 b
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	530	+	SB1537 - 15 - LRB104 08584 JDS 18636 b
497	531		1 loans known at the time, the EISA provider shall calculate the
498	532		2 aggregate future burden of all such obligations, including the
499	533		3 EISA for which the student is applying, at the hypothetical
500	534		4 future income levels described in subdivision (a)(15)(iii) of
501	535		5 Section 7-75, ranging from the income threshold of the EISA
502	536		6 for which the student has applied up to the maximum income
503	537		7 described in subdivision (a)(15)(iii) of Section 7-75. The
504	538		8 terms of the EISA for which the student has applied cannot
505	539		9 cause the student's aggregate future burden to exceed the
506	540		10 percentage limits in this subsection at any of the income
507	541		11 increments stated in this Section. For the purpose of
508	542		12 calculating the percentage burden of an EISA at a given future
509	543		13 income level, the EISA provider shall use the EISA payment
510	544		14 amount that would be applicable for the EISA at such income
511	545		15 level. For the purpose of calculating the percentage burden of
512	546		16 an educational loan at a given future income level, the EISA
513	547		17 provider shall divide the annual payment obligation by income
514	548		18 level using the most affordable payment plan or option which
515	549		19 would yield the lowest monthly payments that would be
516	550		20 available to the student at such income level under such loan.
517	551		21 For students enrolled in a program eligible to receive federal
518	552		22 student loans under Title IV of the federal Higher Education
519	553		23 Act of 1965, as part of this analysis the EISA provider shall
520	554		24 assume a federal loan balance equal to the larger of (1) the
521	555		25 student's existing federal loan balance and (2) the aggregate
522	556		26 maximum amount the student is eligible to borrow under Federal
523	557
524	558
525	559
526	560
527	561
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529	563
530	564
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532		-	SB1537 ~~Engrossed~~ - 16 - LRB104 08584 JDS 18636 b
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533	567		1 Direct Stafford Loans for the student's status, dependent or
534	568		2 independent.
535	569		3 (b) The EISA must state that when a consumer has income
536	570		4 that is equal to or below the income threshold set forth in the
537	571		5 EISA that the consumer's payment obligation is zero dollars.
538	572		6 The income threshold must be equal to or greater than $47,000;
539	573		7 however, that amount shall be increased on January 1, 2026,
540	574		8 and every other January 1 thereafter, by the annual unadjusted
541	575		9 percentage increase (but not less than zero) in the index for
542	576		10 the 12 months ending with the preceding September, including
543	577		11 all previous adjustments.
544	578		12 (c) An EISA must offer at least 3 months of voluntary
545	579		13 payment relief pauses for every 30 income-determined payments
546	580		14 required under the EISA.
547	581		15 (d) During the payment process for the EISA, the consumer
548	582		16 may request that the income threshold on the EISA be adjusted
549	583		17 upward to ensure the consumer's income, less any payments
550	584		18 required by the EISA, would be greater than or equal to the
551	585		19 minimum essential income based on the consumer's current place
552	586		20 of residence.
553	587		21 As used in this subsection (d), the consumer's minimum
554	588		22 essential income is equal to 275% of the federal poverty
555	589		23 guidelines for a single person (for the year in which the
556	590		24 calculation is performed), multiplied by a cost-of-living
557		-	25 adjustment factor equal to the ratio of (i) ~~one plus the~~
558		-	26 ~~current~~ locality payment percentage issued by the U.S. Office
	591	+	25 adjustment factor equal to the ratio of (i) the current
	592	+	26 locality payment percentage issued by the U.S. Office of
559	593
560	594
561	595
562	596
563	597
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565	599
566	600
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568		-	SB1537 ~~Engrossed~~ - 17 - LRB104 08584 JDS 18636 b
569		-	1 of Personnel Management for the locality pay area in which the
570		-	2 consumer resides, divided by (ii) ~~one plus~~ the current
571		-	3 ~~locality payment~~ percentage issued by the U.S. Office of
572		-	4 ~~Personnel Management~~ for the "Rest of U.S." locality pay area.
573		-	5 ~~The locality pay~~ areas described in this subsection (d) are
574		-	6 ~~the locality pay~~ areas described in 5 CFR 531.603.
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	602	+	SB1537 - 17 - LRB104 08584 JDS 18636 b
	603	+	1 Personnel Management for the locality pay area in which the
	604	+	2 consumer resides, divided by (ii) the current locality payment
	605	+	3 percentage issued by the U.S. Office of Personnel Management
	606	+	4 for the "Rest of U.S." locality pay area. The locality pay
	607	+	5 areas described in this subsection (d) are the locality pay
	608	+	6 areas described in 5 CFR 531.603.
575	609		7 An EISA provider must notify consumers of this option on
576	610		8 each monthly billing statement. Nothing in this provision
577	611		9 shall prevent an EISA provider from taking reasonable steps to
578	612		10 confirm a consumer's place of residence (such as requiring a
579	613		11 copy of a utility bill or a driver's license) for the purpose
580	614		12 of establishing the consumer's minimum essential income,
581	615		13 including if the EISA provider believes a consumer's place of
582	616		14 residence has changed. Furthermore, an EISA provider may
583	617		15 require that a consumer has resided at a location for at least
584	618		16 90 days before adjusting the consumer's minimum essential
585	619		17 income.
586		-	18 ~~The requirements for repayment options in subsection (k~~)
587		-	19 ~~of Section 5-30~~ ~~apply to this Section~~.
588		-	20 ~~(110 ILCS 992/7-15 new)~~
589		-	21 ~~Sec. 7-15. Maximum effective annual percentage rate.~~ An
590		-	22 ~~EISA must specify that the maximum amount that a consumer~~
591		-	23 ~~could be required to pay under~~ the ~~EISA will not result in a~~
592		-	24 ~~consumer ever being required to pay an effective annual~~
593		-	25 ~~percentage rate that is greater than 9% or~~ the ~~high yield of~~
	620	+	18 (110 ILCS 992/7-15 new)
	621	+	19 Sec. 7-15. Maximum effective annual percentage rate. An
	622	+	20 EISA must specify that the maximum amount that a consumer
	623	+	21 could be required to pay under the EISA will not result in a
	624	+	22 consumer ever being required to pay an effective annual
	625	+	23 percentage rate that is greater than 9% or the high yield of
	626	+	24 the 10-year United States Constant Maturity Treasury Notes
	627	+	25 auctioned at the final auction held before the current
594	628
595	629
596	630
597	631
598	632
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600	634
601	635
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603		-	SB1537 ~~Engrossed~~ - 18 - LRB104 08584 JDS 18636 b
604		-	1 the ~~10-year United States Constant Maturity Treasury Notes~~
605		-	2 ~~auctioned~~ at ~~the final auction held before~~ the ~~current~~
606		-	3 ~~calendar year~~ in ~~which the EISA is originated plus 6%,~~
607		-	4 ~~whichever is greater. If at any time~~ the EISA provider ~~accepts~~
608		-	5 ~~a payment of an amount~~ that ~~would cause~~ the ~~limit in this~~
609		-	6 ~~Section to apply,~~ ~~the EISA provider shall,~~ ~~within 20 calendar~~
610		-	7 ~~days, refund any amounts necessary to ensure~~ that the
611		-	8 ~~consumer's payments do not result in an effective annual~~
612		-	9 ~~percentage rate that is greater than the limit specified in~~
613		-	10 ~~this Section~~.
614		-	11 (~~110 ILCS 992/7-20 new)~~
615		-	12 ~~Sec~~. ~~7-20. Limits on duration of EISAs.~~
616		-	13 (a) The EISA ~~maximum number of payments~~ shall not exceed
617		-	14 ~~180 monthly payments.~~
618		-	15 ~~(b) The EISA duration shall not exceed 240 months,~~
619		-	16 ~~excluding any months in which a consumer has requested and~~
620		-	17 ~~received a payment relief pause~~.
621		-	18 (~~110 ILCS 992/7-25 new)~~
622		-	19 ~~Sec. 7-25. Risk sharing.~~
623		-	20 ~~(a) An EISA provider may not contract~~ for ~~EISA terms that~~
624		-	21 ~~would result in~~ a ~~consumer having income that is less than or~~
625		-	22 ~~equal to 450%~~ ~~of the federal poverty guidelines for a single~~
626		-	23 ~~person for~~ the ~~EISA duration being required to make a stream~~ of
627		-	24 ~~EISA payments that would yield an effective APR greater than~~
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	638	+	1 calendar year in which the EISA is originated plus 6%,
	639	+	2 whichever is greater. If at any time the EISA provider accepts
	640	+	3 a payment of an amount that would cause the limit in this
	641	+	4 Section to apply, the EISA provider shall, within 20 calendar
	642	+	5 days, refund any amounts necessary to ensure that the
	643	+	6 consumer's payments do not result in an effective annual
	644	+	7 percentage rate that is greater than the limit specified in
	645	+	8 this Section.
	646	+	9 (110 ILCS 992/7-20 new)
	647	+	10 Sec. 7-20. Limits on duration of EISAs.
	648	+	11 (a) The EISA maximum number of payments shall not exceed
	649	+	12 180 monthly payments.
	650	+	13 (b) The EISA duration shall not exceed 240 months,
	651	+	14 excluding any months in which a consumer has requested and
	652	+	15 received a payment relief pause.
	653	+	16 (110 ILCS 992/7-25 new)
	654	+	17 Sec. 7-25. Risk sharing.
	655	+	18 (a) An EISA provider may not contract for EISA terms that
	656	+	19 would result in a consumer having income that is less than or
	657	+	20 equal to 450% of the federal poverty guidelines for a single
	658	+	21 person for the EISA duration being required to make a stream of
	659	+	22 EISA payments that would yield an effective APR greater than
	660	+	23 8.5%, or the high yield of the 10-year United States Constant
	661	+	24 Maturity Treasury Notes auctioned at the final auction held
628	662
629	663
630	664
631	665
632	666
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634	668
635	669
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637		-	SB1537 ~~Engrossed~~ - 19 - LRB104 08584 JDS 18636 b
638		-	1 ~~8.5%, or~~ the ~~high yield of the 10-~~year ~~United States Constant~~
639		-	2 ~~Maturity Treasury Notes auctioned at the final auction held~~
640		-	3 ~~before the current calendar year in which~~ an EISA ~~offering is~~
641		-	4 ~~made plus 4.5%, whichever is greater.~~
642		-	5 ~~(b) An~~ EISA ~~provider shall calculate the effective APR in~~
643		-	6 ~~subsection (a) by determining~~ the ~~federal poverty guidelines~~
644		-	7 at the ~~time the consumer's~~ EISA ~~is originated and assuming~~
645		-	8 ~~such amount is fixed through~~ the EISA duration.
646		-	9 ~~(c) For~~ the ~~purposes~~ of ~~determining EISA duration in this~~
647		-	10 ~~Section, an EISA provider shall assume the EISA duration~~
648		-	11 ~~started after~~ a ~~period equal to~~ the ~~expected length of the~~
649		-	12 ~~program for which a consumer is enrolling.~~
650		-	13 ~~(d) If there is a discrepancy between the~~ effective annual
651		-	14 percentage rate ~~as calculated in this Section and the maximum~~
652		-	15 ~~effective annual percentage rate as calculated~~ in Section
653		-	16 7-~~15, the lower effective annual percentage rate shall apply~~
654		-	17 ~~in this Section~~ 7-25.
655		-	18 ~~(110 ILCS 992/7-30 new)~~
656		-	19 ~~Sec~~. ~~7-30. Limits on covered income. An EISA must specify~~
657		-	20 the definition of ~~income to be used for the purposes of~~
658		-	21 ~~calculating a consumer's payment obligation under the EISA. No~~
659		-	22 ~~EISA shall include any~~ of the ~~following in its definition of~~
660		-	23 ~~income:~~
661		-	24 ~~(1)~~ the ~~income of the consumer's spouse,~~ ~~children, or~~
662		-	25 ~~dependents~~ or ~~a party to a civil union with the consumer~~
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	671	+	SB1537 - 19 - LRB104 08584 JDS 18636 b
	672	+	1 before the current calendar year in which an EISA offering is
	673	+	2 made plus 4.5%, whichever is greater.
	674	+	3 (b) An EISA provider shall calculate the effective APR in
	675	+	4 subsection (a) by determining the federal poverty guidelines
	676	+	5 at the time the consumer's EISA is originated and assuming
	677	+	6 such amount is fixed through the EISA duration.
	678	+	7 (c) For the purposes of determining EISA duration in this
	679	+	8 Section, an EISA provider shall assume the EISA duration
	680	+	9 started after a period equal to the expected length of the
	681	+	10 program for which a consumer is enrolling.
	682	+	11 (d) If there is a discrepancy between the effective annual
	683	+	12 percentage rate as calculated in this Section and the maximum
	684	+	13 effective annual percentage rate as calculated in Section
	685	+	14 7-15, the lower effective annual percentage rate shall apply
	686	+	15 in this Section 7-25.
	687	+	16 (110 ILCS 992/7-30 new)
	688	+	17 Sec. 7-30. Limits on covered income. An EISA must specify
	689	+	18 the definition of income to be used for the purposes of
	690	+	19 calculating a consumer's payment obligation under the EISA. No
	691	+	20 EISA shall include any of the following in its definition of
	692	+	21 income:
	693	+	22 (1) the income of the consumer's spouse, children, or
	694	+	23 dependents or a party to a civil union with the consumer
	695	+	24 under the Illinois Religious Freedom and Civil Union Act;
	696	+	25 or
663	697
664	698
665	699
666	700
667	701
668		-	SB1537 ~~Engrossed~~ - 19 - LRB104 08584 JDS 18636 b
	702	+	SB1537 - 19 - LRB104 08584 JDS 18636 b
669	703
670	704
671		-	SB1537 ~~Engrossed~~- 20 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 20 - LRB104 08584 JDS 18636 b
672		-	SB1537 ~~Engrossed~~ - 20 - LRB104 08584 JDS 18636 b
673		-	1 ~~under~~ the ~~Illinois Religious Freedom and Civil Union Act;~~
674		-	2 or
675		-	3 ~~(2) any amount paid by the consumer~~ under ~~Title II or~~
676		-	4 ~~XVI~~ of the Social Security Act, 42 U.S.C. ~~401~~ et seq~~. or 42~~
677		-	5 ~~U.S.C. 1381 et seq., or under a State program funded by~~
678		-	6 ~~Title IV of the Social Security Act, 42 U.S.C. 601 et seq~~;
679		-	7 (3) ~~individual retirement account distributions~~;
680		-	8 (4) ~~pensions and annuities;~~
681		-	9 ~~(5) social security benefits;~~
682		-	10 (6) ~~any sources of government aid provided to~~
683		-	11 ~~individuals, including,~~ ~~but not limited to:~~
684		-	12 (A) ~~unemployment programs~~;
685		-	13 (B) ~~disaster relief programs;~~
686		-	14 ~~(C) Medicare or Medicaid benefits~~;
687		-	15 (D) ~~benefits received through the Supplemental~~
688		-	16 ~~Nutrition Assistance Program;~~
689		-	17 ~~(E) economic impact payments~~;
690		-	18 (F) the ~~earned income tax credit or child tax~~
691		-	19 ~~credit;~~
692		-	20 ~~(G) other income excluded from the definition of~~
693		-	21 ~~taxable~~ income ~~set forth by the Internal Revenue~~
694		-	22 ~~Service;~~ or
695		-	23 ~~(H) passive income that is not derived as a result~~
696		-	24 ~~of a consumer's active participation in any trade or~~
697		-	25 ~~business~~.
	705	+	SB1537- 20 -LRB104 08584 JDS 18636 b SB1537 - 20 - LRB104 08584 JDS 18636 b
	706	+	SB1537 - 20 - LRB104 08584 JDS 18636 b
	707	+	1 (2) any amount paid by the consumer under Title II or
	708	+	2 XVI of the Social Security Act, 42 U.S.C. 401 et seq. or 42
	709	+	3 U.S.C. 1381 et seq., or under a State program funded by
	710	+	4 Title IV of the Social Security Act, 42 U.S.C. 601 et seq;
	711	+	5 (3) individual retirement account distributions;
	712	+	6 (4) pensions and annuities;
	713	+	7 (5) social security benefits;
	714	+	8 (6) any sources of government aid provided to
	715	+	9 individuals, including, but not limited to:
	716	+	10 (A) unemployment programs;
	717	+	11 (B) disaster relief programs;
	718	+	12 (C) Medicare or Medicaid benefits;
	719	+	13 (D) benefits received through the Supplemental
	720	+	14 Nutrition Assistance Program;
	721	+	15 (E) economic impact payments;
	722	+	16 (F) the earned income tax credit or child tax
	723	+	17 credit;
	724	+	18 (G) other income excluded from the definition of
	725	+	19 taxable income set forth by the Internal Revenue
	726	+	20 Service; or
	727	+	21 (H) passive income that is not derived as a result
	728	+	22 of a consumer's active participation in any trade or
	729	+	23 business.
