Illinois 104th General Assembly Status: Introduced 2 D cosponsors

HB2850      — STUDENT LOAN SERVICING RIGHTS

Last action — House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee

  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the House. Introduced February 05, 2025. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 30% · moderate confidence

  • Introduced

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 D).

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read HB2850 on the official Illinois source →

Action History

  1. House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee

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

  3. Added Co-Sponsor Rep. Camille Y. Lilly

  4. Held on Calendar Order of Second Reading - Short Debate

  5. Second Reading - Short Debate

  6. House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 010-000-000

  7. House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee

  8. House Floor Amendment No. 2 Referred to Rules Committee

  9. House Floor Amendment No. 2 Filed with Clerk by Rep. Maurice A. West, II

  10. Placed on Calendar 2nd Reading - Short Debate

  11. Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-001-000

  12. House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote

  13. House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee

  14. House Committee Amendment No. 1 Referred to Rules Committee

  15. House Committee Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II

  16. Assigned to Financial Institutions and Licensing Committee

  17. Referred to Rules Committee

  18. First Reading

  19. Filed with the Clerk by Rep. Maurice A. West, II

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 1 co-sponsors · 181 not signed on · 1 voted No

Sponsors (1)

Co-sponsors (1)

Not signed on (181)

181 members have not signed on to this bill.

Show all 181 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Financial Institutions & Licensing

Passed 10 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Democrat 8000
Republican 2002
Total 10002
% of votes cast 83%0%0%17%
How each member voted (12)
Member Party Vote
Daniel Didech Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jawaharial Williams Democrat Yea
Jennifer Gong-Gershowitz Democrat Yea
Margaret Croke Democrat Yea
Maurice A. West, II Democrat Yea
Natalie A. Manley Democrat Yea
Rita Mayfield Democrat Yea
Christopher "C.D." Davidsmeyer Republican Not Voting
Daniel J. Ugaste Republican Yea
Michael J. Coffey, Jr. Republican Yea
Ryan Spain Republican Not Voting

Official roll call →

Financial Institutions & Licensing

Passed 11 Yea · 1 Nay
Party YeaNayPresentNot Voting
Democrat 7100
Republican 4000
Total 11100
% of votes cast 92%8%0%0%
How each member voted (12)
Member Party Vote
Dagmara Avelar Democrat Yea
Daniel Didech Democrat Yea
Eva-Dina Delgado Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jennifer Gong-Gershowitz Democrat Yea
Margaret Croke Democrat Yea
Natalie A. Manley Democrat Yea
Rita Mayfield Democrat Nay
Christopher "C.D." Davidsmeyer Republican Yea
Daniel J. Ugaste Republican Yea
Jeff Keicher Republican Yea
Michael J. Coffey, Jr. Republican Yea

Official roll call →

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB2850      do?
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.
Who sponsors HB2850     ?
HB2850      is sponsored by Maurice A. West, II (Democrat) and Camille Y. Lilly (Democrat).
What is the current status of HB2850     ?
This bill has been introduced in the House. Introduced February 05, 2025. It must pass committee before a floor vote.
Where can I track HB2850     ?
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Last checked for changes 3 months ago · updated continuously

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