SB 3844

  • Illinois Senate Bill
  • 101st Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Higher Ed-Loan-Private Lender

Abstract

Amends the Higher Education Loan Act. Creates the Know Before You Owe Private Education Loan Act. Provides that before a private educational lender makes a private education loan to a student who attends an institution of higher education, the private educational lender must obtain certification from the institution about the student borrower's: (i) enrollment status, (ii) cost of attendance, and (iii) the difference between the cost of attendance and the borrower's estimated financial assistance from all sources. Allows a private educational lender to disburse the funds of a private education loan if the institution of higher education fails to provide the requested certification within 15 business days of the request. Requires the private educational lender to provide notice to the institution that the loan has been disbursed without the certification. Requires a private educational lender to submit annual reports to the Department of Financial and Professional Regulation and to the Student Loan Ombudsman. Sets forth the requirements that must be included on the loan statement of a private educational loan. Provides that the institution of higher education must inform the student borrower of his or her lending options and whether the student has applied for or exhausted all available sources of federal financial assistance. Effective immediately.

Bill Sponsors (2)

Votes


No votes to display

Actions


May 15, 2020

Senate

Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2020

May 07, 2020

Senate

Rule 2-10 Committee Deadline Established As May 22, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 29, 2020

Apr 30, 2020

Senate

Rule 2-10 Committee Deadline Established As May 15, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 22, 2020

Apr 23, 2020

Senate

Rule 2-10 Third Reading Deadline Established As May 15, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 15, 2020

Senate

Rule 2-10 Committee Deadline Established As May 7, 2020

Apr 16, 2020

Senate

Rule 2-10 Committee Deadline Established As April 30, 2020

Apr 12, 2020

Senate

Pursuant to Senate Rule 3-9(b) / Referred to Assignments

Mar 25, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 7, 2020

Senate

Rule 2-10 Committee Deadline Established As April 24, 2020

Senate

Rule 2-10 Third Reading Deadline Established As May 7, 2020

Senate

Rule 2-10 Committee Deadline Established As April 24, 2020

Mar 18, 2020

Senate

Rule 2-10 Committee Deadline Established As April 2, 2020

Senate

Rule 2-10 Committee Deadline Established As April 2, 2020

Mar 12, 2020

Senate

Assigned to Higher Education

Mar 03, 2020

Senate

Added as Chief Co-Sponsor Sen. Kimberly A. Lightford

Feb 14, 2020

Senate

Filed with Secretary by Sen. Pat McGuire

Senate

Referred to Assignments

Senate

First Reading

Bill Text

Bill Text Versions Format
Introduced HTML

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated nightly from the official website of the Illinois General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.