	730	+	24 (110 ILCS 992/7-35 new)
	731	+	25 Sec. 7-35. Fees permitted. (a) In addition to the EISA
698	732
699	733
700	734
701	735
702	736
703		-	SB1537 ~~Engrossed~~ - 20 - LRB104 08584 JDS 18636 b
	737	+	SB1537 - 20 - LRB104 08584 JDS 18636 b
704	738
705	739
706		-	SB1537 ~~Engrossed~~- 21 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 21 - LRB104 08584 JDS 18636 b
707		-	SB1537 ~~Engrossed~~ - 21 - LRB104 08584 JDS 18636 b
708		-	1 ~~(110 ILCS 992/7-35 new)~~
709		-	2 ~~Sec. 7-35. Fees permitted. (a) In addition to~~ the ~~EISA~~
710		-	3 ~~obligation permitted by this Act, an EISA provider may~~
711		-	4 ~~contract~~ for ~~and receive the following additional charges:~~
712		-	5 ~~(1) government fees and taxes;~~
713		-	6 ~~(2) a fee,~~ ~~which shall not exceed~~ the ~~sum of $25, for a~~
714		-	7 ~~failure to provide documentation to~~ the ~~EISA provider for~~
715		-	8 ~~the confirmation and reconciliation of~~ the ~~consumer's~~
716		-	9 ~~income within 30 days after~~ the ~~date on which such~~
717		-	10 ~~documentation is due,~~ ~~as reflected in~~ the ~~written notice~~
718		-	11 to the ~~consumer;~~
719		-	12 ~~(3)~~ a ~~fee for processing any forms to confirm the~~
720		-	13 ~~consumer's income with~~ the ~~United States Internal Revenue~~
721		-	14 ~~Service or a state department of revenue or taxation on a~~
722		-	15 ~~dollar-for-dollar, pass-through~~ ~~basis~~ of ~~the expenses~~
723		-	16 ~~incurred by~~ the ~~EISA provider;~~
724		-	17 ~~(4) a~~ late payment fee ~~in the amount of $15 or 5% of~~
725		-	18 ~~the~~ late payment~~, whichever is less, for any payment that~~
726		-	19 ~~is more than 15 days past due;~~ ~~no late payment fee may be~~
727		-	20 ~~charged more than once per late payment;~~
728		-	21 ~~(5) an amount~~ not ~~exceeding $25, plus any actual~~
729		-	22 ~~expenses incurred in connection with a check~~ or ~~draft that~~
730		-	23 ~~is not honored because of insufficient or uncollected~~
731		-	24 ~~funds or because no such account exists;~~ ~~and~~
732		-	25 ~~(6) other fees authorized by~~ the ~~Secretary.~~
733		-	26 ~~In determining whether to authorize a charge, the~~
	740	+	SB1537- 21 -LRB104 08584 JDS 18636 b SB1537 - 21 - LRB104 08584 JDS 18636 b
	741	+	SB1537 - 21 - LRB104 08584 JDS 18636 b
	742	+	1 obligation permitted by this Act, an EISA provider may
	743	+	2 contract for and receive the following additional charges:
	744	+	3 (1) government fees and taxes;
	745	+	4 (2) a fee, which shall not exceed the sum of $25, for a
	746	+	5 failure to provide documentation to the EISA provider for
	747	+	6 the confirmation and reconciliation of the consumer's
	748	+	7 income within 30 days after the date on which such
	749	+	8 documentation is due, as reflected in the written notice
	750	+	9 to the consumer;
	751	+	10 (3) a fee for processing any forms to confirm the
	752	+	11 consumer's income with the United States Internal Revenue
	753	+	12 Service or a state department of revenue or taxation on a
	754	+	13 dollar-for-dollar, pass-through basis of the expenses
	755	+	14 incurred by the EISA provider;
	756	+	15 (4) a late payment fee in the amount of $15 or 5% of
	757	+	16 the late payment, whichever is less, for any payment that
	758	+	17 is more than 15 days past due; no late payment fee may be
	759	+	18 charged more than once per late payment;
	760	+	19 (5) an amount not exceeding $25, plus any actual
	761	+	20 expenses incurred in connection with a check or draft that
	762	+	21 is not honored because of insufficient or uncollected
	763	+	22 funds or because no such account exists; and
	764	+	23 (6) other fees authorized by the Secretary.
	765	+	24 In determining whether to authorize a charge, the
	766	+	25 Secretary shall consider whether the charge benefits the
	767	+	26 consumer and is reasonable.
734	768
735	769
736	770
737	771
738	772
739		-	SB1537 ~~Engrossed~~ - 21 - LRB104 08584 JDS 18636 b
	773	+	SB1537 - 21 - LRB104 08584 JDS 18636 b
740	774
741	775
742		-	SB1537 ~~Engrossed~~- 22 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 22 - LRB104 08584 JDS 18636 b
743		-	SB1537 ~~Engrossed~~ - 22 - LRB104 08584 JDS 18636 b
744		-	1 ~~Secretary shall consider whether the charge benefits the~~
745		-	2 ~~consumer and is reasonable.~~
746		-	3 ~~(b) Before~~ or ~~after default in payment~~ of ~~a scheduled~~
747		-	4 ~~payment of an EISA, the parties to~~ the EISA may ~~agree in~~
748		-	5 ~~writing to a~~ deferral ~~of all~~ or ~~part of one or more unpaid~~
749		-	6 ~~payments and~~ the ~~EISA provider may make, at the time of~~
750		-	7 ~~deferral and receive at~~ that ~~time or at any time thereafter, a~~
751		-	8 ~~deferral charge not exceeding an amount equal~~ to ~~5% of the~~
752		-	9 ~~missed payment,~~ ~~except that this subsection (b~~) ~~shall not~~
753		-	10 ~~apply to voluntary payment relief pauses~~.
754		-	11 ~~(110 ILCS 992/7-40 new)~~
755		-	12 ~~Sec~~. ~~7-40. Restriction on security interest. Under no~~
756		-	13 ~~circumstances shall an EISA provider take a security interest~~
757		-	14 ~~in any collateral in connection with an EISA~~.
758		-	15 (~~110 ILCS 992/7-41 new)~~
759		-	16 ~~Sec. 7-41. Refinancing.~~ ~~Before offering a person an EISA~~
760		-	17 ~~that is being used to refinance an existing loan, an EISA~~
761		-	18 ~~provider~~ shall ~~provide~~ the ~~person with a disclosure explaining~~
762		-	19 ~~that~~ the ~~benefits and protections applicable to the existing~~
763		-	20 ~~loan may be lost due to the refinancing. The disclosure must be~~
764		-	21 ~~provided~~ on ~~a one-page~~ ~~information sheet in at least 12-point~~
765		-	22 ~~type and must be written~~ in ~~simple, clear,~~ ~~understandable, and~~
766		-	23 ~~easily readable language~~.
	776	+	SB1537- 22 -LRB104 08584 JDS 18636 b SB1537 - 22 - LRB104 08584 JDS 18636 b
	777	+	SB1537 - 22 - LRB104 08584 JDS 18636 b
	778	+	1 (b) Before or after default in payment of a scheduled
	779	+	2 payment of an EISA, the parties to the EISA may agree in
	780	+	3 writing to a deferral of all or part of one or more unpaid
	781	+	4 payments and the EISA provider may make, at the time of
	782	+	5 deferral and receive at that time or at any time thereafter, a
	783	+	6 deferral charge not exceeding an amount equal to 5% of the
	784	+	7 missed payment, except that this paragraph (7) shall not apply
	785	+	8 to voluntary payment relief pauses.
	786	+	9 (110 ILCS 992/7-40 new)
	787	+	10 Sec. 7-40. Restriction on security interest. Under no
	788	+	11 circumstances shall an EISA provider take a security interest
	789	+	12 in any collateral in connection with an EISA.
	790	+	13 (110 ILCS 992/7-45 new)
	791	+	14 Sec. 7-45. Discharge of obligations.
	792	+	15 (a) All obligations under an EISA shall terminate if the
	793	+	16 consumer is deemed totally and permanently disabled by the
	794	+	17 applicable governmental agency.
	795	+	18 (b) All obligations under an EISA shall terminate upon the
	796	+	19 death of the consumer.
	797	+	20 (110 ILCS 992/7-50 new)
	798	+	21 Sec. 7-50. Prohibition on cosigners. No EISA shall include
	799	+	22 or permit the use of a cosigner in connection with any
	800	+	23 obligation related to an EISA.
767	801
768	802
769	803
770	804
771	805
772		-	SB1537 ~~Engrossed~~ - 22 - LRB104 08584 JDS 18636 b
	806	+	SB1537 - 22 - LRB104 08584 JDS 18636 b
773	807
774	808
775		-	SB1537 ~~Engrossed~~- 23 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 23 - LRB104 08584 JDS 18636 b
776		-	SB1537 ~~Engrossed~~ - 23 - LRB104 08584 JDS 18636 b
777		-	1 (110 ILCS 992/7-45 new)
778		-	2 Sec. 7-45. ~~Discharge of obligations~~.
779		-	3 (a) ~~All obligations under an EISA~~ shall ~~terminate if the~~
780		-	4 ~~consumer is deemed totally and permanently disabled by the~~
781		-	5 ~~applicable governmental agency.~~
782		-	6 ~~(b) All obligations under~~ an EISA ~~shall terminate upon the~~
783		-	7 ~~death of~~ the ~~consumer.~~
784		-	8 ~~(c)~~ The ~~requirements for total and permanent disability of~~
785		-	9 ~~a borrower~~ or ~~cosigner in subsections (b) through (e) of~~
786		-	10 ~~Section 5-85~~ ~~that apply to borrowers apply to~~ this Section.
787		-	11 ~~(110 ILCS 992/7-50 new)~~
788		-	12 ~~Sec. 7-50. Prohibition on cosigners.~~ ~~No EISA shall include~~
789		-	13 ~~or permit~~ the ~~use of a cosigner in connection with any~~
790		-	14 ~~obligation related to an EISA~~.
791		-	15 (~~110 ILCS 992/7-55 new~~)
792		-	16 ~~Sec. 7-55. Limitation on acceleration.~~
793		-	17 ~~(a)~~ EISA ~~providers shall not attempt to accelerate or~~
794		-	18 ~~otherwise liquidate a future payment stream under an~~ EISA.
795		-	19 ~~(b) Notwithstanding subsection (a), nothing in this~~
796		-	20 ~~Section shall prevent an EISA provider from collecting~~ or
797		-	21 ~~pursuing any other remedy available~~ to the ~~EISA provider for~~
798		-	22 ~~the collection of amounts that were due from the consumer~~
799		-	23 ~~under an EISA that were~~ not ~~paid or properly remitted to the~~
800		-	24 ~~EISA provider.~~ ~~Nothing in this Section shall prevent an EISA~~
	809	+	SB1537- 23 -LRB104 08584 JDS 18636 b SB1537 - 23 - LRB104 08584 JDS 18636 b
	810	+	SB1537 - 23 - LRB104 08584 JDS 18636 b
	811	+	1 (110 ILCS 992/7-55 new)
	812	+	2 Sec. 7-55. Limitation on acceleration.
	813	+	3 (a) EISA providers shall not attempt to accelerate or
	814	+	4 otherwise liquidate a future payment stream under an EISA.
	815	+	5 (b) Notwithstanding subsection (a), nothing in this
	816	+	6 Section shall prevent an EISA provider from collecting or
	817	+	7 pursuing any other remedy available to the EISA provider for
	818	+	8 the collection of amounts that were due from the consumer
	819	+	9 under an EISA that were not paid or properly remitted to the
	820	+	10 EISA provider. Nothing in this Section shall prevent an EISA
	821	+	11 provider from calculating a projected future income for a
	822	+	12 consumer and calculating a consumer's payment obligation using
	823	+	13 that projection if the consumer does not provide contractually
	824	+	14 obligated documentation of income.
	825	+	15 (c) Notwithstanding subsection (a), an EISA may contain a
	826	+	16 provision that allows a consumer to terminate the consumer's
	827	+	17 EISA before the events terminating further obligations under
	828	+	18 the EISA. The early termination mechanisms, such as total caps
	829	+	19 on payments due to the EISA provider or other rights to
	830	+	20 partially or fully terminate further obligations under the
	831	+	21 EISA, must be optional to the consumer and within the
	832	+	22 consumer's control. In such circumstances, such mechanisms
	833	+	23 shall not be deemed a form of acceleration.
	834	+	24 (110 ILCS 992/7-60 new)
801	835
802	836
803	837
804	838
805	839
806		-	SB1537 ~~Engrossed~~ - 23 - LRB104 08584 JDS 18636 b
	840	+	SB1537 - 23 - LRB104 08584 JDS 18636 b
807	841
808	842
809		-	SB1537 Engrossed- 24 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 24 - LRB104 08584 JDS 18636 b
810		-	SB1537 Engrossed - 24 - LRB104 08584 JDS 18636 b
811		-	1 provider from calculating a projected future income for a
812		-	2 consumer and calculating a consumer's payment obligation using
813		-	3 that projection if the consumer does not provide contractually
814		-	4 obligated documentation of income.
815		-	5 (c) Notwithstanding subsection (a), an EISA may contain a
816		-	6 provision that allows a consumer to terminate the consumer's
817		-	7 EISA before the events terminating further obligations under
818		-	8 the EISA. The early termination mechanisms, such as total caps
819		-	9 on payments due to the EISA provider or other rights to
820		-	10 partially or fully terminate further obligations under the
821		-	11 EISA, must be optional to the consumer and within the
822		-	12 consumer's control. In such circumstances, such mechanisms
823		-	13 shall not be deemed a form of acceleration.
824		-	14 (110 ILCS 992/7-60 new)
825		-	15 Sec. 7-60. No assignment of wages.
826		-	16 (a) An EISA provider may not take an assignment of
827		-	17 earnings or wages of the consumer for payment or as security
828		-	18 for payment of a debt arising out of an EISA. An assignment of
829		-	19 earnings in violation of this Section is unenforceable by the
830		-	20 assignee of the earnings and revocable by the consumer. This
831		-	21 Section does not limit the ability of the consumer to
832		-	22 voluntarily elect to use a revocable payroll deduction
833		-	23 mechanism, such as one offered by an employer or payroll
834		-	24 provider, provided that the consumer is not assigning the
835		-	25 consumer's earnings or wages.
	843	+	SB1537- 24 -LRB104 08584 JDS 18636 b SB1537 - 24 - LRB104 08584 JDS 18636 b
	844	+	SB1537 - 24 - LRB104 08584 JDS 18636 b
	845	+	1 Sec. 7-60. No assignment of wages.
	846	+	2 (a) An EISA provider may not take an assignment of
	847	+	3 earnings or wages of the consumer for payment or as security
	848	+	4 for payment of a debt arising out of an EISA. An assignment of
	849	+	5 earnings in violation of this Section is unenforceable by the
	850	+	6 assignee of the earnings and revocable by the consumer. This
	851	+	7 Section does not limit the ability of the consumer to
	852	+	8 voluntarily elect to use a revocable payroll deduction
	853	+	9 mechanism, such as one offered by an employer or payroll
	854	+	10 provider, provided that the consumer is not assigning the
	855	+	11 consumer's earnings or wages.
	856	+	12 (b) A sale of unpaid earnings made in consideration of the
	857	+	13 payment of money to or for the account of the seller of the
	858	+	14 earnings is deemed to be a loan to the seller secured by an
	859	+	15 assignment of earnings.
	860	+	16 (110 ILCS 992/7-65 new)
	861	+	17 Sec. 7-65. Limitations on garnishment. Before entry of
	862	+	18 judgment in an action against a consumer for a payment arising
	863	+	19 from an EISA, a licensee may not attach unpaid earnings of the
	864	+	20 consumer by garnishment or like proceedings.
