SB1537
View on ILGASTUDENT LOAN SERVICING RIGHTS
What this bill does
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.
PASSED INTO LAW
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Pipeline Progress
Current stage: Signed into Law · Last action 237 days ago
How does a bill become law in Illinois?
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Introduction of Bill
A member of the Senate or the House introduces a bill, which is assigned a unique identifying number (e.g., "H.B. ___" for House bills and "S.B. ___" for Senate bills). If not enacted, it must be reintroduced in the next General Assembly with a new number.
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Committee Work — Hearings
The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.
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Committee Work — Markup, Amendments, Report
The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.
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Floor Debate
The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.
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Passage and Consideration in Second Chamber
If the bill passes in the first chamber, it moves to the second chamber for a similar review process. If both chambers approve, it goes to the governor.
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Gubernatorial Action
The governor can sign the bill into law, veto it, or take no action (resulting in an automatic law after 60 days). The type of veto can be total or amendatory. Once signed, the bill becomes a Public Act and is assigned a Public Act number.
Sponsor Context
Elgie R. Sims, Jr.
Moderate Influence (#19)
Bridges legislative blocs (high betweenness)
Bills sponsored by Elgie R. Sims, Jr. advance 4% more often than the chamber average.
Public Engagement
12 witness slips filed
9 proponents / 0 opponents
8 organizations
Witness slips
12 slips filed. Proponent / opponent / no position as filed with the committee.
| Name | Organization | Representing | Position | Hearing committee | Hearing date |
|---|---|---|---|---|---|
| David Socolow | Social Finance, Inc. | Social Finance, Inc. | Proponent | Financial Institutions & Licensing | 2025-04-29 |
| Ethan Pollack | Jobs for the Future | Jobs for the Future | Proponent | Financial Institutions & Licensing | 2025-04-29 |
| Heather Wier Vaught | Government Solutions Group | Government Solutions Group | Proponent | Financial Institutions & Licensing | 2025-04-29 |
| Kevin James | Better Future Forward | Better Future Forward | Proponent | Financial Institutions & Licensing | 2025-04-29 |
| Alyanna Marie Delos Reyes | BFF | BFF | Proponent | Executive | 2025-03-19 |
| David Socolow | Social Finance, Inc. | Social Finance, Inc. | Proponent | Executive | 2025-03-19 |
| Ethan Pollack | Jobs for the Future | Jobs for the Future | Proponent | Executive | 2025-03-19 |
| Kevin James | Better Future Forward | Better Future Forward | Proponent | Executive | 2025-03-19 |
| Tiffany Romero BFF ISA RECIPIENT | Health Department | Better Future Forward ISA Recipient | Proponent | Executive | 2025-03-19 |
| Marc Reiter | IDFPR | IDFPR | No Position On Merits | Financial Institutions & Licensing | 2025-04-29 |
| Marc Reiter | IDFPR | IDFPR | No Position On Merits | Executive | 2025-03-19 |
| Steve Walsh | Office of the Illinois Attorney General | Office of the Illinois Attorney General | No Position On Merits | Executive | 2025-03-19 |
Roll-call votes
Total votes and outcome per event. Deciding vote = margin of 1; those voters on the winning side could have changed the outcome by flipping.
| Date | Chamber | Type | Description | Yea | Nay | Present | NV | Outcome | Margin | Deciding voters |
|---|---|---|---|---|---|---|---|---|---|---|
| H | Committee | Financial Institutions & Licensing | 12 | 0 | 0 | 0 | Passed | 12 | — | |
| 2025-05-22 | H | Floor | Third Reading | 114 | 0 | 0 | 4 | Passed | 114 | — |
| S | Committee | Executive | 11 | 0 | 0 | 2 | Passed | 11 | — | |
| S | Floor | Third Reading | 55 | 0 | 0 | 4 | Passed | 55 | — |
Action History
40 actions recorded. Last action: 2025-08-15 — Public Act . . . . . . . . .104-0383. Each action's meaning and outcome signal are classified automatically.
2025-02-04
Introduction & Filing
Filed with Secretary bySen. Elgie R. Sims, Jr. Rule 2-7(b)
Bill officially submitted to the Senate Secretary during the session.
