Illinois Senate Bill 3514 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 10-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

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

INCOME SHARE AGREEMENT-VARIOUS

Sen. Elgie Sims [D]	Sen. Jacqueline Collins [D]	Sen. Christopher Belt [D]	Sen. Mattie Hunter [D]
Sen. Iris Martinez [D]	Sen. Emil Jones [D]	Sen. Napoleon Harris [D]	Sen. Cristina Castro [D]
Sen. Robert Peters [D]	Sen. Omar Aquino [D]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2020-03-05	Senate	Added as Co-Sponsor Sen. Omar Aquino
2020-03-05	Senate	Added as Co-Sponsor Sen. Robert Peters
2020-03-04	Senate	Added as Chief Co-Sponsor Sen. Iris Y. Martinez
2020-03-03	Senate	Added as Co-Sponsor Sen. Cristina Castro
2020-02-26	Senate	Added as Chief Co-Sponsor Sen. Mattie Hunter
2020-02-26	Senate	Added as Co-Sponsor Sen. Napoleon Harris, III
2020-02-26	Senate	Added as Co-Sponsor Sen. Emil Jones, III
2020-02-26	Senate	Added as Chief Co-Sponsor Sen. Christopher Belt
2020-02-25	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2020-02-14	Senate	Referred to Assignments
2020-02-14	Senate	First Reading
2020-02-14	Senate	Filed with Secretary by Sen. Elgie R. Sims, Jr.

Chapter	Article	Section	Citation Type	Statute Text
205	670	17.10	New Code	See Bill Text
205	670	17.11	New Code	See Bill Text
205	670	17.12	New Code	See Bill Text
205	670	17.13	New Code	See Bill Text
205	670	17.14	New Code	See Bill Text
205	670	17.15	New Code	See Bill Text
205	670	17.16	New Code	See Bill Text
205	670	17.17	New Code	See Bill Text
205	670	17.18	New Code	See Bill Text
205	670	17.19	New Code	See Bill Text
205	670	17.20	New Code	See Bill Text
205	670	17.21	New Code	See Bill Text
205	670	17.22	New Code	See Bill Text
205	670	17.23	New Code	See Bill Text
205	670	17.24	New Code	See Bill Text
205	670	17.25	New Code	See Bill Text
205	670	17.26	New Code	See Bill Text
205	670	17.27	New Code	See Bill Text
205	670	17.6	New Code	See Bill Text
205	670	17.7	New Code	See Bill Text
205	670	17.8	New Code	See Bill Text
205	670	17.9	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3514&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB3514.htm