	865	+	21 (110 ILCS 992/7-70 new)
	866	+	22 Sec. 7-70. Use of multiple agreements. An EISA provider
	867	+	23 shall not use multiple agreements with respect to a single
	868	+	24 EISA with intent to violate any limitations of this Act.
836	869
837	870
838	871
839	872
840	873
841		-	SB1537 ~~Engrossed~~ - 24 - LRB104 08584 JDS 18636 b
	874	+	SB1537 - 24 - LRB104 08584 JDS 18636 b
842	875
843	876
844		-	SB1537 Engrossed- 25 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 25 - LRB104 08584 JDS 18636 b
845		-	SB1537 Engrossed - 25 - LRB104 08584 JDS 18636 b
846		-	1 (b) A sale of unpaid earnings made in consideration of the
847		-	2 payment of money to or for the account of the seller of the
848		-	3 earnings is deemed to be a loan to the seller secured by an
849		-	4 assignment of earnings.
850		-	5 (110 ILCS 992/7-65 new)
851		-	6 Sec. 7-65. Limitations on garnishment. Before entry of
852		-	7 judgment in an action against a consumer for a payment arising
853		-	8 from an EISA, a licensee may not attach unpaid earnings of the
854		-	9 consumer by garnishment or like proceedings.
855		-	10 (110 ILCS 992/7-70 new)
856		-	11 Sec. 7-70. Use of multiple agreements. An EISA provider
857		-	12 shall not use multiple agreements with respect to a single
858		-	13 EISA with intent to violate any limitations of this Act.
859		-	14 (110 ILCS 992/7-75 new)
860		-	15 Sec. 7-75. Required disclosures.
861		-	16 (a) An EISA provider shall disclose the following
862		-	17 information to each consumer, clearly and conspicuously, in a
863		-	18 form that the consumer can keep at the time the transaction is
864		-	19 consummated:
865		-	20 (1) the date of the EISA;
866		-	21 (2) the dollar amount of the amount financed;
867		-	22 (3) the sales price of the transaction if different
868		-	23 from the amount financed;
	877	+	SB1537- 25 -LRB104 08584 JDS 18636 b SB1537 - 25 - LRB104 08584 JDS 18636 b
	878	+	SB1537 - 25 - LRB104 08584 JDS 18636 b
	879	+	1 (110 ILCS 992/7-75 new)
	880	+	2 Sec. 7-75. Required disclosures.
	881	+	3 (a) An EISA provider shall disclose the following
	882	+	4 information to each consumer, clearly and conspicuously, in a
	883	+	5 form that the consumer can keep at the time the transaction is
	884	+	6 consummated:
	885	+	7 (1) the date of the EISA;
	886	+	8 (2) the dollar amount of the amount financed;
	887	+	9 (3) the sales price of the transaction if different
	888	+	10 from the amount financed;
	889	+	11 (4) the EISA payment calculation method, including any
	890	+	12 percentages used in the EISA payment calculation method,
	891	+	13 which shall be rounded to the nearest one-hundredth of 1%
	892	+	14 if the percentage is not a whole number;
	893	+	15 (5) the maximum number of payments expressed as a
	894	+	16 whole number;
	895	+	17 (6) the maximum duration expressed as a whole number
	896	+	18 of the period of time;
	897	+	19 (7) the income threshold expressed as a dollar amount
	898	+	20 and a statement that payments will only be required during
	899	+	21 periods when the consumer's income is equal to or exceeds
	900	+	22 the income threshold;
	901	+	23 (8) an itemization of the amount financed and, if the
	902	+	24 EISA provider is a seller of goods or services, an
	903	+	25 itemization of the amount of any down payment and any
869	904
870	905
871	906
872	907
873	908
874		-	SB1537 ~~Engrossed~~ - 25 - LRB104 08584 JDS 18636 b
	909	+	SB1537 - 25 - LRB104 08584 JDS 18636 b
875	910
876	911
877		-	SB1537 ~~Engrossed~~- 26 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 26 - LRB104 08584 JDS 18636 b
878		-	SB1537 ~~Engrossed~~ - 26 - LRB104 08584 JDS 18636 b
879		-	1 ~~(4) the EISA payment calculation method, including any~~
880		-	2 ~~percentages~~ used in the ~~EISA payment calculation method,~~
881		-	3 ~~which shall be rounded to~~ the ~~nearest one-hundredth~~ ~~of 1%~~
882		-	4 if the ~~percentage is not a whole number~~;
883		-	5 (5) the ~~maximum number of payments expressed as a~~
884		-	6 ~~whole number;~~
885		-	7 ~~(6)~~ the ~~maximum~~ duration ~~expressed as a whole number~~
886		-	8 of the ~~period of time;~~
887		-	9 ~~(7)~~ the ~~income threshold expressed as a dollar amount~~
888		-	10 ~~and~~ a ~~statement that payments will only~~ be ~~required during~~
889		-	11 ~~periods when the consumer's income is equal to or exceeds~~
890		-	12 ~~the income threshold;~~
891		-	13 ~~(8) an itemization of~~ the ~~amount financed and, if the~~
892		-	14 ~~EISA provider is~~ a ~~seller~~ of ~~goods or services,~~ an
893		-	15 ~~itemization~~ of ~~the amount of any down payment~~ and ~~any~~
894		-	16 ~~additional fees or costs;~~
895		-	17 ~~(9)~~ the ~~definition of "income" to be used for~~ the
896		-	18 ~~purposes of calculating~~ the consumer's ~~obligations under~~
897		-	19 the ~~EISA;~~
898		-	20 (10) a description of the ~~terms under which the~~
899		-	21 ~~obligations~~ of the ~~consumer under the EISA will be~~
900		-	22 ~~extinguished before~~ the ~~full EISA duration;~~
901		-	23 ~~(11) a payment schedule that shows~~ the ~~date on~~ which
902		-	24 the ~~first payment will be due and reflects each date~~
903		-	25 ~~thereafter during the EISA duration that a payment may be~~
904		-	26 ~~due;~~
	912	+	SB1537- 26 -LRB104 08584 JDS 18636 b SB1537 - 26 - LRB104 08584 JDS 18636 b
	913	+	SB1537 - 26 - LRB104 08584 JDS 18636 b
	914	+	1 additional fees or costs;
	915	+	2 (9) the definition of "income" to be used for the
	916	+	3 purposes of calculating the consumer's obligations under
	917	+	4 the EISA;
	918	+	5 (10) a description of the terms under which the
	919	+	6 obligations of the consumer under the EISA will be
	920	+	7 extinguished before the full EISA duration;
	921	+	8 (11) a payment schedule that shows the date on which
	922	+	9 the first payment will be due and reflects each date
	923	+	10 thereafter during the EISA duration that a payment may be
	924	+	11 due;
	925	+	12 (12) an itemization of any permissible fees associated
	926	+	13 with the EISA;
	927	+	14 (13) a description of the methods used by the EISA
	928	+	15 provider to engage in a process of reconciliation and
	929	+	16 verification to determine if the consumer's payments are
	930	+	17 more than, equal to, or less than the payments owed by the
	931	+	18 consumer under the consumer's EISA; this description shall
	932	+	19 include the following:
	933	+	20 (i) a description of the frequency or triggers for
	934	+	21 the commencement of the income verification process;
	935	+	22 (ii) a description of the requirements and timing
	936	+	23 of the process in which the consumer must participate
	937	+	24 in order for the EISA provider to verify the
	938	+	25 consumer's income; and
	939	+	26 (iii) a description of any records or forms,
905	940
906	941
907	942
908	943
909	944
910		-	SB1537 ~~Engrossed~~ - 26 - LRB104 08584 JDS 18636 b
	945	+	SB1537 - 26 - LRB104 08584 JDS 18636 b
911	946
912	947
913		-	SB1537 ~~Engrossed~~- 27 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 27 - LRB104 08584 JDS 18636 b
914		-	SB1537 ~~Engrossed~~ - 27 - LRB104 08584 JDS 18636 b
915		-	1 ~~(12) an itemization of any permissible fees associated~~
916		-	2 ~~with the EISA;~~
917		-	3 (13) ~~a description~~ of the ~~methods used by the EISA~~
918		-	4 ~~provider to engage in~~ a ~~process~~ of ~~reconciliation and~~
919		-	5 ~~verification to determine if~~ the ~~consumer's~~ payments ~~are~~
920		-	6 ~~more than~~, ~~equal to, or less than~~ the payments ~~owed by the~~
921		-	7 consumer under the ~~consumer's EISA;~~ ~~this description shall~~
922		-	8 ~~include~~ the ~~following:~~
923		-	9 ~~(i)~~ a ~~description of the frequency or triggers for~~
924		-	10 ~~the commencement of~~ the ~~income verification process;~~
925		-	11 ~~(ii) a description of the requirements and timing~~
926		-	12 of the ~~process in which the consumer must participate~~
927		-	13 ~~in order for~~ the ~~EISA provider to verify the~~
928		-	14 ~~consumer's income;~~ ~~and~~
929		-	15 ~~(iii) a description of any records or forms,~~
930		-	16 ~~including tax records,~~ ~~that~~ the ~~consumer may be~~
931		-	17 ~~required~~ to ~~execute or submit;~~
932		-	18 ~~(14)~~ the ~~name and address of~~ the EISA provider;
933		-	19 ~~(15) a table~~ that ~~displays~~ the ~~dollar amounts of each~~
934		-	20 ~~payment,~~ the ~~number of payments,~~ ~~the effective annual~~
935		-	21 ~~percentage rate,~~ and ~~the total of all payments~~ that a
936		-	22 ~~consumer~~ would ~~be required to pay under~~ the EISA ~~at a range~~
937		-	23 ~~of annual~~ income ~~levels based on the EISA duration and~~
938		-	24 ~~that includes a statement that "This~~ ~~comparison table is~~
939		-	25 ~~for illustrative purposes only and may not reflect the~~
940		-	26 ~~amounts that you are likely~~ to ~~pay under this educational~~
	948	+	SB1537- 27 -LRB104 08584 JDS 18636 b SB1537 - 27 - LRB104 08584 JDS 18636 b
	949	+	SB1537 - 27 - LRB104 08584 JDS 18636 b
	950	+	1 including tax records, that the consumer may be
	951	+	2 required to execute or submit.
	952	+	3 (14) the name and address of the EISA provider;
	953	+	4 (15) a table that displays the dollar amounts of each
	954	+	5 payment, the number of payments, the effective annual
	955	+	6 percentage rate, and the total of all payments that a
	956	+	7 consumer would be required to pay under the EISA at a range
	957	+	8 of annual income levels based on the EISA duration and
	958	+	9 that includes a statement that "This comparison table is
	959	+	10 for illustrative purposes only and may not reflect the
	960	+	11 amounts that you are likely to pay under this educational
	961	+	12 income share agreement. This table assumes you have the
	962	+	13 same income over the entire term of your educational
	963	+	14 income share agreement. It does not take into account
	964	+	15 changes in income. Your income will likely change over
	965	+	16 time. This table does not represent the income or range of
	966	+	17 incomes that you are likely to earn in the future.". In
	967	+	18 computing the APR, the EISA provider shall use the amount
	968	+	19 financed and may assume that the EISA will be disbursed in
	969	+	20 the amount and with the disbursement schedule that it
	970	+	21 reasonably expects to follow for such EISA and that
	971	+	22 payments would commence on the date set forth in the EISA.
	972	+	23 The income used in this disclosure shall include, at
	973	+	24 minimum, the obligations at the following incomes:
	974	+	25 (i) no income;
	975	+	26 (ii) income equal to the annual equivalent of the
941	976
942	977
943	978
944	979
945	980
946		-	SB1537 ~~Engrossed~~ - 27 - LRB104 08584 JDS 18636 b
	981	+	SB1537 - 27 - LRB104 08584 JDS 18636 b
947	982
948	983
949		-	SB1537 ~~Engrossed~~- 28 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 28 - LRB104 08584 JDS 18636 b
950		-	SB1537 ~~Engrossed~~ - 28 - LRB104 08584 JDS 18636 b
951		-	1 income ~~share agreement. This table assumes you have the~~
952		-	2 ~~same~~ income ~~over the entire term of your educational~~
953		-	3 ~~income share agreement.~~ ~~It does not take into account~~
954		-	4 ~~changes in income.~~ ~~Your income will likely change over~~
955		-	5 ~~time. This table does not represent the income or range of~~
956		-	6 ~~incomes that you are likely to earn in~~ the ~~future.". In~~
957		-	7 ~~computing the APR, the EISA provider shall use the amount~~
958		-	8 ~~financed and may assume~~ that the EISA ~~will be disbursed in~~
959		-	9 the amount ~~and with~~ the ~~disbursement schedule that it~~
960		-	10 ~~reasonably expects~~ to ~~follow for such~~ EISA ~~and that~~
961		-	11 ~~payments would commence on~~ the ~~date set forth in the EISA.~~
962		-	12 The ~~income used in this disclosure shall include, at~~
963		-	13 ~~minimum,~~ the ~~obligations at the following incomes:~~
964		-	14 ~~(i) no~~ income;
965		-	15 (ii) ~~income equal~~ to the ~~annual equivalent of the~~
966		-	16 ~~income threshold;~~
967		-	17 (~~iii~~) ~~various income scenarios with at least~~
968		-	18 ~~calculations at annual incomes of $40,000, $60,000,~~
969		-	19 ~~$80,000, $100,000, $125,000, $150,000, $175,000, and~~
970		-	20 ~~$200,000;~~ and
971		-	21 (iv) ~~if known~~ by ~~the EISA provider,~~ ~~the consumer's~~
972		-	22 ~~current income;~~
973		-	23 ~~(16) a statement that~~ the ~~EISA is not a fixed payment~~
974		-	24 ~~installment loan~~ and ~~that the amount the consumer will be~~
975		-	25 ~~required to pay under the EISA:~~
976		-	26 ~~(i) may be more or less than the amount financed by~~
	984	+	SB1537- 28 -LRB104 08584 JDS 18636 b SB1537 - 28 - LRB104 08584 JDS 18636 b
	985	+	SB1537 - 28 - LRB104 08584 JDS 18636 b
	986	+	1 income threshold;
	987	+	2 (iii) various income scenarios with at least
	988	+	3 calculations at annual incomes of $40,000, $60,000,
	989	+	4 $80,000, $100,000, $125,000, $150,000, $175,000, and
	990	+	5 $200,000; and
	991	+	6 (iv) if known by the EISA provider, the consumer's
	992	+	7 current income;
	993	+	8 (16) a statement that the EISA is not a fixed payment
	994	+	9 installment loan and that the amount the consumer will be
	995	+	10 required to pay under the EISA:
	996	+	11 (i) may be more or less than the amount financed by
	997	+	12 the EISA provider; and
	998	+	13 (ii) will vary in proportion with the consumer's
	999	+	14 income; and
	1000	+	15 (17) a statement relating to the bankruptcy treatment
	1001	+	16 of the EISA consistent with the requirements set forth in
	1002	+	17 12 CFR 1026.47(a)(3)(iv), as it may be amended or
	1003	+	18 interpreted.
	1004	+	19 (b) The disclosures required by this Section shall be
	1005	+	20 grouped together and segregated from all other information.
	1006	+	21 (c) The disclosures required by this Section may be
	1007	+	22 provided to a consumer in electronic form, subject to
	1008	+	23 compliance with the consumer's consent and other applicable
	1009	+	24 provisions of the Electronic Signatures in Global and National
	1010	+	25 Commerce Act, 15 U.S.C. 7001 et seq., and applicable State
	1011	+	26 law.
977	1012
978	1013
979	1014
980	1015
981	1016
982		-	SB1537 ~~Engrossed~~ - 28 - LRB104 08584 JDS 18636 b
	1017	+	SB1537 - 28 - LRB104 08584 JDS 18636 b
983	1018
984	1019
985		-	SB1537 Engrossed- 29 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 29 - LRB104 08584 JDS 18636 b
986		-	SB1537 Engrossed - 29 - LRB104 08584 JDS 18636 b
987		-	1 the EISA provider; and
988		-	2 (ii) will vary in proportion with the consumer's
989		-	3 income; and
990		-	4 (17) a statement relating to the bankruptcy treatment
991		-	5 of the EISA consistent with the requirements set forth in
992		-	6 12 CFR 1026.47(a)(3)(iv), as it may be amended or
993		-	7 interpreted.
994		-	8 (b) The disclosures required by this Section shall be
995		-	9 grouped together and segregated from all other information.
