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Illinois has earned its 11th credit rating upgrade since 2021, as Moody’s Investors Service cited eight consecutive balanced budgets and responsible fiscal management in raising the state to its highest rating in nearly 15 years. The latest upgrade continues a dramatic reversal in Illinois’ financial trajectory in recent years.

“Eleven credit rating upgrades is a remarkable validation of the responsible, steady approach we have taken to Illinois’ finances,” said Senate President Don Harmon (D-Oak Park). “Eight consecutive balanced budgets have brought stability and predictability back to state government. We’ve paid our bills, built our reserves and reduced debt, all while continuing to invest in the people and priorities that make Illinois stronger. This latest upgrade is another sign that responsible budgeting pays dividends for taxpayers and puts Illinois in a stronger position for whatever challenges come next.”

Higher credit ratings allow Illinois to borrow at lower interest rates, reducing financing costs and saving taxpayer dollars.

In announcing the upgrade, Moody’s pointed to Illinois’ balanced budgets, fiscal management and stronger reserves as reasons for increased confidence in the state’s ability to manage future budget pressures.

Moody’s upgrades Illinois’ credit rating -- Capitol News Illinois

Moody’s upgrades Illinois credit rating -- Crain's Chicago Business

Halpin measure to keep track of Illinois student loan market signed into law

SPRINGFIELD — In the face of higher student debt for many in Illinois and across the country, State Senator Mike Halpin’s measure to keep track of the private student loan borrowing market has been signed into law.

“Student loans present a critical burden to students, graduates and their families,” said Halpin (D-Rock Island). “We need to keep track of the private student loan market in Illinois to get a sense of exactly how large that burden is and what the state needs to do to mitigate those effects.”

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Turner law to ensure people know about prescription recalls

SPRINGFIELD — People in Illinois will soon have a quicker way to know whether their medications have been recalled thanks to a new law sponsored by State Senator Doris Turner.

“People need to be up-to-date on what’s happening with their medications, especially for our seniors,” said Turner (D-Springfield). “I heard from a number of constituents who were unaware of recalls on their prescriptions, and it is clear that we need an avenue for people to instantly find answers on medications they take.”

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Sims law protects incarcerated individuals' connections with family, loved ones

SPRINGFIELD — A measure led by State Senator Elgie R. Sims, Jr. that was signed into law creates financial guardrails to ensure the criminal justice system supports family connections instead of restricting them.

“Mail correspondence is a vital – and often cost-effective – lifeline,” said Sims (D-Chicago). “When families already spend thousands just to stay in touch with an incarcerated loved one, they shouldn’t face yet another cost barrier to staying connected.”

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Edly-Allen's landmark AI safety law to address catastrophic risks, increasing transparency signed by governor

CHICAGO — State Senator Mary Edly-Allen’s landmark law, the first of its kind in the country, was signed into law, aiming to establish safety standards and transparency requirements for the largest artificial intelligence (AI) developers.

“This bipartisan law is about putting responsible safeguards in place before a preventable catastrophe occurs. Illinois has an opportunity to lead the nation by setting clear expectations for transparency, accountability and public safety,” said Edly-Allen (D-Grayslake). “While artificial intelligence holds extraordinary promises from curing disease to transforming scientific research, we have a responsibility to confront the catastrophic risks associated with the systems."

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Aquino leads measure to increase accessibility for hospital financial assistance

SPRINGFIELD — To address the pervasive issue of medical debt and support underinsured and uninsured patients, a new law led by State Senator Omar Aquino will streamline the application process for hospital financial assistance.

“While families navigate health issues, they should not have to endure the added stress of undergoing a confusing financial assistance application process,” said Aquino (D-Chicago). “With federal cuts to Medicaid threatening the health care of millions, financial concerns will only worsen, forcing more people to forgo care and leading to more expensive medical costs down the road.”

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Guzmán bill protecting Illinoisans from losing their homes over medical debt becomes law

SPRINGFIELD — State Senator Graciela Guzmán’s bill to protect those burdened by health care debt from having a lien placed on their home during a health care debt collection has been signed into law.

