Illinois SB 3106: CRIM PRO-INTELLECT DISABILITY

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3106

Introduced 1/29/2026, by Sen. Michael W. Halpin 

SYNOPSIS AS INTRODUCED:

110 ILCS 983/5

110 ILCS 983/10

 Amends the Know Before You Owe Private Education Loan Act. Provides that the annual report to the Department of Financial and Professional Regulation and the Student Loan Ombudsman shall include the total number and dollar amount (instead of the volume) of private education loans made annually by a private educational lender, the total number and dollar amount (instead of the volume) of private education loans made annually at institutions of higher education, the total number and dollar amount of private education loans made annually with a cosigner, and the default rate for the private education loans reported by the private educational lender pursuant to specified provisions for the previous reporting period. Effective immediately.

LRB104 17947 LNS 31384 b

A BILL FOR

SB3106LRB104 17947 LNS 31384 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 Know Before You Owe Private Education Loan 

5Act is amended by changing Sections 5 and 10 as follows:

6 (110 ILCS 983/5)

7 Sec. 5. Definitions. As used in this Act:

8 "Annual percentage rate" means the percentage rate 

9calculated according to the Federal Reserve Board's 

10methodology as set forth under Regulation Z, 12 CFR Part 1026.

11 "Cosigner" means any individual who is liable for the 

12obligation of another without compensation, regardless of how 

13the individual is designated in the contract or instrument 

14with respect to that obligation, including an obligation under 

15a private education loan