996		-	10 (c) The disclosures required by this Section may be
997		-	11 provided to a consumer in electronic form, subject to
998		-	12 compliance with the consumer's consent and other applicable
999		-	13 provisions of the Electronic Signatures in Global and National
1000		-	14 Commerce Act, 15 U.S.C. 7001 et seq., and applicable State
1001		-	15 law.
1002		-	16 (d) If model documents are established pursuant to any
1003		-	17 federal law covering income share agreements, compliance with
1004		-	18 those forms shall be considered compliance with this Act with
1005		-	19 respect to the disclosure requirements contained in this Act.
1006		-	20 (110 ILCS 992/7-80 new)
1007		-	21 Sec. 7-80. Early completion. An EISA shall specify the
1008		-	22 terms and conditions by which the consumer may extinguish the
1009		-	23 consumer's obligations under the EISA before the end of the
1010		-	24 EISA's duration. An EISA must not include a prepayment penalty
1011		-	25 that violates the prohibition found in 15 U.S.C. 1650(e), as
	1020	+	SB1537- 29 -LRB104 08584 JDS 18636 b SB1537 - 29 - LRB104 08584 JDS 18636 b
	1021	+	SB1537 - 29 - LRB104 08584 JDS 18636 b
	1022	+	1 (d) If model documents are established pursuant to any
	1023	+	2 federal law covering income share agreements, compliance with
	1024	+	3 those forms shall be considered compliance with this Act with
	1025	+	4 respect to the disclosure requirements contained in this Act.
	1026	+	5 (110 ILCS 992/7-80 new)
	1027	+	6 Sec. 7-80. Early completion. An EISA shall specify the
	1028	+	7 terms and conditions by which the consumer may extinguish the
	1029	+	8 consumer's obligations under the EISA before the end of the
	1030	+	9 EISA's duration. An EISA must not include a prepayment penalty
	1031	+	10 that violates the prohibition found in 15 U.S.C. 1650(e), as
	1032	+	11 it may be amended or interpreted. A consumer may always cancel
	1033	+	12 an EISA by making aggregate payments, excluding payments to
	1034	+	13 fees, equal to the EISA payment cap. The consumer is entitled
	1035	+	14 to this early completion regardless of whether the consumer
	1036	+	15 makes this early completion payment by making regularly
	1037	+	16 scheduled payments or by making a single lump-sum payment in
	1038	+	17 the amount of the early completion payment.
	1039	+	18 This Section shall create an early completion mechanism
	1040	+	19 for EISAs that is in lieu of other State laws regarding
	1041	+	20 prepayment penalties.
	1042	+	21 (110 ILCS 992/7-85 new)
	1043	+	22 Sec. 7-85. Assumption of increase in future income.
	1044	+	23 (a) If a consumer fails to provide income documentation as
	1045	+	24 reasonably required by an EISA, an EISA provider may assign an
1012	1046
1013	1047
1014	1048
1015	1049
1016	1050
1017		-	SB1537 ~~Engrossed~~ - 29 - LRB104 08584 JDS 18636 b
	1051	+	SB1537 - 29 - LRB104 08584 JDS 18636 b
1018	1052
1019	1053
1020		-	SB1537 Engrossed- 30 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 30 - LRB104 08584 JDS 18636 b
1021		-	SB1537 Engrossed - 30 - LRB104 08584 JDS 18636 b
1022		-	1 it may be amended or interpreted. A consumer may always cancel
1023		-	2 an EISA by making aggregate payments, excluding payments to
1024		-	3 fees, equal to the EISA payment cap. The consumer is entitled
1025		-	4 to this early completion regardless of whether the consumer
1026		-	5 makes this early completion payment by making regularly
1027		-	6 scheduled payments or by making a single lump-sum payment in
1028		-	7 the amount of the early completion payment.
1029		-	8 This Section shall create an early completion mechanism
1030		-	9 for EISAs that is in lieu of other State laws regarding
1031		-	10 prepayment penalties.
1032		-	11 (110 ILCS 992/7-85 new)
1033		-	12 Sec. 7-85. Assumption of increase in future income.
1034		-	13 (a) If a consumer fails to provide income documentation as
1035		-	14 reasonably required by an EISA, an EISA provider may assign an
1036		-	15 amount of income to the consumer and compute the consumer's
1037		-	16 monthly payment amount by any of the following methods, to the
1038		-	17 extent disclosed in the EISA:
1039		-	18 (1) assigning an income amount obtained from a
1040		-	19 reasonably reliable third party or a credit reporting
1041		-	20 agency;
1042		-	21 (2) if the consumer previously provided income
1043		-	22 documentation or has had an income assigned in the prior
1044		-	23 12-month period that has increased by an amount not to
1045		-	24 exceed 10%, but such increase may not be applied more than
1046		-	25 once per 12-month period;
	1054	+	SB1537- 30 -LRB104 08584 JDS 18636 b SB1537 - 30 - LRB104 08584 JDS 18636 b
	1055	+	SB1537 - 30 - LRB104 08584 JDS 18636 b
	1056	+	1 amount of income to the consumer and compute the consumer's
	1057	+	2 monthly payment amount by any of the following methods, to the
	1058	+	3 extent disclosed in the EISA:
	1059	+	4 (1) assigning an income amount obtained from a
	1060	+	5 reasonably reliable third party or a credit reporting
	1061	+	6 agency;
	1062	+	7 (2) if the consumer previously provided income
	1063	+	8 documentation or has had an income assigned in the prior
	1064	+	9 12-month period that has increased by an amount not to
	1065	+	10 exceed 10%, but such increase may not be applied more than
	1066	+	11 once per 12-month period;
	1067	+	12 (3) contacting the Department of Revenue or the
	1068	+	13 Internal Revenue Service to obtain the most recent
	1069	+	14 information available about the student's income; or
	1070	+	15 (4) assigning a reasonable qualified income based on
	1071	+	16 the incomes of the nearest reasonably relevant quantile of
	1072	+	17 income of consumers who attended the same or a reasonably
	1073	+	18 comparable covered educational program or course of study,
	1074	+	19 as determined by information published by the Bureau of
	1075	+	20 Labor Statistics or other reasonably reliable publicly
	1076	+	21 available data sources.
	1077	+	22 (b) If an EISA provider assigns an income to a consumer's
	1078	+	23 EISA, then it shall notify the consumer in the monthly billing
	1079	+	24 statement, and in each billing statement thereafter while the
	1080	+	25 assigned income remains applicable to the consumer's EISA,
	1081	+	26 that income has been assigned and of the consumer's rights
1047	1082
1048	1083
1049	1084
1050	1085
1051	1086
1052		-	SB1537 ~~Engrossed~~ - 30 - LRB104 08584 JDS 18636 b
	1087	+	SB1537 - 30 - LRB104 08584 JDS 18636 b
1053	1088
1054	1089
1055		-	SB1537 Engrossed- 31 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 31 - LRB104 08584 JDS 18636 b
1056		-	SB1537 Engrossed - 31 - LRB104 08584 JDS 18636 b
1057		-	1 (3) contacting the Department of Revenue or the
1058		-	2 Internal Revenue Service to obtain the most recent
1059		-	3 information available about the student's income; or
1060		-	4 (4) assigning a reasonable qualified income based on
1061		-	5 the incomes of the nearest reasonably relevant quantile of
1062		-	6 income of consumers who attended the same or a reasonably
1063		-	7 comparable covered educational program or course of study,
1064		-	8 as determined by information published by the Bureau of
1065		-	9 Labor Statistics or other reasonably reliable publicly
1066		-	10 available data sources.
1067		-	11 (b) If an EISA provider assigns an income to a consumer's
1068		-	12 EISA, then it shall notify the consumer in the monthly billing
1069		-	13 statement, and in each billing statement thereafter while the
1070		-	14 assigned income remains applicable to the consumer's EISA,
1071		-	15 that income has been assigned and of the consumer's rights
1072		-	16 under this Section.
1073		-	17 (c) If the consumer does provide income information as
1074		-	18 reasonably required by the EISA within one year of the date on
1075		-	19 which the EISA provider notified the consumer that assigned
1076		-	20 income will be applied to the EISA, then, within 15 days after
1077		-	21 the EISA provider's receipt of such information, the EISA
1078		-	22 provider shall update each prior instance in which assigned
1079		-	23 income was applied using the income information provided by
1080		-	24 the consumer; if the consumer provides income information more
1081		-	25 than one year after the EISA provider first assigned income to
1082		-	26 the consumer's EISA, then the EISA provider may, but is not
	1090	+	SB1537- 31 -LRB104 08584 JDS 18636 b SB1537 - 31 - LRB104 08584 JDS 18636 b
	1091	+	SB1537 - 31 - LRB104 08584 JDS 18636 b
	1092	+	1 under this Section.
	1093	+	2 (c) If the consumer does provide income information as
	1094	+	3 reasonably required by the EISA within one year of the date on
	1095	+	4 which the EISA provider notified the consumer that assigned
	1096	+	5 income will be applied to the EISA, then, within 15 days after
	1097	+	6 the EISA provider's receipt of such information, the EISA
	1098	+	7 provider shall update each prior instance in which assigned
	1099	+	8 income was applied using the income information provided by
	1100	+	9 the consumer; if the consumer provides income information more
	1101	+	10 than one year after the EISA provider first assigned income to
	1102	+	11 the consumer's EISA, then the EISA provider may, but is not
	1103	+	12 obligated to, update each prior instance in which assigned
	1104	+	13 income was applied using the income information provided by
	1105	+	14 the consumer.
	1106	+	15 (d) An EISA provider that assigns income to an EISA shall
	1107	+	16 retain all applicable records relating to the method and data
	1108	+	17 sources used to make such estimation for 3 years after the end
	1109	+	18 of that EISA.
	1110	+	19 (110 ILCS 992/7-90 new)
	1111	+	20 Sec. 7-90. Receipts; statements of account; evidence of
	1112	+	21 payment.
	1113	+	22 (a) The EISA provider shall deliver or mail to the
	1114	+	23 consumer, without request, a written receipt for each payment
	1115	+	24 made pursuant to an EISA. A periodic statement showing a
	1116	+	25 payment received by mail complies with this subsection (a).
1083	1117
1084	1118
1085	1119
1086	1120
1087	1121
1088		-	SB1537 ~~Engrossed~~ - 31 - LRB104 08584 JDS 18636 b
	1122	+	SB1537 - 31 - LRB104 08584 JDS 18636 b
1089	1123
1090	1124
1091		-	SB1537 Engrossed- 32 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 32 - LRB104 08584 JDS 18636 b
1092		-	SB1537 Engrossed - 32 - LRB104 08584 JDS 18636 b
1093		-	1 obligated to, update each prior instance in which assigned
1094		-	2 income was applied using the income information provided by
1095		-	3 the consumer.
1096		-	4 (d) An EISA provider that assigns income to an EISA shall
1097		-	5 retain all applicable records relating to the method and data
1098		-	6 sources used to make such estimation for 3 years after the end
1099		-	7 of that EISA.
1100		-	8 (110 ILCS 992/7-90 new)
1101		-	9 Sec. 7-90. Receipts; statements of account; evidence of
1102		-	10 payment.
1103		-	11 (a) The EISA provider shall deliver or mail to the
1104		-	12 consumer, without request, a written receipt for each payment
1105		-	13 made pursuant to an EISA. A periodic statement showing a
1106		-	14 payment received by mail complies with this subsection (a).
1107		-	15 (b) An EISA provider shall provide a written payment
1108		-	16 history to a borrower upon request at no cost within 21
1109		-	17 calendar days of receiving the request.
1110		-	18 (c) An EISA provider shall indicate on its website that a
1111		-	19 borrower may request a payoff statement. An EISA provider
1112		-	20 shall provide the payoff statement within 10 days, including
1113		-	21 information the requester needs to pay off the loan. If a
1114		-	22 payoff is made, the EISA provider must send a paid-in-full
1115		-	23 notice within 30 days.
1116		-	24 (110 ILCS 992/7-95 new)
	1125	+	SB1537- 32 -LRB104 08584 JDS 18636 b SB1537 - 32 - LRB104 08584 JDS 18636 b
	1126	+	SB1537 - 32 - LRB104 08584 JDS 18636 b
	1127	+	1 (b) An EISA provider shall provide a written payment
	1128	+	2 history to a borrower or cosigner upon request at no cost
	1129	+	3 within 21 calendar days of receiving the request.
	1130	+	4 (c) An EISA provider shall indicate on its website that a
	1131	+	5 borrower may request a payoff statement. An EISA provider
	1132	+	6 shall provide the payoff statement within 10 days, including
	1133	+	7 information the requester needs to pay off the loan. If a
	1134	+	8 payoff is made, the EISA provider must send a paid-in-full
	1135	+	9 notice within 30 days.
	1136	+	10 (110 ILCS 992/7-95 new)
	1137	+	11 Sec. 7-95. Adjustment of dollar amounts.
	1138	+	12 (a) From time to time, the dollar amounts in this Act
	1139	+	13 designated as subject to change shall change, as provided in
	1140	+	14 this Section, according to and to the extent of changes in the
	1141	+	15 index.
	1142	+	16 (b) The index for December of the year preceding the year
	1143	+	17 in which this Act becomes effective is the reference base
	1144	+	18 index.
	1145	+	19 (c) The designated dollar amounts shall change on July 1
	1146	+	20 of each even-numbered year if the percentage of change,
	1147	+	21 calculated to the nearest whole percentage point, between the
	1148	+	22 index and the end of the preceding year and the reference base
	1149	+	23 index is 10% or more, but:
	1150	+	24 (1) the portion of the percentage change in the index
	1151	+	25 in excess of a multiple of 10% shall be disregarded and the
1117	1152
1118	1153
1119	1154
1120	1155
1121	1156
1122		-	SB1537 ~~Engrossed~~ - 32 - LRB104 08584 JDS 18636 b
	1157	+	SB1537 - 32 - LRB104 08584 JDS 18636 b
1123	1158
1124	1159
1125		-	SB1537 ~~Engrossed~~- 33 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 33 - LRB104 08584 JDS 18636 b
1126		-	SB1537 ~~Engrossed~~ - 33 - LRB104 08584 JDS 18636 b
1127		-	1 ~~Sec. 7-95. Adjustment of~~ dollar amounts.
1128		-	2 ~~(a) From time to time,~~ the ~~dollar amounts~~ in this Act
1129		-	3 ~~designated as subject to change shall change, as provided in~~
1130		-	4 ~~this Section, according to and to~~ the ~~extent of changes in~~ the
1131		-	5 ~~index.~~
1132		-	6 ~~(b) The index for December~~ of ~~the year preceding the year~~
1133		-	7 ~~in which~~ this ~~Act becomes effective is the reference base~~
1134		-	8 index.
1135		-	9 ~~(c)~~ The ~~designated dollar amounts shall change on July 1~~
1136		-	10 ~~of each even-numbered year~~ if ~~the percentage~~ of ~~change,~~
1137		-	11 ~~calculated to the nearest whole percentage point~~, ~~between the~~
1138		-	12 ~~index and the end of the preceding year and~~ the reference base
1139		-	13 ~~index is 10%~~ ~~or more,~~ ~~but:~~
1140		-	14 ~~(1) the portion of the percentage change in~~ the index
1141		-	15 in ~~excess of a multiple of 10% shall be disregarded and~~ the
1142		-	16 ~~dollar amounts shall change only in multiples~~ of ~~10% of~~
1143		-	17 ~~the amounts provided~~ in ~~this Act on~~ the ~~date of enactment;~~
1144		-	18 ~~and~~
1145		-	19 ~~(2) the~~ dollar amounts ~~shall not change if the amounts~~
1146		-	20 required by this ~~Section are those currently in effect~~
1147		-	21 ~~pursuant to this Act~~ as ~~a result of earlier application of~~
1148		-	22 ~~this Section.~~
1149		-	23 (d) If ~~the index is revised~~, ~~the percentage of change~~
1150		-	24 ~~pursuant to this Section shall be calculated on~~ the ~~basis of~~
1151		-	25 ~~the~~ revised index~~. If a revision of~~ the ~~index changes the~~
1152		-	26 ~~reference base index, a revised reference base~~ index ~~shall be~~
	1160	+	SB1537- 33 -LRB104 08584 JDS 18636 b SB1537 - 33 - LRB104 08584 JDS 18636 b
	1161	+	SB1537 - 33 - LRB104 08584 JDS 18636 b
	1162	+	1 dollar amounts shall change only in multiples of 10% of
	1163	+	2 the amounts provided in this Act on the date of enactment;
	1164	+	3 and
	1165	+	4 (2) the dollar amounts shall not change if the amounts
	1166	+	5 required by this Section are those currently in effect
	1167	+	6 pursuant to this Act as a result of earlier application of
	1168	+	7 this Section.