2025-02-04
Introduction & Filing
First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38
Formal introduction — title read into the official record. Required procedural step; bill now exists in the system.
2025-02-04
Committee Assignment
Referred toAssignments Senate Rule 3-8(a); House Rule 18(a)
Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.
2025-02-18
Committee Assignment
Assigned toExecutive Senate Rule 3-8(a); House Rule 18(b)
Sent to a substantive committee (e.g., Transportation, Revenue). This is where the bill gets a real hearing and evaluation.
2025-03-05
Amendment Actions
Senate Committee Amendment No. 1 Filed with Secretary bySen. Elgie R. Sims, Jr.
[Amendment] Bill officially submitted to the Senate Secretary during the session.
2025-03-05
Amendment Actions
Senate Committee Amendment No. 1 Referred toAssignments
[Amendment] Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.
2025-03-12
Amendment Actions
Senate Committee Amendment No. 1 Assignments Refers toExecutive
[Amendment] Senate Assignments Committee forwards the bill to a substantive committee.
2025-03-17
Co-Sponsorship
Mild +
Added as Co-SponsorSen. Bill Cunningham Senate Rule 5-1(a); House Rule 37(a)
A legislator added as co-sponsor.
2025-03-17
Co-Sponsorship
Mild +
Added as Co-SponsorSen. Mattie Hunter Senate Rule 5-1(a); House Rule 37(a)
A legislator added as co-sponsor.
2025-03-19
Amendment Actions
Positive
Senate Committee Amendment No. 1 Adopted
[Amendment] Bill or resolution adopted by the chamber.
2025-03-19
Committee Action
Positive
Do Pass as AmendedExecutive; 011-000-000 Rule 3-11(a)(1), Rule 3-12(a)
Committee recommends passage. The most important positive gate — majority of bills never get here.
2025-03-19
Floor Process
Positive
Placed on Calendar Order of 2nd Reading March 20, 2025 Rule 3-12(a), Rule 4-4(7)
Bill placed on the order of Second Reading.
2025-03-20
Floor Process
Positive
Second Reading Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)
Bill reaches the floor amendment stage. Floor amendments can be offered here.
2025-03-20
Floor Process
Positive
Placed on Calendar Order of 3rd Reading April 1, 2025 Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-04-01
Amendment Actions
Senate Floor Amendment No. 2 Filed with Secretary bySen. Elgie R. Sims, Jr.
[Amendment] Bill officially submitted to the Senate Secretary during the session.
2025-04-01
Amendment Actions
Senate Floor Amendment No. 2 Referred toAssignments
[Amendment] Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.
2025-04-02
Amendment Actions
Senate Floor Amendment No. 2 Assignments Refers toExecutive
[Amendment] Senate Assignments Committee forwards the bill to a substantive committee.
2025-04-03
Amendment Actions
Senate Floor Amendment No. 2 Recommend Do AdoptExecutive; 012-000-000
[Amendment] Amendment sub-action.
2025-04-04
Floor Process
Recalled to Second Reading Rule 5-4(a)
Bill pulled back from Third Reading to Second Reading, usually to adopt a floor amendment. Common and not negative — sponsors often recall bills to incorporate negotiated changes.
2025-04-04
Amendment Actions
Senate Floor Amendment No. 2 Adopted; Sims
[Amendment] Amendment sub-action.
2025-04-04
Floor Process
Positive
Placed on Calendar Order of 3rd Reading Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-04-09
Floor Vote
Positive
Third Reading - Passed;055-000-000 Rule 5-1(f)
Bill PASSED a floor vote on Third Reading. Major milestone — bill has cleared one chamber.
2025-04-09
Cross-Chamber
Positive
Arrived in House Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12)
Senate bill arrives in the House after passing the Senate.
2025-04-09
Cross-Chamber
Positive
Chief House SponsorRep. Maurice A. West, II Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12)
House sponsor assigned for a Senate bill — bill is being actively managed in the second chamber.
2025-04-09
Co-Sponsorship
Mild +
Added as Co-SponsorSen. Kimberly A. Lightford Senate Rule 5-1(a); House Rule 37(a)
A legislator added as co-sponsor.
