SB1537Introduced in the Senate
STUDENT LOAN SERVICING RIGHTS
Introduced by Elgie Sims, District 17
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
Public Act . . . . . . . . . 104-0383
August 15, 2025
How did lawmakers vote?
House votes
2 recorded votes · each counted separately
Senate votes
4 recorded votes · each counted separately
HouseStage: Third Reading in House · May 22, 2025
114
Yes
0
No
1
Absent or Not Voting
115 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
| Representative | District | Vote |
|---|---|---|
| Aaron Ortiz | 1 | Yes |
| Elizabeth Hernandez | 2 | Yes |
| Eva Dina Delgado | 3 | Yes |
| Lilian Jimenez | 4 | Yes |
| Kimberly Du Buclet | 5 | Yes |
| Sonya Harper | 6 | Yes |
| Emanuel Welch | 7 | Yes |
| LaShawn Ford | 8 | Yes |
| Yolanda Morris | 9 | Yes |
| Jawaharial Williams | 10 | Yes |
Bill history
Filed with Secretary by Sen. Elgie R. Sims, Jr.
First Reading
Referred to Assignments
Assigned to Executive
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Elgie R. Sims, Jr.
Senate Committee Amendment No. 1 Referred to Assignments
Senate Committee Amendment No. 1 Assignments Refers to Executive
Added as Co-Sponsor Sen. Bill Cunningham
Added as Co-Sponsor Sen. Mattie Hunter
Senate Committee Amendment No. 1 Adopted
Do Pass as Amended Executive; 011-000-000
Placed on Calendar Order of 2nd Reading March 20, 2025
Second Reading
Placed on Calendar Order of 3rd Reading April 1, 2025
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Elgie R. Sims, Jr.
Senate Floor Amendment No. 2 Referred to Assignments
Senate Floor Amendment No. 2 Assignments Refers to Executive
Senate Floor Amendment No. 2 Recommend Do Adopt Executive; 012-000-000
Recalled to Second Reading
Senate Floor Amendment No. 2 Adopted; Sims
Placed on Calendar Order of 3rd Reading
Third Reading - Passed; 055-000-000
Arrived in House
Chief House Sponsor Rep. Maurice A. West, II
Added as Co-Sponsor Sen. Kimberly A. Lightford
First Reading
Referred to Rules Committee
Added Alternate Co-Sponsor Rep. Katie Stuart
Assigned to Financial Institutions and Licensing Committee
Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
Placed on Calendar 2nd Reading - Short Debate
Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate
Added Alternate Co-Sponsor Rep. Kevin Schmidt
Third Reading - Short Debate - Passed 114-000-000
Passed Both Houses
Sent to the Governor
Governor Approved
Effective Date August 15, 2025
Public Act . . . . . . . . . 104-0383
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