	1169	+	8 (d) If the index is revised, the percentage of change
	1170	+	9 pursuant to this Section shall be calculated on the basis of
	1171	+	10 the revised index. If a revision of the index changes the
	1172	+	11 reference base index, a revised reference base index shall be
	1173	+	12 determined by multiplying the reference base index then
	1174	+	13 applicable by the rebasing factor furnished by the Bureau of
	1175	+	14 Labor Statistics. If the index is superseded, the index
	1176	+	15 referred to in this Section is the one represented by the
	1177	+	16 Bureau of Labor Statistics as reflecting most accurately
	1178	+	17 changes in the purchasing power of the dollar for consumers.
	1179	+	18 (e) The Department shall adopt a rule setting forth, on or
	1180	+	19 before April 30 of each year in which dollar amounts are to
	1181	+	20 change, the changes in dollar amounts required by this
	1182	+	21 Section. As soon as practical after the changes occur, the
	1183	+	22 Department shall adopt a rule setting forth the changes in the
	1184	+	23 index required by subsection (d), including, if applicable,
	1185	+	24 the numerical equivalent of the reference base index under a
	1186	+	25 revised reference base index and the designation or title of
	1187	+	26 any index superseding the index.
1153	1188
1154	1189
1155	1190
1156	1191
1157	1192
1158		-	SB1537 ~~Engrossed~~ - 33 - LRB104 08584 JDS 18636 b
	1193	+	SB1537 - 33 - LRB104 08584 JDS 18636 b
1159	1194
1160	1195
1161		-	SB1537 Engrossed- 34 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 34 - LRB104 08584 JDS 18636 b
1162		-	SB1537 Engrossed - 34 - LRB104 08584 JDS 18636 b
1163		-	1 determined by multiplying the reference base index then
1164		-	2 applicable by the rebasing factor furnished by the Bureau of
1165		-	3 Labor Statistics. If the index is superseded, the index
1166		-	4 referred to in this Section is the one represented by the
1167		-	5 Bureau of Labor Statistics as reflecting most accurately
1168		-	6 changes in the purchasing power of the dollar for consumers.
1169		-	7 (e) The Department shall adopt a rule setting forth, on or
1170		-	8 before April 30 of each year in which dollar amounts are to
1171		-	9 change, the changes in dollar amounts required by this
1172		-	10 Section. As soon as practical after the changes occur, the
1173		-	11 Department shall adopt a rule setting forth the changes in the
1174		-	12 index required by subsection (d), including, if applicable,
1175		-	13 the numerical equivalent of the reference base index under a
1176		-	14 revised reference base index and the designation or title of
1177		-	15 any index superseding the index.
1178		-	16 (f) A person does not violate this Act with respect to a
1179		-	17 transaction otherwise complying with this Act if the person
1180		-	18 relies on dollar amounts either determined according to
1181		-	19 subsection (c) or appearing in the last rule of the Department
1182		-	20 announcing the then-current dollar amounts.
1183		-	21 (110 ILCS 992/7-100 new)
1184		-	22 Sec. 7-100. Construction against implicit authority. This
1185		-	23 Act is a general Act intended as a unified coverage of its
1186		-	24 subject matter. No part of this Act shall be construed to be
1187		-	25 impliedly repealed by subsequent law if that construction can
	1196	+	SB1537- 34 -LRB104 08584 JDS 18636 b SB1537 - 34 - LRB104 08584 JDS 18636 b
	1197	+	SB1537 - 34 - LRB104 08584 JDS 18636 b
	1198	+	1 (f) A person does not violate this Act with respect to a
	1199	+	2 transaction otherwise complying with this Act if the person
	1200	+	3 relies on dollar amounts either determined according to
	1201	+	4 subsection (c) or appearing in the last rule of the Department
	1202	+	5 announcing the then-current dollar amounts.
	1203	+	6 (110 ILCS 992/7-100 new)
	1204	+	7 Sec. 7-100. Construction against implicit authority. This
	1205	+	8 Act is a general Act intended as a unified coverage of its
	1206	+	9 subject matter. No part of this Act shall be construed to be
	1207	+	10 impliedly repealed by subsequent law if that construction can
	1208	+	11 reasonably be avoided.
	1209	+	12 (110 ILCS 992/7-105 new)
	1210	+	13 Sec. 7-105. Application of other Acts. EISAs and EISA
	1211	+	14 providers are subject to other Articles of this Act, the Know
	1212	+	15 Before You Owe Private Education Loan Act, and the Predatory
	1213	+	16 Loan Prevention Act and shall comply with their requirements
	1214	+	17 and any rules adopted by the Department of Financial and
	1215	+	18 Professional Regulation pursuant to those Acts. Nothing in
	1216	+	19 this Section is intended to imply that: (i) an EISA is not a
	1217	+	20 credit transaction or (ii) an EISA does not create a debt upon
	1218	+	21 the accrual of an obligation under the EISA.
	1219	+	22 (110 ILCS 992/7-110 new)
	1220	+	23 Sec. 7-110. Rulemaking. Notwithstanding any other
1188	1221
1189	1222
1190	1223
1191	1224
1192	1225
1193		-	SB1537 ~~Engrossed~~ - 34 - LRB104 08584 JDS 18636 b
	1226	+	SB1537 - 34 - LRB104 08584 JDS 18636 b
1194	1227
1195	1228
1196		-	SB1537 ~~Engrossed~~- 35 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 35 - LRB104 08584 JDS 18636 b
1197		-	SB1537 ~~Engrossed~~ - 35 - LRB104 08584 JDS 18636 b
1198		-	1 ~~reasonably be avoided.~~
1199		-	2 ~~(110 ILCS 992/7-105 new)~~
1200		-	3 ~~Sec. 7-105. Application~~ of ~~other Acts.~~ ~~EISAs and EISA~~
1201		-	4 ~~providers are subject~~ to ~~other Articles of this Act~~, ~~the Know~~
1202		-	5 ~~Before You Owe Private Education Loan Act~~, ~~and the Predatory~~
1203		-	6 ~~Loan Prevention Act~~ and ~~shall comply with their requirements~~
1204		-	7 ~~and any rules~~ adopted by the ~~Department of Financial and~~
1205		-	8 ~~Professional Regulation pursuant to those Acts.~~ ~~Nothing in~~
1206		-	9 this ~~Section is intended to imply that: (i) an EISA is not a~~
1207		-	10 ~~credit transaction or (ii~~) ~~an EISA does not create a debt upon~~
1208		-	11 ~~the accrual of an obligation under the EISA.~~
1209		-	12 ~~(110 ILCS 992/7-110 new)~~
1210		-	13 ~~Sec.~~ 7~~-110. Rulemaking.~~ ~~Notwithstanding any other~~
1211		-	14 ~~provision of this Act,~~ the ~~Secretary may adopt rules for the~~
1212		-	15 ~~regulation of any EISA provider that does not engage in the~~
1213		-	16 ~~servicing of student loans,~~ ~~including, but not limited to,~~
1214		-	17 ~~EISAs. The Secretary's authority to adopt rules shall include,~~
1215		-	18 ~~but is not limited to~~, ~~licensure, examination, supervision,~~
1216		-	19 ~~investigation, confidentiality, and enforcement~~. ~~The rules~~
1217		-	20 ~~adopted by the Secretary shall not incorporate any provision~~
1218		-	21 ~~of Article 1,~~ ~~5, 10,~~ ~~15, 20, or 25~~ of ~~this Act if that~~
1219		-	22 ~~provision conflicts with this Article.~~
1220		-	23 ~~(110 ILCS 992/25-5)~~
	1229	+	SB1537- 35 -LRB104 08584 JDS 18636 b SB1537 - 35 - LRB104 08584 JDS 18636 b
	1230	+	SB1537 - 35 - LRB104 08584 JDS 18636 b
	1231	+	1 provision of this Act, the Secretary may adopt rules for the
	1232	+	2 regulation of any EISA provider that does not engage in the
	1233	+	3 servicing of student loans, including, but not limited to,
	1234	+	4 EISAs. The Secretary's authority to adopt rules shall include,
	1235	+	5 but is not limited to, licensure, examination, supervision,
	1236	+	6 investigation, confidentiality, and enforcement. The rules
	1237	+	7 adopted by the Secretary shall not incorporate any provision
	1238	+	8 of Article 1, 5, 10, 15, 20, or 25 of this Act if that
	1239	+	9 provision conflicts with this Article.
	1240	+	10 (110 ILCS 992/25-5)
	1241	+	11 Sec. 25-5. Enforcement; Consumer Fraud and Deceptive
	1242	+	12 Business Practices Act. The Attorney General may enforce a
	1243	+	13 violation of Article 5 or 7 of this Act as an unlawful practice
	1244	+	14 under the Consumer Fraud and Deceptive Business Practices Act.
	1245	+	15 (Source: P.A. 100-540, eff. 12-31-18.)
	1246	+	16 Section 10. The Consumer Installment Loan Act is amended
	1247	+	17 by changing Section 1 as follows:
	1248	+	18 (205 ILCS 670/1) (from Ch. 17, par. 5401)
	1249	+	19 Sec. 1. License required to engage in business. No person,
	1250	+	20 partnership, association, limited liability company, or
	1251	+	21 corporation shall engage in the business of making loans of
	1252	+	22 money and charge, contract for, or receive on any such loan a
	1253	+	23 greater annual percentage rate than 9% except as authorized by
1221	1254
1222	1255
1223	1256
1224	1257
1225	1258
1226		-	SB1537 ~~Engrossed~~ - 35 - LRB104 08584 JDS 18636 b
	1259	+	SB1537 - 35 - LRB104 08584 JDS 18636 b
1227	1260
1228	1261
1229		-	SB1537 ~~Engrossed~~- 36 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 36 - LRB104 08584 JDS 18636 b
1230		-	SB1537 ~~Engrossed~~ - 36 - LRB104 08584 JDS 18636 b
1231		-	1 ~~Sec. 25-5. Enforcement;~~ ~~Consumer Fraud and Deceptive~~
1232		-	2 ~~Business Practices Act.~~ The ~~Attorney General may enforce a~~
1233		-	3 ~~violation of Article 5~~ or ~~7 of this Act as an unlawful practice~~
1234		-	4 under the ~~Consumer Fraud and Deceptive Business Practices~~ Act.
1235		-	5 ~~(Source: P.~~A~~. 100-540, eff.~~ ~~12-31-18.)~~
1236		-	6 ~~Section 10.~~ The ~~Consumer Installment Loan Act is amended~~
1237		-	7 ~~by changing Section 1~~ as ~~follows:~~
1238		-	8 (~~205 ILCS 670/1~~) ~~(from~~ ~~Ch. 17,~~ ~~par. 5401)~~
1239		-	9 ~~Sec~~. ~~1. License required to engage in business. No person,~~
1240		-	10 ~~partnership~~, ~~association, limited liability company,~~ or
1241		-	11 ~~corporation shall engage in the business of making loans of~~
1242		-	12 ~~money and charge,~~ ~~contract for,~~ or ~~receive on any such loan~~ a
1243		-	13 ~~greater annual percentage rate than 9%~~ ~~except as authorized by~~
1244		-	14 ~~this Act after first obtaining~~ a ~~license from the Director of~~
1245		-	15 ~~Financial Institutions (hereinafter~~ ~~called the Director). No~~
1246		-	16 ~~licensee, or employee or affiliate thereof, that~~ is ~~licensed~~
1247		-	17 under the ~~Payday~~ Loan ~~Reform Act shall obtain a license under~~
1248		-	18 ~~this~~ Act ~~except that a licensee under the Payday Loan Reform~~
1249		-	19 ~~Act may obtain a license under~~ this Act ~~for~~ the ~~exclusive~~
1250		-	20 ~~purpose~~ and ~~use of making title-secured loans, as defined in~~
1251		-	21 ~~subsection (a) of Section 15 of this Act and governed by Title~~
1252		-	22 38, ~~Section 110.300 of the Illinois Administrative Code~~. ~~For~~
1253		-	23 the ~~purpose of this Section,~~ ~~"affiliate" means any person or~~
1254		-	24 ~~entity that directly or indirectly controls, is controlled by,~~
	1262	+	SB1537- 36 -LRB104 08584 JDS 18636 b SB1537 - 36 - LRB104 08584 JDS 18636 b
	1263	+	SB1537 - 36 - LRB104 08584 JDS 18636 b
	1264	+	1 this Act after first obtaining a license from the Director of
	1265	+	2 Financial Institutions (hereinafter called the Director). No
	1266	+	3 licensee, or employee or affiliate thereof, that is licensed
	1267	+	4 under the Payday Loan Reform Act shall obtain a license under
	1268	+	5 this Act except that a licensee under the Payday Loan Reform
	1269	+	6 Act may obtain a license under this Act for the exclusive
	1270	+	7 purpose and use of making title-secured loans, as defined in
	1271	+	8 subsection (a) of Section 15 of this Act and governed by Title
	1272	+	9 38, Section 110.300 of the Illinois Administrative Code. For
	1273	+	10 the purpose of this Section, "affiliate" means any person or
	1274	+	11 entity that directly or indirectly controls, is controlled by,
	1275	+	12 or shares control with another person or entity. A person or
	1276	+	13 entity has control over another if the person or entity has an
	1277	+	14 ownership interest of 25% or more in the other. A person or
	1278	+	15 entity licensed to provide educational income share agreements
	1279	+	16 is exempt from the requirements of this Act to the extent of
	1280	+	17 its operation under Article 7 of the Student Loan Servicing
	1281	+	18 Rights Act.
	1282	+	19 In this Act, "Director" means the Director of Financial
	1283	+	20 Institutions of the Department of Financial and Professional
	1284	+	21 Regulation.
	1285	+	22 (Source: P.A. 101-658, eff. 3-23-21.)
	1286	+	23 Section 15. The Interest Act is amended by changing
	1287	+	24 Section 4 as follows:
1255	1288
1256	1289
1257	1290
1258	1291
1259	1292
1260		-	SB1537 ~~Engrossed~~ - 36 - LRB104 08584 JDS 18636 b
	1293	+	SB1537 - 36 - LRB104 08584 JDS 18636 b
1261	1294
1262	1295
1263		-	SB1537 Engrossed- 37 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 37 - LRB104 08584 JDS 18636 b
1264		-	SB1537 Engrossed - 37 - LRB104 08584 JDS 18636 b
1265		-	1 or shares control with another person or entity. A person or
1266		-	2 entity has control over another if the person or entity has an
1267		-	3 ownership interest of 25% or more in the other. A person or
1268		-	4 entity licensed to provide educational income share agreements
1269		-	5 is exempt from the requirements of this Act to the extent of
1270		-	6 its operation under Article 7 of the Student Loan Servicing
1271		-	7 Rights Act.
1272		-	8 In this Act, "Director" means the Director of Financial
1273		-	9 Institutions of the Department of Financial and Professional
1274		-	10 Regulation.
1275		-	11 (Source: P.A. 101-658, eff. 3-23-21.)
1276		-	12 Section 15. The Interest Act is amended by changing
1277		-	13 Section 4 as follows:
1278		-	14 (815 ILCS 205/4) (from Ch. 17, par. 6404)
1279		-	15 Sec. 4. General interest rate.
1280		-	16 (1) Except as otherwise provided in Section 4.05, in all
1281		-	17 written contracts it shall be lawful for the parties to
1282		-	18 stipulate or agree that an annual percentage rate of 9%, or any
1283		-	19 less sum, shall be taken and paid upon every $100 of money
1284		-	20 loaned or in any manner due and owing from any person to any
1285		-	21 other person or corporation in this state, and after that rate
1286		-	22 for a greater or less sum, or for a longer or shorter time,
1287		-	23 except as herein provided.
1288		-	24 The maximum rate of interest that may lawfully be
	1296	+	SB1537- 37 -LRB104 08584 JDS 18636 b SB1537 - 37 - LRB104 08584 JDS 18636 b
	1297	+	SB1537 - 37 - LRB104 08584 JDS 18636 b
	1298	+	1 (815 ILCS 205/4) (from Ch. 17, par. 6404)
	1299	+	2 Sec. 4. General interest rate.
