SB 86 Illinois Senate · 103rd Regular Session

HIGHER ED-COSIGNER LOANS

Summary

Amends the Know Before You Owe Private Education Loan Act. Provides that the information regarding loans shall be provided to borrowers and cosigners (instead of just borrowers). Sets forth provisions for cosigner disclosure and notice, cosigner release, cosigner rights, what happens in the event of the bankruptcy or death of a cosigner, the total and permanent disability of a borrower or cosigner, refinancing, and modified or flexible repayment plans. Effective immediately.

Bill status signed all 4 stages cleared

Introduction

Mar 2023

Committee Review

Apr 2024

House Passage

May 2024

Signed into Law

Aug 2024

Introduced Mar 24, 2023 Signed Aug 2, 2024

Floor votes · House May 9, 2024

How they voted

111–0

Passed · 6 other

Total votes 117

May 9, 2024

D Democratic77

71 Yea 6

92% Yea

R Republican40

40 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Aug 2, 2024

Signed into law

Governor Approved

lower

May 9, 2024

Lower · Passed

Passed Both Houses

lower

May 9, 2024

Lower · Passed

Third Reading - Short Debate - Passed 112-000-000

lower

Apr 24, 2024

Lower · Passed

Approved for Consideration Rules Committee; 005-000-000

lower

May 31, 2023

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Apr 19, 2023

Lower · Passed

Do Pass / Short Debate Higher Education Committee; 011-000-000

lower

Apr 11, 2023

Committee

Assigned to Higher Education Committee

lower

Mar 24, 2023

Committee

Referred to Rules Committee

lower

Mar 24, 2023

Introduced

Arrived in House

lower

Mar 24, 2023

Lower · Passed

Third Reading - Passed; 055-000-000

lower

Mar 23, 2023

Lower · Passed

Senate Floor Amendment No. 1 Adopted; Fine

lower

Mar 22, 2023

Introduced

Senate Floor Amendment No. 1 Recommend Do Adopt Higher Education; 010-000-000

lower

Mar 7, 2023

Introduced

Senate Floor Amendment No. 1 Assignments Refers to Higher Education

lower

Mar 3, 2023

Committee

Senate Floor Amendment No. 1 Referred to Assignments

lower

Mar 3, 2023

Introduced

Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Fine

lower

Feb 22, 2023

Lower · Passed

Do Pass Higher Education; 011-000-000

lower

Jan 31, 2023

Committee

Assigned to Higher Education

lower

Jan 20, 2023

Committee

Referred to Assignments

lower

2 primary · 8 co-sponsors