HB1519 - CONSUMER INCOME SHARE ACT

7 Co-Sponsors

Amends the Student Loan Servicing Rights Act. Creates the Educational Income Share Agreements Article of the Student Loan Servicing Rights Act. Defines terms. Regarding income share agreements, sets forth provisions concerning monthly payment affordability, maximum effective annual percentage rate, Limits on duration of income share agreements, risk sharing, limits on covered income, fees permitted, restrictions on security interests, discharge of obligations, prohibitions on co-signers, limits on acceleration, assignment of wages, limitations on garnishment, use of multiple agreements, required disclosures, early completion of the agreement, assumption of increase in future income, receipts, 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.