	1300	+	3 (1) Except as otherwise provided in Section 4.05, in all
	1301	+	4 written contracts it shall be lawful for the parties to
	1302	+	5 stipulate or agree that an annual percentage rate of 9%, or any
	1303	+	6 less sum, shall be taken and paid upon every $100 of money
	1304	+	7 loaned or in any manner due and owing from any person to any
	1305	+	8 other person or corporation in this state, and after that rate
	1306	+	9 for a greater or less sum, or for a longer or shorter time,
	1307	+	10 except as herein provided.
	1308	+	11 The maximum rate of interest that may lawfully be
	1309	+	12 contracted for is determined by the law applicable thereto at
	1310	+	13 the time the contract is made. Any provision in any contract,
	1311	+	14 whether made before or after July 1, 1969, which provides for
	1312	+	15 or purports to authorize, contingent upon a change in the
	1313	+	16 Illinois law after the contract is made, any rate of interest
	1314	+	17 greater than the maximum lawful rate at the time the contract
	1315	+	18 is made, is void.
	1316	+	19 It is lawful for a state bank or a branch of an
	1317	+	20 out-of-state bank, as those terms are defined in Section 2 of
	1318	+	21 the Illinois Banking Act, to receive or to contract to receive
	1319	+	22 and collect interest and charges at any rate or rates agreed
	1320	+	23 upon by the bank or branch and the borrower. It is lawful for a
	1321	+	24 savings bank chartered under the Savings Bank Act or a savings
	1322	+	25 association chartered under the Illinois Savings and Loan Act
	1323	+	26 of 1985 to receive or contract to receive and collect interest
1289	1324
1290	1325
1291	1326
1292	1327
1293	1328
1294		-	SB1537 ~~Engrossed~~ - 37 - LRB104 08584 JDS 18636 b
	1329	+	SB1537 - 37 - LRB104 08584 JDS 18636 b
1295	1330
1296	1331
1297		-	SB1537 ~~Engrossed~~- 38 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 38 - LRB104 08584 JDS 18636 b
1298		-	SB1537 ~~Engrossed~~ - 38 - LRB104 08584 JDS 18636 b
1299		-	1 ~~contracted for is determined~~ by the ~~law applicable thereto at~~
1300		-	2 ~~the time~~ the ~~contract is made~~. ~~Any provision in any contract,~~
1301		-	3 ~~whether made before~~ or ~~after July 1,~~ ~~1969, which provides for~~
1302		-	4 ~~or purports to authorize,~~ ~~contingent upon a change in the~~
1303		-	5 ~~Illinois law after~~ the ~~contract is made~~, ~~any rate of interest~~
1304		-	6 ~~greater than~~ the ~~maximum lawful rate at~~ the ~~time the contract~~
1305		-	7 ~~is made~~, ~~is void.~~
1306		-	8 ~~It is lawful for a state bank~~ or ~~a branch of an~~
1307		-	9 ~~out-of-state bank~~, ~~as those terms are defined in Section 2 of~~
1308		-	10 ~~the Illinois Banking Act~~, to receive or ~~to contract to receive~~
1309		-	11 ~~and collect~~ interest ~~and charges at any rate~~ or ~~rates agreed~~
1310		-	12 ~~upon by~~ the ~~bank or branch and the borrower. It is lawful for a~~
1311		-	13 ~~savings bank chartered under the Savings Bank Act or a savings~~
1312		-	14 ~~association chartered under the Illinois Savings and~~ Loan ~~Act~~
1313		-	15 of ~~1985~~ to ~~receive or contract to receive and collect interest~~
1314		-	16 ~~and charges at any rate agreed~~ upon ~~by the savings bank or~~
1315		-	17 ~~savings association and the borrower.~~
1316		-	18 ~~It is lawful to receive~~ or ~~to contract to receive and~~
1317		-	19 ~~collect interest and charges~~ as ~~authorized by this Act and as~~
1318		-	20 ~~authorized~~ by ~~the Consumer Installment Loan Act, the Payday~~
1319		-	21 ~~Loan Reform Act,~~ ~~the Retail Installment Sales Act, the~~
1320		-	22 ~~Illinois Financial Services Development Act,~~ ~~the Motor Vehicle~~
1321		-	23 ~~Retail Installment Sales Act,~~ or ~~the Consumer Legal Funding~~
1322		-	24 ~~Act,~~ or ~~the Student Loan Servicing Rights Act. It is lawful to~~
1323		-	25 ~~charge, contract for,~~ and ~~receive any rate or amount of~~
1324		-	26 ~~interest~~ or ~~compensation, except as otherwise provided~~ in ~~the~~
	1332	+	SB1537- 38 -LRB104 08584 JDS 18636 b SB1537 - 38 - LRB104 08584 JDS 18636 b
	1333	+	SB1537 - 38 - LRB104 08584 JDS 18636 b
	1334	+	1 and charges at any rate agreed upon by the savings bank or
	1335	+	2 savings association and the borrower.
	1336	+	3 It is lawful to receive or to contract to receive and
	1337	+	4 collect interest and charges as authorized by this Act and as
	1338	+	5 authorized by the Consumer Installment Loan Act, the Payday
	1339	+	6 Loan Reform Act, the Retail Installment Sales Act, the
	1340	+	7 Illinois Financial Services Development Act, the Motor Vehicle
	1341	+	8 Retail Installment Sales Act, or the Consumer Legal Funding
	1342	+	9 Act, or the Student Loan Servicing Rights Act. It is lawful to
	1343	+	10 charge, contract for, and receive any rate or amount of
	1344	+	11 interest or compensation, except as otherwise provided in the
	1345	+	12 Predatory Loan Prevention Act, with respect to the following
	1346	+	13 transactions:
	1347	+	14 (a) Any loan made to a corporation;
	1348	+	15 (b) Advances of money, repayable on demand, to an
	1349	+	16 amount not less than $5,000, which are made upon warehouse
	1350	+	17 receipts, bills of lading, certificates of stock,
	1351	+	18 certificates of deposit, bills of exchange, bonds or other
	1352	+	19 negotiable instruments pledged as collateral security for
	1353	+	20 such repayment, if evidenced by a writing;
	1354	+	21 (c) Any credit transaction between a merchandise
	1355	+	22 wholesaler and retailer; any business loan to a business
	1356	+	23 association or copartnership or to a person owning and
	1357	+	24 operating a business as sole proprietor or to any persons
	1358	+	25 owning and operating a business as joint venturers, joint
	1359	+	26 tenants or tenants in common, or to any limited
1325	1360
1326	1361
1327	1362
1328	1363
1329	1364
1330		-	SB1537 ~~Engrossed~~ - 38 - LRB104 08584 JDS 18636 b
	1365	+	SB1537 - 38 - LRB104 08584 JDS 18636 b
1331	1366
1332	1367
1333		-	SB1537 ~~Engrossed~~- 39 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 39 - LRB104 08584 JDS 18636 b
1334		-	SB1537 ~~Engrossed~~ - 39 - LRB104 08584 JDS 18636 b
1335		-	1 ~~Predatory Loan Prevention Act~~, ~~with respect~~ to ~~the following~~
1336		-	2 ~~transactions:~~
1337		-	3 ~~(a)~~ Any loan ~~made to a corporation;~~
1338		-	4 ~~(b) Advances~~ of ~~money~~, ~~repayable on demand~~, ~~to an~~
1339		-	5 ~~amount not less than $5,000~~, ~~which are made upon warehouse~~
1340		-	6 ~~receipts, bills of lading,~~ ~~certificates of stock,~~
1341		-	7 ~~certificates of deposit~~, ~~bills of exchange, bonds~~ or ~~other~~
1342		-	8 ~~negotiable instruments pledged as collateral security for~~
1343		-	9 ~~such repayment,~~ ~~if evidenced by~~ a ~~writing;~~
1344		-	10 ~~(c) Any credit transaction between~~ a ~~merchandise~~
1345		-	11 ~~wholesaler and retailer;~~ ~~any business loan to a business~~
1346		-	12 ~~association or copartnership or to a person owning and~~
1347		-	13 ~~operating a business as sole proprietor or to~~ any ~~persons~~
1348		-	14 ~~owning and operating a business~~ as ~~joint venturers,~~ ~~joint~~
1349		-	15 ~~tenants or tenants in common, or~~ to ~~any limited~~
1350		-	16 ~~partnership,~~ or ~~to any trustee owning and operating a~~
1351		-	17 ~~business~~ or ~~whose beneficiaries own and operate a~~
1352		-	18 ~~business, except that any loan which is secured (1) by an~~
1353		-	19 ~~assignment of~~ an individual obligor~~'s salary,~~ ~~wages,~~
1354		-	20 ~~commissions or other compensation for services, or~~ (2) by
1355		-	21 ~~his household furniture or other goods used for his~~
1356		-	22 ~~personal~~, ~~family or household purposes shall be deemed not~~
1357		-	23 ~~to be a loan within the meaning of this subsection~~; ~~and~~
1358		-	24 ~~provided further that a~~ loan which ~~otherwise qualifies as~~
1359		-	25 ~~a business loan within~~ the ~~meaning of this subsection~~
1360		-	26 ~~shall not be deemed as not so qualifying because~~ of the
	1368	+	SB1537- 39 -LRB104 08584 JDS 18636 b SB1537 - 39 - LRB104 08584 JDS 18636 b
	1369	+	SB1537 - 39 - LRB104 08584 JDS 18636 b
	1370	+	1 partnership, or to any trustee owning and operating a
	1371	+	2 business or whose beneficiaries own and operate a
	1372	+	3 business, except that any loan which is secured (1) by an
	1373	+	4 assignment of an individual obligor's salary, wages,
	1374	+	5 commissions or other compensation for services, or (2) by
	1375	+	6 his household furniture or other goods used for his
	1376	+	7 personal, family or household purposes shall be deemed not
	1377	+	8 to be a loan within the meaning of this subsection; and
	1378	+	9 provided further that a loan which otherwise qualifies as
	1379	+	10 a business loan within the meaning of this subsection
	1380	+	11 shall not be deemed as not so qualifying because of the
	1381	+	12 inclusion, with other security consisting of business
	1382	+	13 assets of any such obligor, of real estate occupied by an
	1383	+	14 individual obligor solely as his residence. The term
	1384	+	15 "business" shall be deemed to mean a commercial,
	1385	+	16 agricultural or industrial enterprise which is carried on
	1386	+	17 for the purpose of investment or profit, but shall not be
	1387	+	18 deemed to mean the ownership or maintenance of real estate
	1388	+	19 occupied by an individual obligor solely as his residence;
	1389	+	20 (d) Any loan made in accordance with the provisions of
	1390	+	21 Subchapter I of Chapter 13 of Title 12 of the United States
	1391	+	22 Code, which is designated as "Housing Renovation and
	1392	+	23 Modernization";
	1393	+	24 (e) Any mortgage loan insured or upon which a
	1394	+	25 commitment to insure has been issued under the provisions
	1395	+	26 of the National Housing Act, Chapter 13 of Title 12 of the
1361	1396
1362	1397
1363	1398
1364	1399
1365	1400
1366		-	SB1537 ~~Engrossed~~ - 39 - LRB104 08584 JDS 18636 b
	1401	+	SB1537 - 39 - LRB104 08584 JDS 18636 b
1367	1402
1368	1403
1369		-	SB1537 ~~Engrossed~~- 40 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 40 - LRB104 08584 JDS 18636 b
1370		-	SB1537 ~~Engrossed~~ - 40 - LRB104 08584 JDS 18636 b
1371		-	1 ~~inclusion, with other security consisting of business~~
1372		-	2 ~~assets of~~ any ~~such obligor,~~ ~~of real estate occupied by an~~
1373		-	3 ~~individual obligor solely as his residence.~~ The ~~term~~
1374		-	4 ~~"business" shall be deemed to mean a commercial,~~
1375		-	5 ~~agricultural or industrial enterprise which is carried on~~
1376		-	6 ~~for the purpose of investment~~ or ~~profit, but shall not be~~
1377		-	7 ~~deemed to mean~~ the ~~ownership or maintenance~~ of ~~real estate~~
1378		-	8 ~~occupied by an individual obligor solely as his residence;~~
1379		-	9 ~~(d) Any loan made in accordance with the provisions of~~
1380		-	10 ~~Subchapter I of Chapter 13 of Title 12 of the United States~~
1381		-	11 ~~Code, which~~ is ~~designated as "Housing~~ ~~Renovation~~ and
1382		-	12 ~~Modernization";~~
1383		-	13 ~~(e) Any mortgage loan insured or upon which a~~
1384		-	14 ~~commitment to insure has been issued under the provisions~~
1385		-	15 ~~of the National Housing Act,~~ ~~Chapter 13 of Title 12 of the~~
1386		-	16 ~~United States Code;~~
1387		-	17 ~~(f) Any mortgage loan~~ guaranteed ~~or upon which a~~
1388		-	18 ~~commitment to guaranty has been issued under the~~
1389		-	19 ~~provisions of the Veterans' Benefits Act, Subchapter II of~~
1390		-	20 ~~Chapter 37 of Title 38 of the United States Code;~~
1391		-	21 ~~(g) Interest charged by a broker or dealer registered~~
1392		-	22 ~~under~~ the ~~Securities Exchange Act of 1934, as amended, or~~
1393		-	23 ~~registered under~~ the ~~Illinois Securities Law of 1953,~~
1394		-	24 ~~approved July 13~~, ~~1953~~, ~~as now or hereafter amended~~, ~~on a~~
1395		-	25 ~~debit balance in an account for a customer if such debit~~
1396		-	26 ~~balance is payable at will without penalty and is secured~~
	1404	+	SB1537- 40 -LRB104 08584 JDS 18636 b SB1537 - 40 - LRB104 08584 JDS 18636 b
	1405	+	SB1537 - 40 - LRB104 08584 JDS 18636 b
	1406	+	1 United States Code;
	1407	+	2 (f) Any mortgage loan guaranteed or upon which a
	1408	+	3 commitment to guaranty has been issued under the
	1409	+	4 provisions of the Veterans' Benefits Act, Subchapter II of
	1410	+	5 Chapter 37 of Title 38 of the United States Code;
	1411	+	6 (g) Interest charged by a broker or dealer registered
	1412	+	7 under the Securities Exchange Act of 1934, as amended, or
	1413	+	8 registered under the Illinois Securities Law of 1953,
	1414	+	9 approved July 13, 1953, as now or hereafter amended, on a
	1415	+	10 debit balance in an account for a customer if such debit
	1416	+	11 balance is payable at will without penalty and is secured
	1417	+	12 by securities as defined in Uniform Commercial
	1418	+	13 Code-Investment Securities;
	1419	+	14 (h) Any loan made by a participating bank as part of
	1420	+	15 any loan guarantee program which provides for loans and
	1421	+	16 for the refinancing of such loans to medical students,
	1422	+	17 interns and residents and which are guaranteed by the
	1423	+	18 American Medical Association Education and Research
	1424	+	19 Foundation;
	1425	+	20 (i) Any loan made, guaranteed, or insured in
	1426	+	21 accordance with the provisions of the Housing Act of 1949,
	1427	+	22 Subchapter III of Chapter 8A of Title 42 of the United
	1428	+	23 States Code and the Consolidated Farm and Rural
	1429	+	24 Development Act, Subchapters I, II, and III of Chapter 50
	1430	+	25 of Title 7 of the United States Code;
	1431	+	26 (j) Any loan by an employee pension benefit plan, as
1397	1432
1398	1433
1399	1434
1400	1435
1401	1436
1402		-	SB1537 ~~Engrossed~~ - 40 - LRB104 08584 JDS 18636 b
	1437	+	SB1537 - 40 - LRB104 08584 JDS 18636 b
1403	1438
1404	1439
1405		-	SB1537 ~~Engrossed~~- 41 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 41 - LRB104 08584 JDS 18636 b
1406		-	SB1537 ~~Engrossed~~ - 41 - LRB104 08584 JDS 18636 b
1407		-	1 ~~by securities as~~ defined in ~~Uniform Commercial~~
1408		-	2 ~~Code-Investment Securities;~~
1409		-	3 ~~(h) Any loan made by a~~ participating ~~bank as part of~~
1410		-	4 ~~any~~ loan ~~guarantee program which provides for loans and~~
1411		-	5 ~~for the refinancing~~ of ~~such loans to medical students,~~
1412		-	6 ~~interns and residents and which are guaranteed by the~~
1413		-	7 ~~American Medical Association Education and Research~~
1414		-	8 ~~Foundation~~;
1415		-	9 (i) ~~Any loan made~~, ~~guaranteed,~~ or ~~insured in~~
1416		-	10 ~~accordance with the provisions~~ of ~~the Housing Act of 1949~~,
1417		-	11 ~~Subchapter III of Chapter 8A of Title 42 of the United~~
