Illinois HB 2850: STUDENT LOAN SERVICING RIGHTS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB2850

Introduced 2/6/2025, by Rep. Maurice A. West, II 

SYNOPSIS AS INTRODUCED:

See Index

 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.

LRB104 12120 JDS 22219 b

A BILL FOR

HB2850LRB104 12120 JDS 22219 b

1 AN ACT concerning education.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Student Loan Servicing Rights Act is 

5amended by changing Sections 1-5 and 25-5 and by adding 

6Article 7 as follows:

7 (110 ILCS 992/1-5)

8 Sec. 1-5. Definitions. As used in this Act:

9 "Applicant" mean