IL SB1537

Adds new Article 7 to the Student Loan Servicing Rights Act establishing comprehensive regulations for Educational Income Share Agreements (EISAs), which are financing arrangements where students repay based on a percentage of their future income after completing educational programs

Caps EISA payments at 8% of a consumer's income per agreement, with a combined limit of 15% of income for all EISAs and education loans; sets minimum income threshold of $47,000 (adjusted for inflation) below which no payments are required

Limits maximum effective annual percentage rate to 9% or 10-year Treasury rate plus 6%, whichever is greater; caps EISA duration at 240 months with maximum of 180 monthly payments

Prohibits cosigners on EISAs, bars assignment of wages, restricts garnishment before court judgment, and requires automatic discharge of obligations upon consumer's death or total permanent disability

Requires detailed disclosures including payment calculation methods, income thresholds, comparison tables at various income levels, and refinancing warnings; subjects EISA providers to licensing and enforcement under the Consumer Fraud and Deceptive Business Practices Act