2025-04-09
Introduction & Filing
First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38
Formal introduction — title read into the official record. Required procedural step; bill now exists in the system.
2025-04-09
Committee Assignment
Referred toRules Committee Senate Rule 3-8(a); House Rule 18(a)
Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.
2025-04-17
Co-Sponsorship
Mild +
Added Alternate Co-SponsorRep. Katie Stuart Senate Rule 5-1(a); House Rule 37(a)
Alternate co-sponsor added in the second chamber.
2025-04-17
Committee Assignment
Assigned toFinancial Institutions and Licensing Committee Senate Rule 3-8(a); House Rule 18(b)
Sent to a substantive committee (e.g., Transportation, Revenue). This is where the bill gets a real hearing and evaluation.
2025-04-29
Committee Action
Positive
Do Pass / Short DebateFinancial Institutions and Licensing Committee; 012-000-000 Senate Rule 3-11(a)(1); House Rule 22(a)(1), 52(b)
Committee recommends passage and places it on the Short Debate calendar (limited floor discussion time). Strong positive signal — committee believes bill has broad support.
2025-04-30
Floor Process
Positive
Placed on Calendar 2nd Reading - Short Debate Senate Rule 4-4(7-8)/5-2; House Rule 31(8-9)/38/52
Bill placed on the Second Reading calendar. Positive — bill is queued for floor action.
2025-05-16
Floor Process
Positive
Second Reading - Short Debate Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)/52(a)(1)
Bill reaches the floor amendment stage on Short Debate calendar. Major milestone — bill has passed committee and is on the floor.
2025-05-16
Floor Process
Positive
Placed on Calendar Order of 3rd Reading - Short Debate Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-05-22
Co-Sponsorship
Mild +
Added Alternate Co-SponsorRep. Kevin Schmidt Senate Rule 5-1(a); House Rule 37(a)
Alternate co-sponsor added in the second chamber.
2025-05-22
Floor Vote
Positive
Third Reading - Short Debate - Passed114-000-000 Senate Rule 5-1(f)/7-1/7-2; House Rule 37(f)/49/50
Bill PASSED on Short Debate Third Reading. Bill cleared the chamber.
2025-05-22
Concurrence
Positive
Passed Both Houses Rule 8-1, Rule 8-4
Bill PASSED BOTH CHAMBERS. Major milestone — bill goes to the Governor next.
2025-06-20
Governor Action
Positive
Sent to the Governor Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82
Bill transmitted to the Governor for signature. Strong positive — bill has passed both chambers.
2025-08-15
Governor Action
Positive
Governor Approved Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82
GOVERNOR SIGNED THE BILL. Bill is now law (pending effective date).
2025-08-15
Enacted Into Law
Law
Effective Date August 15, 2025 Article IX
Law's effective date announced. Most IL laws take effect January 1 of the next year unless otherwise specified.
2025-08-15
Enacted Into Law
Law
Public Act . . . . . . . . .104-0383 Article IX
Bill signed into law — assigned a Public Act number (e.g., PA 104-0032).
