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.
Senate Committee Amendment No. 1: In provisions concerning monthly payment affordability, changes the calculation for the consumer's minimum essential income.
Senate Floor Amendment No. 2: Makes changes in provisions concerning monthly payment affordability. Sets forth provisions requiring an EISA provider, before offering a person an EISA that is being used to refinance an existing loan, to provide the person with a disclosure explaining that the benefits and protections applicable to the existing loan may be lost due to the refinancing. Provides that the disclosure must be provided on a one-page information sheet in at least 12-point type and must be written in simple, clear, and understandable language. Makes changes in provisions concerning the discharge of obligations under and EISA. Requires an EISA provider to provide a written payment history to a borrower (rather than a borrower or cosigner) upon request at no cost within 21 calendar days of receiving the request. Makes other changes.

Statutes affected:
Introduced: 110 ILCS 992/1, 110 ILCS 992/7, 110 ILCS 992/25, 205 ILCS 670/1, 815 ILCS 205/4
Engrossed: 110 ILCS 992/1, 110 ILCS 992/7, 110 ILCS 992/25, 205 ILCS 670/1, 815 ILCS 205/4
Enrolled: 110 ILCS 992/1, 110 ILCS 992/7, 110 ILCS 992/25, 205 ILCS 670/1, 815 ILCS 205/4