IllinoisHB4754104th General Assembly (2025–2026)HouseWALLET

PRIVATE EDUCATION LOANS-REPORT

Sponsored By: Sponsor information unavailable

Became Law

Summary

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.

financial institutions and licensingassignments

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

Income share agreements count as loans

The law defines what counts as a private education loan. It treats income share agreements as loans and as debt. It brings student financing and their providers under these rules when the credit is not federal aid. It uses the federal APR method and covers schools that teach Illinois students online or by mail, even if not accredited. It also defines who is a cosigner.

Annual reports on private student lending

Each private educational lender files a yearly report with the state and the Student Loan Ombudsman. It lists schools where loans were made, total loan counts and dollars, loans with cosigners, default rates, and note templates. Reports must include loans made without school certification. A lender that makes 10 or fewer new loans in a year does not file the full report; it must send a statement certifying the number.

Stronger school checks before student loans

The law requires private lenders to get the school’s certification before any private education loan is paid. The school must confirm your enrollment, your cost of attendance, and the gap after your aid. Lenders must also notify the school in writing on or before disbursement with the loan amount and borrower name. If the school does not certify within 15 business days and tells the lender it refuses or needs more time, the lender may send funds without certification. Any such uncertified disbursement must be reported to the Student Loan Ombudsman.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Carol Ammons

    Affiliation unavailable

  • Jawaharial Williams

    Affiliation unavailable

  • Katie Stuart

    Affiliation unavailable

  • Margaret Croke

    Affiliation unavailable

  • Michael W. Halpin

    Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 166 • No: 0

Senate vote 5/14/2026

Third Reading - Passed;

Yes: 58 • No: 0

House vote 4/9/2026

Third Reading - Short Debate - Passed

Yes: 97 • No: 0

House vote 2/24/2026

Do Pass / Short Debate Financial Institutions and Licensing Committee;

Yes: 11 • No: 0

Actions Timeline

  1. Public Act . . . . . . . . . 104-0504

    6/26/2026House
  2. Effective Date June 26, 2026

    6/26/2026House
  3. Governor Approved

    6/26/2026House
  4. Sent to the Governor

    6/12/2026House
  5. Passed Both Houses

    5/14/2026House
  6. Third Reading - Passed; 058-000-000

    5/14/2026Senate
  7. Placed on Calendar Order of 3rd Reading May 5, 2026

    4/30/2026Senate
  8. Second Reading

    4/30/2026Senate
  9. Placed on Calendar Order of 2nd Reading April 28, 2026

    4/22/2026Senate
  10. Approved for Consideration Assignments

    4/22/2026Senate
  11. Referred to Assignments

    4/10/2026Senate
  12. First Reading

    4/10/2026Senate
  13. Chief Senate Sponsor Sen. Michael W. Halpin

    4/10/2026Senate
  14. Placed on Calendar Order of First Reading

    4/10/2026Senate
  15. Arrive in Senate

    4/10/2026Senate
  16. Added Chief Co-Sponsor Rep. Carol Ammons

    4/9/2026House
  17. Third Reading - Short Debate - Passed 097-000-000

    4/9/2026House
  18. Placed on Calendar Order of 3rd Reading - Short Debate

    4/8/2026House
  19. Second Reading - Short Debate

    4/8/2026House
  20. Added Chief Co-Sponsor Rep. Jawaharial Williams

    3/6/2026House
  21. Placed on Calendar 2nd Reading - Short Debate

    2/25/2026House
  22. Do Pass / Short Debate Financial Institutions and Licensing Committee; 011-000-000

    2/24/2026House
  23. Added Chief Co-Sponsor Rep. Katie Stuart

    2/19/2026House
  24. Assigned to Financial Institutions and Licensing Committee

    2/17/2026House
  25. Referred to Rules Committee

    2/6/2026House

Bill Text

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