All actions (table)
| Date | Chamber | Action | Category | Signal |
|---|---|---|---|---|
| 2025-02-04 | Senate | Filed with Secretary bySen. Elgie R. Sims, Jr. Rule 2-7(b) | Introduction & Filing | — |
| 2025-02-04 | Senate | First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 | Introduction & Filing | — |
| 2025-02-04 | Senate | Referred toAssignments Senate Rule 3-8(a); House Rule 18(a) | Committee Assignment | — |
| 2025-02-18 | Senate | Assigned toExecutive Senate Rule 3-8(a); House Rule 18(b) | Committee Assignment | — |
| 2025-03-05 | Senate | Senate Committee Amendment No. 1 Filed with Secretary bySen. Elgie R. Sims, Jr. | Amendment Actions | — |
| 2025-03-05 | Senate | Senate Committee Amendment No. 1 Referred toAssignments | Amendment Actions | — |
| 2025-03-12 | Senate | Senate Committee Amendment No. 1 Assignments Refers toExecutive | Amendment Actions | — |
| 2025-03-17 | Senate | Added as Co-SponsorSen. Bill Cunningham Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2025-03-17 | Senate | Added as Co-SponsorSen. Mattie Hunter Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2025-03-19 | Senate | Senate Committee Amendment No. 1 Adopted | Amendment Actions | Positive |
| 2025-03-19 | Senate | Do Pass as AmendedExecutive; 011-000-000 Rule 3-11(a)(1), Rule 3-12(a) | Committee Action | Positive |
| 2025-03-19 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2025 Rule 3-12(a), Rule 4-4(7) | Floor Process | Positive |
| 2025-03-20 | Senate | Second Reading Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b) | Floor Process | Positive |
| 2025-03-20 | Senate | Placed on Calendar Order of 3rd Reading April 1, 2025 Rule 4-4(8) | Floor Process | Positive |
| 2025-04-01 | Senate | Senate Floor Amendment No. 2 Filed with Secretary bySen. Elgie R. Sims, Jr. | Amendment Actions | — |
| 2025-04-01 | Senate | Senate Floor Amendment No. 2 Referred toAssignments | Amendment Actions | — |
| 2025-04-02 | Senate | Senate Floor Amendment No. 2 Assignments Refers toExecutive | Amendment Actions | — |
| 2025-04-03 | Senate | Senate Floor Amendment No. 2 Recommend Do AdoptExecutive; 012-000-000 | Amendment Actions | — |
| 2025-04-04 | Senate | Recalled to Second Reading Rule 5-4(a) | Floor Process | — |
| 2025-04-04 | Senate | Senate Floor Amendment No. 2 Adopted; Sims | Amendment Actions | — |
| 2025-04-04 | Senate | Placed on Calendar Order of 3rd Reading Rule 4-4(8) | Floor Process | Positive |
| 2025-04-09 | Senate | Third Reading - Passed;055-000-000 Rule 5-1(f) | Floor Vote | Positive |
| 2025-04-09 | House | Arrived in House Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12) | Cross-Chamber | Positive |
| 2025-04-09 | House | Chief House SponsorRep. Maurice A. West, II Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12) | Cross-Chamber | Positive |
| 2025-04-09 | Senate | Added as Co-SponsorSen. Kimberly A. Lightford Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2025-04-09 | House | First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 | Introduction & Filing | — |
| 2025-04-09 | House | Referred toRules Committee Senate Rule 3-8(a); House Rule 18(a) | Committee Assignment | — |
| 2025-04-17 | House | Added Alternate Co-SponsorRep. Katie Stuart Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2025-04-17 | House | Assigned toFinancial Institutions and Licensing Committee Senate Rule 3-8(a); House Rule 18(b) | Committee Assignment | — |
| 2025-04-29 | House | Do Pass / Short DebateFinancial Institutions and Licensing Committee; 012-000-000 Senate Rule 3-11(a)(1); House Rule 22(a)(1), 52(b) | Committee Action | Positive |
| 2025-04-30 | House | Placed on Calendar 2nd Reading - Short Debate Senate Rule 4-4(7-8)/5-2; House Rule 31(8-9)/38/52 | Floor Process | Positive |
| 2025-05-16 | House | Second Reading - Short Debate Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)/52(a)(1) | Floor Process | Positive |
| 2025-05-16 | House | Placed on Calendar Order of 3rd Reading - Short Debate Rule 4-4(8) | Floor Process | Positive |
| 2025-05-22 | House | Added Alternate Co-SponsorRep. Kevin Schmidt Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2025-05-22 | House | Third Reading - Short Debate - Passed114-000-000 Senate Rule 5-1(f)/7-1/7-2; House Rule 37(f)/49/50 | Floor Vote | Positive |
| 2025-05-22 | Senate | Passed Both Houses Rule 8-1, Rule 8-4 | Concurrence | Positive |
| 2025-06-20 | Senate | Sent to the Governor Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82 | Governor Action | Positive |
| 2025-08-15 | Senate | Governor Approved Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82 | Governor Action | Positive |
| 2025-08-15 | Senate | Effective Date August 15, 2025 Article IX | Enacted Into Law | Law |
| 2025-08-15 | Senate | Public Act . . . . . . . . .104-0383 Article IX | Enacted Into Law | Law |