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HB2850Introduced in the House

STUDENT LOAN SERVICING RIGHTS

IntroducedHouse Rules

Introduced by Maurice West, District 67

What does this bill do?

Plain-English breakdown

Writing a plain-English summary of this bill… this can take a few seconds the first time.

Official description

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.

Where it stands

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

April 11, 2025

How did lawmakers vote?

HouseStage: House Financial Institutions & Licensing Committee · March 25, 2025

5

Yes

0

No

1

Absent or Not Voting

6 representatives recorded in this House vote. Colors show vote categories only, not whether a vote was good or bad.

What do people think?

Citizen Voice

How would you vote on this bill?

An unofficial public opinion poll. It does not affect the bill or the official vote.

One response per device. Location is self-reported and not verified. Results are informal and not a scientific survey.

See how each representative voted

RepresentativeDistrictVote
Jawaharial Williams10Yes
Jennifer Gong-Gershowitz17Yes
Rita Mayfield60Yes
Dan Ugaste65Yes
Mike Coffey95Yes
Christopher Davidsmeyer100Not Voting

Bill history

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

  2. First Reading

  3. Referred to Rules Committee

  4. Assigned to Financial Institutions and Licensing Committee

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

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

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

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

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

  10. Placed on Calendar 2nd Reading - Short Debate

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

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

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

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

  15. Second Reading - Short Debate

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

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

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

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

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