“No one should have to fear losing their home because they got sick,” said Guzmán (D-Chicago). “For too long, hospitals have been allowed to use medical debt to threaten the stability of working families. Illinois should never allow that debt to become a tool for taking away someone’s home. Today we put an end to one of the most harmful debt collection practices in our state.”

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Holmes releases statement on her retirement from the Illinois State Senate

AURORA — State Senator Linda Holmes (D-Aurora) released the following statement announcing her retirement from the Illinois State Senate:

“Representing my community has been the honor of a lifetime. I am proud of the work we accomplished together—from advancing protections for pets and expanding access to health care, to supporting small businesses, protecting local control, strengthening Illinois’ unemployment system during the pandemic, and being the chief sponsor of Medical Aid in Dying legislation to give terminally ill patients greater dignity and choice.

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Hastings' new law provides oversight of predatory Buy-Now-Pay-Later loans

SPRINGFIELD — Illinois consumers have seen that a rapid expansion of Buy-Now-Pay-Later loan services may seem convenient at first, but they can carry hidden costs, unexpected fees and financial risks that often go unnoticed until it is too late. In response, State Senator Michael E. Hastings passed a law enforcing stronger oversight of these predatory programs.

“This industry has grown so fast over such a short period of time,” said Hastings (D-Frankfort). “We are now to a point where Buy-Now-Pay-Later programs are operating like it’s the Wild West.”

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Aquino law bans 'junk' fees in Illinois

SPRINGFIELD — Following years of advocacy, State Senator Omar Aquino’s initiative to ban junk fees in Illinois was signed into law to protect consumers and increase transparency.

“Our state is facing unprecedented challenges due to devastating cuts from the federal spending plan under H.R. 1,” said Aquino (D-Chicago). “Banning junk fees is part of a broader effort to alleviate some of the financial pressure on Illinois families while our state continues to confront a national affordability crisis.”

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Stadelman laws strengthen ticket buyer protections

SPRINGFIELD — Two measures championed by State Senator Steve Stadelman to protect consumers and promote a fairer, more transparent ticket resale marketplace were signed into law, banning the practice of speculative ticket sales in Illinois and helping ensure fairer access to event tickets by cracking down on automated bots and deceptive online resale practices.

“When consumers purchase a ticket, they should have confidence that the seller actually possesses it and can deliver it,” said Stadelman (D-Rockford). “House Bill 4984 protects fans from deceptive practices, promotes transparency in the resale marketplace and helps ensure Illinois consumers are treated fairly.”

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Sims: FY 27 budget invests in families without compromising our fiscal future

CHICAGO — Majority Caucus Appropriations Leader Elgie R. Sims, Jr. (D-Chicago) released the following statement after the Fiscal Year 2027 budget was signed into law:

“Through our unwavering commitment to fiscal responsibility, Illinois has engineered a remarkable financial turnaround over recent years. Our principled approach has kept our fiscal house in order, allowing us to invest in and uplift communities across the state despite the uncertainty looming from the Oval Office."

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Lightford passes sweeping hemp, cannabis legislation

SPRINGFIELD — After years of advocacy, Senate Majority Leader Kimberly A. Lightford led a wide-ranging law that brings new rules to Illinois' hemp market and delivers long-overdue improvements to the state's cannabis laws for patients, small businesses and social equity licensees.

“I have fought for years to bring order and fairness to these markets, and working with our House colleagues, we finally got it done,” said Lightford (D-Maywood). “This is about protecting people, keeping our promises, and keeping Illinois at the forefront nationally.”

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Aquino law strengthens Illinois' health care system

SPRINGFIELD — A new law led by State Senator Omar Aquino aims to strengthen Illinois’ health care system by increasing government efficiency and transparency while maximizing state dollars to fund essential services vulnerable communities depend on.

“Impending federal cuts to Medicaid are a threat to the stability of our health care system, risking access to care for thousands of Illinoisans,” said Aquino (D-Chicago). “Safeguarding local hospitals and community-based services is needed to ensure our most vulnerable communities are not left behind.”

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