Education

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.

Amends the School Code. Creates the Waiver Process Task Force. Sets forth provisions concerning membership, meetings, and support services. Provides that the purposes of the Task Force are to examine the current waiver response process and make recommendations on a more equitable and fair waiver response at the elementary and secondary school levels in this State; develop and use metrics to access the viability of waiver requests and the impact of such requests on students in kindergarten through grade 12; promote training and professional development on creating waiver requests that include accountability measures for teachers and other community stakeholders across this State; identify and seek local, State, and national resources to support an equitable and fair waiver process; and complete such other strategies as may be identified by the Task Force. Provides that the Task Force shall make recommendations to the Governor and the General Assembly on how waivers should be requested, how waivers should be reviewed for approval, and how to demonstrate the ability to fulfill accountability measures proposed in requested waivers. Requires the Task Force to file a report with the Governor and the General Assembly on or before December 31, 2025. Effective immediately.

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, of the remainder of the moneys received under the Acts after certain deposits have been made, 75% shall be deposited into the General Revenue Fund and 25% shall be deposited into the Common School Fund (currently, 75% shall be paid into the State Treasury and 25% shall be reserved in a special account and used only for the transfer to the Common School Fund as part of a specified monthly transfer). Effective immediately.

Amends the Illinois Library System Act. In provisions concerning State grants, provides that the grants shall include, among other things, planning and construction grants to library systems and public libraries that are members of a library system (rather than planning and construction grants to public libraries and library systems) and grants to improve or enhance security of libraries.

Amends the Illinois Income Tax Act. Provides that the maximum amount of the credit for instructional materials and supplies is $1,000 for taxable years beginning on or after January 1, 2025 (currently, $500). Effective immediately.