1418		-	12 ~~States~~ Code ~~and the Consolidated Farm and Rural~~
1419		-	13 ~~Development Act,~~ ~~Subchapters I,~~ ~~II,~~ and ~~III of Chapter 50~~
1420		-	14 ~~of Title 7~~ of ~~the United States Code;~~
1421		-	15 ~~(j) Any loan by an employee pension benefit plan, as~~
1422		-	16 ~~defined in Section 3~~ (2) ~~of the Employee Retirement Income~~
1423		-	17 ~~Security Act of 1974 (29~~ ~~U.S.C.A. Sec.~~ ~~1002), to an~~
1424		-	18 ~~individual participating in such plan,~~ ~~provided~~ that ~~such~~
1425		-	19 ~~loan satisfies~~ the ~~prohibited transaction exemption~~
1426		-	20 ~~requirements~~ of ~~Section 408 (b) (1) (29~~ ~~U.S.C.A. Sec. 1108~~
1427		-	21 ~~(b) (1)) or Section 2003 (a) (26 U.S.C.A. Sec. 4975 (d)~~
1428		-	22 (1)) ~~of the Employee Retirement Income Security Act of~~
1429		-	23 ~~1974;~~
1430		-	24 ~~(k) Written contracts~~, ~~agreements or bonds for deed~~
1431		-	25 ~~providing~~ for ~~installment purchase~~ of ~~real estate,~~
1432		-	26 ~~including a manufactured home as defined in subdivision~~
	1440	+	SB1537- 41 -LRB104 08584 JDS 18636 b SB1537 - 41 - LRB104 08584 JDS 18636 b
	1441	+	SB1537 - 41 - LRB104 08584 JDS 18636 b
	1442	+	1 defined in Section 3 (2) of the Employee Retirement Income
	1443	+	2 Security Act of 1974 (29 U.S.C.A. Sec. 1002), to an
	1444	+	3 individual participating in such plan, provided that such
	1445	+	4 loan satisfies the prohibited transaction exemption
	1446	+	5 requirements of Section 408 (b) (1) (29 U.S.C.A. Sec. 1108
	1447	+	6 (b) (1)) or Section 2003 (a) (26 U.S.C.A. Sec. 4975 (d)
	1448	+	7 (1)) of the Employee Retirement Income Security Act of
	1449	+	8 1974;
	1450	+	9 (k) Written contracts, agreements or bonds for deed
	1451	+	10 providing for installment purchase of real estate,
	1452	+	11 including a manufactured home as defined in subdivision
	1453	+	12 (53) of Section 9-102 of the Uniform Commercial Code that
	1454	+	13 is real property as defined in the Conveyance and
	1455	+	14 Encumbrance of Manufactured Homes as Real Property and
	1456	+	15 Severance Act;
	1457	+	16 (l) Loans secured by a mortgage on real estate,
	1458	+	17 including a manufactured home as defined in subdivision
	1459	+	18 (53) of Section 9-102 of the Uniform Commercial Code that
	1460	+	19 is real property as defined in the Conveyance and
	1461	+	20 Encumbrance of Manufactured Homes as Real Property and
	1462	+	21 Severance Act;
	1463	+	22 (m) Loans made by a sole proprietorship, partnership,
	1464	+	23 or corporation to an employee or to a person who has been
	1465	+	24 offered employment by such sole proprietorship,
	1466	+	25 partnership, or corporation made for the sole purpose of
	1467	+	26 transferring an employee or person who has been offered
1433	1468
1434	1469
1435	1470
1436	1471
1437	1472
1438		-	SB1537 ~~Engrossed~~ - 41 - LRB104 08584 JDS 18636 b
	1473	+	SB1537 - 41 - LRB104 08584 JDS 18636 b
1439	1474
1440	1475
1441		-	SB1537 ~~Engrossed~~- 42 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 42 - LRB104 08584 JDS 18636 b
1442		-	SB1537 ~~Engrossed~~ - 42 - LRB104 08584 JDS 18636 b
1443		-	1 ~~(53) of Section 9-102~~ ~~of the Uniform Commercial Code that~~
1444		-	2 ~~is real property as defined in~~ the ~~Conveyance and~~
1445		-	3 ~~Encumbrance~~ of ~~Manufactured Homes as Real Property and~~
1446		-	4 ~~Severance Act;~~
1447		-	5 (l) Loans ~~secured by~~ a ~~mortgage on real estate~~,
1448		-	6 ~~including a manufactured home as defined in subdivision~~
1449		-	7 ~~(53) of Section 9-102 of~~ the ~~Uniform Commercial Code that~~
1450		-	8 ~~is real property as defined in~~ the ~~Conveyance and~~
1451		-	9 ~~Encumbrance of Manufactured Homes as Real Property and~~
1452		-	10 ~~Severance Act;~~
1453		-	11 ~~(m) Loans made by a sole proprietorship~~, ~~partnership,~~
1454		-	12 or ~~corporation to an employee or to a person who has been~~
1455		-	13 ~~offered employment~~ by ~~such sole proprietorship,~~
1456		-	14 ~~partnership~~, ~~or corporation made for the sole purpose of~~
1457		-	15 ~~transferring an employee~~ or ~~person who has been offered~~
1458		-	16 ~~employment to another office maintained and operated by~~
1459		-	17 ~~the same sole proprietorship~~, ~~partnership,~~ or ~~corporation;~~
1460		-	18 ~~(n) Loans to or for the benefit of students made~~ by an
1461		-	19 ~~institution of higher education.~~
1462		-	20 ~~(2) Except~~ for ~~loans described in subparagraph (a)~~, ~~(c),~~
1463		-	21 ~~(d), (e), (f) or (i)~~ of ~~subsection (1) of this Section, and~~
1464		-	22 ~~except to~~ the ~~extent permitted by~~ the ~~applicable statute for~~
1465		-	23 ~~loans made pursuant to Section 4a~~ or ~~pursuant to the Consumer~~
1466		-	24 ~~Installment Loan Act:~~
1467		-	25 ~~(a) Whenever the rate of interest exceeds an annual~~
1468		-	26 ~~percentage~~ rate of ~~8% on any written contract, agreement~~
	1476	+	SB1537- 42 -LRB104 08584 JDS 18636 b SB1537 - 42 - LRB104 08584 JDS 18636 b
	1477	+	SB1537 - 42 - LRB104 08584 JDS 18636 b
	1478	+	1 employment to another office maintained and operated by
	1479	+	2 the same sole proprietorship, partnership, or corporation;
	1480	+	3 (n) Loans to or for the benefit of students made by an
	1481	+	4 institution of higher education.
	1482	+	5 (2) Except for loans described in subparagraph (a), (c),
	1483	+	6 (d), (e), (f) or (i) of subsection (1) of this Section, and
	1484	+	7 except to the extent permitted by the applicable statute for
	1485	+	8 loans made pursuant to Section 4a or pursuant to the Consumer
	1486	+	9 Installment Loan Act:
	1487	+	10 (a) Whenever the rate of interest exceeds an annual
	1488	+	11 percentage rate of 8% on any written contract, agreement
	1489	+	12 or bond for deed providing for the installment purchase of
	1490	+	13 residential real estate, or on any loan secured by a
	1491	+	14 mortgage on residential real estate, it shall be unlawful
	1492	+	15 to provide for a prepayment penalty or other charge for
	1493	+	16 prepayment.
	1494	+	17 (b) No agreement, note or other instrument evidencing
	1495	+	18 a loan secured by a mortgage on residential real estate,
	1496	+	19 or written contract, agreement or bond for deed providing
	1497	+	20 for the installment purchase of residential real estate,
	1498	+	21 may provide for any change in the contract rate of
	1499	+	22 interest during the term thereof. However, if the Congress
	1500	+	23 of the United States or any federal agency authorizes any
	1501	+	24 class of lender to enter, within limitations, into
	1502	+	25 mortgage contracts or written contracts, agreements or
	1503	+	26 bonds for deed in which the rate of interest may be changed
1469	1504
1470	1505
1471	1506
1472	1507
1473	1508
1474		-	SB1537 ~~Engrossed~~ - 42 - LRB104 08584 JDS 18636 b
	1509	+	SB1537 - 42 - LRB104 08584 JDS 18636 b
1475	1510
1476	1511
1477		-	SB1537 ~~Engrossed~~- 43 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 43 - LRB104 08584 JDS 18636 b
1478		-	SB1537 ~~Engrossed~~ - 43 - LRB104 08584 JDS 18636 b
1479		-	1 ~~or bond for deed providing for~~ the ~~installment purchase~~ of
1480		-	2 ~~residential real estate,~~ or ~~on any loan secured by a~~
1481		-	3 mortgage ~~on residential real estate~~, ~~it shall be unlawful~~
1482		-	4 ~~to provide~~ for ~~a prepayment penalty or other charge for~~
1483		-	5 ~~prepayment.~~
1484		-	6 ~~(b) No agreement,~~ ~~note or other instrument evidencing~~
1485		-	7 ~~a loan secured by a mortgage on residential real estate,~~
1486		-	8 ~~or written contract, agreement or bond for deed providing~~
1487		-	9 ~~for the installment purchase of residential real estate~~,
1488		-	10 ~~may provide for any change~~ in the ~~contract rate~~ of
1489		-	11 ~~interest during~~ the ~~term thereof.~~ ~~However~~, ~~if the Congress~~
1490		-	12 ~~of the United States~~ or ~~any federal agency authorizes any~~
1491		-	13 ~~class of lender~~ to ~~enter, within limitations,~~ ~~into~~
1492		-	14 ~~mortgage contracts or written contracts~~, ~~agreements or~~
1493		-	15 ~~bonds~~ for ~~deed in which~~ the ~~rate of interest may be changed~~
1494		-	16 ~~during~~ the ~~term~~ of ~~the contract, any person, firm,~~
1495		-	17 ~~corporation or other entity not otherwise prohibited from~~
1496		-	18 ~~entering into mortgage contracts or written contracts,~~
1497		-	19 ~~agreements or bonds for deed in Illinois may enter into~~
1498		-	20 ~~mortgage contracts~~ or ~~written contracts~~, ~~agreements or~~
1499		-	21 ~~bonds for deed~~ in ~~which~~ the ~~rate of interest may be changed~~
1500		-	22 ~~during~~ the ~~term of the contract~~, ~~within the same~~
1501		-	23 ~~limitations.~~
1502		-	24 ~~(3)~~ In ~~any contract or loan~~ which is ~~secured by a mortgage,~~
1503		-	25 ~~deed of trust,~~ ~~or conveyance in~~ the ~~nature of a mortgage,~~ on
1504		-	26 ~~residential real estate, the interest which is~~ computed,
	1512	+	SB1537- 43 -LRB104 08584 JDS 18636 b SB1537 - 43 - LRB104 08584 JDS 18636 b
	1513	+	SB1537 - 43 - LRB104 08584 JDS 18636 b
	1514	+	1 during the term of the contract, any person, firm,
	1515	+	2 corporation or other entity not otherwise prohibited from
	1516	+	3 entering into mortgage contracts or written contracts,
	1517	+	4 agreements or bonds for deed in Illinois may enter into
	1518	+	5 mortgage contracts or written contracts, agreements or
	1519	+	6 bonds for deed in which the rate of interest may be changed
	1520	+	7 during the term of the contract, within the same
	1521	+	8 limitations.
	1522	+	9 (3) In any contract or loan which is secured by a mortgage,
	1523	+	10 deed of trust, or conveyance in the nature of a mortgage, on
	1524	+	11 residential real estate, the interest which is computed,
	1525	+	12 calculated, charged, or collected pursuant to such contract or
	1526	+	13 loan, or pursuant to any regulation or rule promulgated
	1527	+	14 pursuant to this Act, may not be computed, calculated, charged
	1528	+	15 or collected for any period of time occurring after the date on
	1529	+	16 which the total indebtedness, with the exception of late
	1530	+	17 payment penalties, is paid in full.
	1531	+	18 (4) For purposes of this Section, a prepayment shall mean
	1532	+	19 the payment of the total indebtedness, with the exception of
	1533	+	20 late payment penalties if incurred or charged, on any date
	1534	+	21 before the date specified in the contract or loan agreement on
	1535	+	22 which the total indebtedness shall be paid in full, or before
	1536	+	23 the date on which all payments, if timely made, shall have been
	1537	+	24 made. In the event of a prepayment of the indebtedness which is
	1538	+	25 made on a date after the date on which interest on the
	1539	+	26 indebtedness was last computed, calculated, charged, or
1505	1540
1506	1541
1507	1542
1508	1543
1509	1544
1510		-	SB1537 ~~Engrossed~~ - 43 - LRB104 08584 JDS 18636 b
	1545	+	SB1537 - 43 - LRB104 08584 JDS 18636 b
1511	1546
1512	1547
1513		-	SB1537 ~~Engrossed~~- 44 -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed~~ - 44 - LRB104 08584 JDS 18636 b
1514		-	SB1537 ~~Engrossed~~ - 44 - LRB104 08584 JDS 18636 b
1515		-	1 ~~calculated, charged, or~~ collected ~~pursuant to such contract or~~
1516		-	2 ~~loan~~, or ~~pursuant to any regulation or rule promulgated~~
1517		-	3 ~~pursuant to this Act,~~ may ~~not be computed~~, ~~calculated, charged~~
1518		-	4 ~~or collected~~ for ~~any~~ period ~~of time occurring after the date on~~
1519		-	5 which the ~~total indebtedness,~~ ~~with~~ the ~~exception of late~~
1520		-	6 ~~payment penalties~~, ~~is paid in full.~~
1521		-	7 ~~(4) For purposes of this Section,~~ a ~~prepayment shall mean~~
1522		-	8 the ~~payment of the total indebtedness~~, ~~with the exception of~~
1523		-	9 ~~late payment penalties if incurred or charged,~~ ~~on any~~ date
1524		-	10 ~~before~~ the ~~date specified in~~ the ~~contract or loan agreement on~~
1525		-	11 which the ~~total indebtedness shall be paid in full, or before~~
1526		-	12 the ~~date on which all payments, if timely made, shall have been~~
1527		-	13 ~~made~~. In the ~~event~~ of ~~a prepayment~~ of ~~the indebtedness which is~~
1528		-	14 ~~made~~ on ~~a date~~ after the ~~date on which interest on the~~
1529		-	15 ~~indebtedness was last computed~~, ~~calculated, charged,~~ or
1530		-	16 ~~collected but before the next~~ date ~~on which interest on the~~
1531		-	17 ~~indebtedness was~~ to ~~be calculated~~, ~~computed, charged,~~ or
1532		-	18 ~~collected~~, the ~~lender may calculate~~, ~~charge and collect~~
1533		-	19 ~~interest on~~ the ~~indebtedness for the period which elapsed~~
1534		-	20 ~~between~~ the ~~date~~ on ~~which the~~ prepayment ~~is made and the date~~
1535		-	21 ~~on which interest on~~ the ~~indebtedness was last computed,~~
1536		-	22 ~~calculated, charged or collected at a rate equal to 1/360~~ of
1537		-	23 ~~the annual~~ rate ~~for each day which so elapsed,~~ ~~which rate shall~~
1538		-	24 ~~be applied to~~ the ~~indebtedness outstanding as~~ of the ~~date of~~
1539		-	25 ~~prepayment~~. The ~~lender shall refund to the borrower any~~
1540		-	26 ~~interest charged or collected which exceeds that which~~ the
	1548	+	SB1537- 44 -LRB104 08584 JDS 18636 b SB1537 - 44 - LRB104 08584 JDS 18636 b
	1549	+	SB1537 - 44 - LRB104 08584 JDS 18636 b
	1550	+	1 collected but before the next date on which interest on the
	1551	+	2 indebtedness was to be calculated, computed, charged, or
	1552	+	3 collected, the lender may calculate, charge and collect
	1553	+	4 interest on the indebtedness for the period which elapsed
	1554	+	5 between the date on which the prepayment is made and the date
	1555	+	6 on which interest on the indebtedness was last computed,
	1556	+	7 calculated, charged or collected at a rate equal to 1/360 of
	1557	+	8 the annual rate for each day which so elapsed, which rate shall
	1558	+	9 be applied to the indebtedness outstanding as of the date of
	1559	+	10 prepayment. The lender shall refund to the borrower any
	1560	+	11 interest charged or collected which exceeds that which the
	1561	+	12 lender may charge or collect pursuant to the preceding
	1562	+	13 sentence. The provisions of this amendatory Act of 1985 shall
	1563	+	14 apply only to contracts or loans entered into on or after the
	1564	+	15 effective date of this amendatory Act, but shall not apply to
	1565	+	16 contracts or loans entered into on or after that date that are
	1566	+	17 subject to Section 4a of this Act, the Consumer Installment
	1567	+	18 Loan Act, the Payday Loan Reform Act, the Predatory Loan
	1568	+	19 Prevention Act, or the Retail Installment Sales Act, or that
	1569	+	20 provide for the refund of precomputed interest on prepayment
	1570	+	21 in the manner provided by such Act.
	1571	+	22 (5) For purposes of items (a) and (c) of subsection (1) of
	1572	+	23 this Section, a rate or amount of interest may be lawfully
	1573	+	24 computed when applying the ratio of the annual interest rate
	1574	+	25 over a year based on 360 days. The provisions of this
	1575	+	26 amendatory Act of the 96th General Assembly are declarative of
1541	1576
1542	1577
1543	1578
1544	1579
1545	1580
1546		-	SB1537 ~~Engrossed~~ - 44 - LRB104 08584 JDS 18636 b
	1581	+	SB1537 - 44 - LRB104 08584 JDS 18636 b
1547	1582
1548	1583
1549		-	SB1537 Engrossed- 45 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 45 - LRB104 08584 JDS 18636 b
1550		-	SB1537 Engrossed - 45 - LRB104 08584 JDS 18636 b
1551		-	1 lender may charge or collect pursuant to the preceding
1552		-	2 sentence. The provisions of this amendatory Act of 1985 shall
1553		-	3 apply only to contracts or loans entered into on or after the
1554		-	4 effective date of this amendatory Act, but shall not apply to
1555		-	5 contracts or loans entered into on or after that date that are
1556		-	6 subject to Section 4a of this Act, the Consumer Installment
1557		-	7 Loan Act, the Payday Loan Reform Act, the Predatory Loan
1558		-	8 Prevention Act, or the Retail Installment Sales Act, or that
1559		-	9 provide for the refund of precomputed interest on prepayment
1560		-	10 in the manner provided by such Act.
1561		-	11 (5) For purposes of items (a) and (c) of subsection (1) of
1562		-	12 this Section, a rate or amount of interest may be lawfully
1563		-	13 computed when applying the ratio of the annual interest rate
1564		-	14 over a year based on 360 days. The provisions of this
1565		-	15 amendatory Act of the 96th General Assembly are declarative of
1566		-	16 existing law.
1567		-	17 (6) For purposes of this Section, "real estate" and "real
1568		-	18 property" include a manufactured home, as defined in
1569		-	19 subdivision (53) of Section 9-102 of the Uniform Commercial
1570		-	20 Code that is real property as defined in the Conveyance and
1571		-	21 Encumbrance of Manufactured Homes as Real Property and
1572		-	22 Severance Act.
1573		-	23 (Source: P.A. 101-658, eff. 3-23-21; 102-987, eff. 5-27-22.)
1574		-	24 Section 97. Severability. The provisions of this Act are
1575		-	25 severable under Section 1.31 of the Statute on Statutes.
1576		-
1577		-
1578		-
1579		-
1580		-
1581		-	SB1537 Engrossed - 45 - LRB104 08584 JDS 18636 b
1582		-
1583		-
1584		-	SB1537 Engrossed- 46 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 46 - LRB104 08584 JDS 18636 b
1585		-	SB1537 Engrossed - 46 - LRB104 08584 JDS 18636 b
1586		-	1 Section 99. Effective date. This Act takes effect upon
1587		-	2 becoming law.
1588		-	SB1537 Engrossed- 47 -LRB104 08584 JDS 18636 b 1 INDEX 2 Statutes amended in order of appearance 3 110 ILCS 992/1-54 110 ILCS 992/Art. 7 5 heading new6 110 ILCS 992/7-1 new7 110 ILCS 992/7-3 new8 110 ILCS 992/7-5 new9 110 ILCS 992/7-10 new10 110 ILCS 992/7-15 new11 110 ILCS 992/7-20 new12 110 ILCS 992/7-25 new13 110 ILCS 992/7-30 new14 110 ILCS 992/7-35 new15 110 ILCS 992/7-40 new16 110 ILCS 992/7-45 new17 110 ILCS 992/7-50 new18 110 ILCS 992/7-55 new19 110 ILCS 992/7-60 new20 110 ILCS 992/7-65 new21 110 ILCS 992/7-70 new22 110 ILCS 992/7-75 new23 110 ILCS 992/7-80 new24 110 ILCS 992/7-85 new25 110 ILCS 992/7-90 new SB1537 Engrossed- 48 -LRB104 08584 JDS 18636 b 1 110 ILCS 992/7-95 new2 110 ILCS 992/7-100 new3 110 ILCS 992/7-105 new4 110 ILCS 992/7-110 new5 110 ILCS 992/25-56 205 ILCS 670/1from Ch. 17, par. 54017 815 ILCS 205/4from Ch. 17, par. 6404 SB1537 Engrossed- 47 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 47 - LRB104 08584 JDS 18636 b 1 INDEX 2 Statutes amended in order of appearance 3 110 ILCS 992/1-5 4 110 ILCS 992/Art. 7 5 heading new 6 110 ILCS 992/7-1 new 7 110 ILCS 992/7-3 new 8 110 ILCS 992/7-5 new 9 110 ILCS 992/7-10 new 10 110 ILCS 992/7-15 new 11 110 ILCS 992/7-20 new 12 110 ILCS 992/7-25 new 13 110 ILCS 992/7-30 new 14 110 ILCS 992/7-35 new 15 110 ILCS 992/7-40 new 16 110 ILCS 992/7-45 new 17 110 ILCS 992/7-50 new 18 110 ILCS 992/7-55 new 19 110 ILCS 992/7-60 new 20 110 ILCS 992/7-65 new 21 110 ILCS 992/7-70 new 22 110 ILCS 992/7-75 new 23 110 ILCS 992/7-80 new 24 110 ILCS 992/7-85 new 25 110 ILCS 992/7-90 new SB1537 Engrossed- 48 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 48 - LRB104 08584 JDS 18636 b 1 110 ILCS 992/7-95 new 2 110 ILCS 992/7-100 new 3 110 ILCS 992/7-105 new 4 110 ILCS 992/7-110 new 5 110 ILCS 992/25-5 6 205 ILCS 670/1 from Ch. 17, par. 5401 7 815 ILCS 205/4 from Ch. 17, par. 6404
1589		-	SB1537 Engrossed- 47 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 47 - LRB104 08584 JDS 18636 b
1590		-	SB1537 Engrossed - 47 - LRB104 08584 JDS 18636 b
	1584	+	SB1537- 45 -LRB104 08584 JDS 18636 b SB1537 - 45 - LRB104 08584 JDS 18636 b
	1585	+	SB1537 - 45 - LRB104 08584 JDS 18636 b
	1586	+	1 existing law.
	1587	+	2 (6) For purposes of this Section, "real estate" and "real
	1588	+	3 property" include a manufactured home, as defined in
	1589	+	4 subdivision (53) of Section 9-102 of the Uniform Commercial
	1590	+	5 Code that is real property as defined in the Conveyance and
	1591	+	6 Encumbrance of Manufactured Homes as Real Property and
	1592	+	7 Severance Act.
	1593	+	8 (Source: P.A. 101-658, eff. 3-23-21; 102-987, eff. 5-27-22.)
	1594	+	9 Section 97. Severability. The provisions of this Act are
	1595	+	10 severable under Section 1.31 of the Statute on Statutes.
	1596	+	11 Section 99. Effective date. This Act takes effect upon
	1597	+	12 becoming law.
	1598	+	SB1537- 46 -LRB104 08584 JDS 18636 b 1 INDEX 2 Statutes amended in order of appearance 3 110 ILCS 992/1-54 110 ILCS 992/Art. 7 5 heading new6 110 ILCS 992/7-1 new7 110 ILCS 992/7-3 new8 110 ILCS 992/7-5 new9 110 ILCS 992/7-10 new10 110 ILCS 992/7-15 new11 110 ILCS 992/7-20 new12 110 ILCS 992/7-25 new13 110 ILCS 992/7-30 new14 110 ILCS 992/7-35 new15 110 ILCS 992/7-40 new16 110 ILCS 992/7-45 new17 110 ILCS 992/7-50 new18 110 ILCS 992/7-55 new19 110 ILCS 992/7-60 new20 110 ILCS 992/7-65 new21 110 ILCS 992/7-70 new22 110 ILCS 992/7-75 new23 110 ILCS 992/7-80 new24 110 ILCS 992/7-85 new25 110 ILCS 992/7-90 new SB1537- 47 -LRB104 08584 JDS 18636 b SB1537- 46 -LRB104 08584 JDS 18636 b SB1537 - 46 - LRB104 08584 JDS 18636 b 1 INDEX 2 Statutes amended in order of appearance 3 110 ILCS 992/1-5 4 110 ILCS 992/Art. 7 5 heading new 6 110 ILCS 992/7-1 new 7 110 ILCS 992/7-3 new 8 110 ILCS 992/7-5 new 9 110 ILCS 992/7-10 new 10 110 ILCS 992/7-15 new 11 110 ILCS 992/7-20 new 12 110 ILCS 992/7-25 new 13 110 ILCS 992/7-30 new 14 110 ILCS 992/7-35 new 15 110 ILCS 992/7-40 new 16 110 ILCS 992/7-45 new 17 110 ILCS 992/7-50 new 18 110 ILCS 992/7-55 new 19 110 ILCS 992/7-60 new 20 110 ILCS 992/7-65 new 21 110 ILCS 992/7-70 new 22 110 ILCS 992/7-75 new 23 110 ILCS 992/7-80 new 24 110 ILCS 992/7-85 new 25 110 ILCS 992/7-90 new SB1537- 47 -LRB104 08584 JDS 18636 b SB1537 - 47 - LRB104 08584 JDS 18636 b
	1599	+	SB1537- 46 -LRB104 08584 JDS 18636 b SB1537 - 46 - LRB104 08584 JDS 18636 b
	1600	+	SB1537 - 46 - LRB104 08584 JDS 18636 b
1591	1601		1 INDEX
1592	1602		2 Statutes amended in order of appearance
1593	1603		3 110 ILCS 992/1-5
1594	1604		4 110 ILCS 992/Art. 7
1595	1605		5 heading new
1596	1606		6 110 ILCS 992/7-1 new
1597	1607		7 110 ILCS 992/7-3 new
1598	1608		8 110 ILCS 992/7-5 new
1599	1609		9 110 ILCS 992/7-10 new
1600	1610		10 110 ILCS 992/7-15 new
1601	1611		11 110 ILCS 992/7-20 new
1602	1612		12 110 ILCS 992/7-25 new
1603	1613		13 110 ILCS 992/7-30 new
1604	1614		14 110 ILCS 992/7-35 new
1605	1615		15 110 ILCS 992/7-40 new
1606	1616		16 110 ILCS 992/7-45 new
1607	1617		17 110 ILCS 992/7-50 new
1608	1618		18 110 ILCS 992/7-55 new
1609	1619		19 110 ILCS 992/7-60 new
1610	1620		20 110 ILCS 992/7-65 new
1611	1621		21 110 ILCS 992/7-70 new
1612	1622		22 110 ILCS 992/7-75 new
1613	1623		23 110 ILCS 992/7-80 new
1614	1624		24 110 ILCS 992/7-85 new
1615	1625		25 110 ILCS 992/7-90 new
1616		-	SB1537 Engrossed- 48 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 48 - LRB104 08584 JDS 18636 b
1617		-	SB1537 Engrossed - 48 - LRB104 08584 JDS 18636 b
1618		-	1 110 ILCS 992/7-95 new
1619		-	2 110 ILCS 992/7-100 new
1620		-	3 110 ILCS 992/7-105 new
1621		-	4 110 ILCS 992/7-110 new
1622		-	5 110 ILCS 992/25-5
1623		-	6 205 ILCS 670/1 from Ch. 17, par. 5401
1624		-	7 815 ILCS 205/4 from Ch. 17, par. 6404
	1626	+	SB1537- 47 -LRB104 08584 JDS 18636 b SB1537 - 47 - LRB104 08584 JDS 18636 b
	1627	+	SB1537 - 47 - LRB104 08584 JDS 18636 b
1625	1628
1626	1629
1627	1630
1628	1631
1629	1632
1630		-	SB1537 ~~Engrossed - 46~~ - LRB104 08584 JDS 18636 b
	1633	+	SB1537 - 45 - LRB104 08584 JDS 18636 b
1631	1634
1632	1635
1633	1636
1634		-	SB1537 ~~Engrossed- 47~~ -LRB104 08584 JDS 18636 b SB1537 ~~Engrossed - 47~~ - LRB104 08584 JDS 18636 b
1635		-	SB1537 ~~Engrossed - 47~~ - LRB104 08584 JDS 18636 b
	1637	+	SB1537- 46 -LRB104 08584 JDS 18636 b SB1537 - 46 - LRB104 08584 JDS 18636 b
	1638	+	SB1537 - 46 - LRB104 08584 JDS 18636 b
1636	1639		1 INDEX
1637	1640		2 Statutes amended in order of appearance
1638	1641		3 110 ILCS 992/1-5
1639	1642		4 110 ILCS 992/Art. 7
1640	1643		5 heading new
1641	1644		6 110 ILCS 992/7-1 new
1642	1645		7 110 ILCS 992/7-3 new
1643	1646		8 110 ILCS 992/7-5 new
1644	1647		9 110 ILCS 992/7-10 new
1645	1648		10 110 ILCS 992/7-15 new
1646	1649		11 110 ILCS 992/7-20 new
1647	1650		12 110 ILCS 992/7-25 new
1648	1651		13 110 ILCS 992/7-30 new
1649	1652		14 110 ILCS 992/7-35 new
1650	1653		15 110 ILCS 992/7-40 new
1651	1654		16 110 ILCS 992/7-45 new
1652	1655		17 110 ILCS 992/7-50 new
1653	1656		18 110 ILCS 992/7-55 new
1654	1657		19 110 ILCS 992/7-60 new
1655	1658		20 110 ILCS 992/7-65 new
1656	1659		21 110 ILCS 992/7-70 new
1657	1660		22 110 ILCS 992/7-75 new
1658	1661		23 110 ILCS 992/7-80 new
1659	1662		24 110 ILCS 992/7-85 new
1660	1663		25 110 ILCS 992/7-90 new
1661	1664
1662	1665
1663	1666
1664	1667
1665	1668
1666		-	SB1537 ~~Engrossed - 47~~ - LRB104 08584 JDS 18636 b
	1669	+	SB1537 - 46 - LRB104 08584 JDS 18636 b
1667	1670
1668	1671
1669		-	SB1537 Engrossed- 48 -LRB104 08584 JDS 18636 b SB1537 Engrossed - 48 - LRB104 08584 JDS 18636 b
1670		-	SB1537 Engrossed - 48 - LRB104 08584 JDS 18636 b
1671		-	1 110 ILCS 992/7-95 new
1672		-	2 110 ILCS 992/7-100 new
1673		-	3 110 ILCS 992/7-105 new
1674		-	4 110 ILCS 992/7-110 new
1675		-	5 110 ILCS 992/25-5
1676		-	6 205 ILCS 670/1 from Ch. 17, par. 5401
1677		-	7 815 ILCS 205/4 from Ch. 17, par. 6404
	1672	+	SB1537- 47 -LRB104 08584 JDS 18636 b SB1537 - 47 - LRB104 08584 JDS 18636 b
	1673	+	SB1537 - 47 - LRB104 08584 JDS 18636 b
1678	1674
1679	1675
1680	1676
1681	1677
1682	1678
1683		-	SB1537 ~~Engrossed - 48~~ - LRB104 08584 JDS 18636 b
	1679	+	SB1537 - 47 - LRB104 08584 JDS 18636 b