HB 2685

  • Illinois House Bill
  • 101st Regular Session
  • Introduced in House Apr 03, 2019
  • Passed House Mar 29, 2019
  • Senate
  • Governor

Il Student Loan Investment Act

Abstract

Creates the Illinois Student Loan Investment Act. Provides for the establishment, operation, and administration of the Student Investment Account by the State Treasurer. Provides that the State Treasurer shall establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. Provides that the State Treasurer may charge and collect insurance premiums and deduct wages under the Act. Requires the State Treasurer to develop, publish, and implement one or more investment policies covering the investment of moneys under the Act. Provides for the creation and use of specified Funds to be held outside of the State Treasury with the State Treasurer as custodian. Provides for the adoption of rules. Amends the Deposit of State Moneys Act. Allows the State Treasurer to invest or reinvest State money in, among other items or purposes, investments made in accordance with the Student Loan Investment Act. Amends the Student Loan Servicing Rights Act. Provides that the term "student loan servicer" shall not include, among other entities, the State Treasurer and its agents when the agents are acting on the State Treasurer's behalf. Defines terms. Effective immediately. Fiscal Note (Office of the Treasurer) The Treasurer's Office projects that $150,000 will be needed for additional staff and related operational expenses to oversee and implement the Student Loan Investment program, the cost of which is expected to be paid for from the Treasurer's Administrative Fund, which receives revenue from investment earnings. The program should become self-sustaining when investment earnings and administrative fees are earned to cover operational and administration costs. Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Creates the Student Investment Account Act (currently, the Student Loan Investment Act). Adds a provision concerning the use of earnings from the Student Investment Account. Modifies provisions concerning the establishment, operation, and administration of the Student Investment Account by the State Treasurer, and adds requirements concerning income share agreements and income share agreement providers. Allows the State Treasurer to enter into income share agreements with participants (currently, borrowers) and to facilitate such arrangements between participants and eligible income share agreement providers (currently, lenders). Provides that the State Treasurer or his or her designee (currently, only State Treasurer) may charge and collect insurance premiums under the Act. Provides for the creation and use of specified Funds as non-appropriated separate and apart trust funds in the State Treasury (currently, Funds to be held outside of the State Treasury with the State Treasurer as custodian). Amends the Student Loan Servicing Rights Act. Provides that the term "student loan servicer" shall not include, among other entities, the State Treasurer (currently, the State Treasurer and its agents when the agents are acting on the State Treasurer's behalf). Modifies and defines terms. Makes other changes. Effective immediately. Senate Floor Amendment No. 2 Provides that "student loan servicer" or "servicer" includes persons or entities acting on behalf of the State Treasurer.

Bill Sponsors (18)

Votes


Actions


Jun 24, 2020

Senate

Pursuant to Senate Rule 3-9(b) / Referred to Assignments

May 22, 2020

Senate

Added as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford

May 20, 2020

Senate

Legislation Considered in Special Session No. 1

May 19, 2020

Senate

Placed on Calendar Order of 3rd Reading May 20, 2020

Senate

Approved for Consideration Assignments

Senate

Alternate Chief Sponsor Changed to Sen. Don Harmon

Senate

Rule 2-10 Third Reading Deadline Established As May 31, 2020

May 31, 2019

Senate

Rule 3-9(a) / Re-referred to Assignments

May 24, 2019

Senate

Rule 2-10 Third Reading Deadline Established As May 31, 2019

May 17, 2019

Senate

Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins

May 14, 2019

Senate

Senate Floor Amendment No. 2 Adopted; Lightford

Senate

Placed on Calendar Order of 3rd Reading May 15, 2019

Senate

Second Reading

May 08, 2019

Senate

Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000

May 07, 2019

Senate

Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions

May 03, 2019

Senate

Senate Floor Amendment No. 2 Referred to Assignments

Senate

Senate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford

May 01, 2019

Senate

Senate Committee Amendment No. 1 Adopted

Senate

Added as Alternate Co-Sponsor Sen. Jacqueline Y. Collins

Senate

Placed on Calendar Order of 2nd Reading May 2, 2019

Senate

Do Pass as Amended Financial Institutions; 008-000-000

Apr 30, 2019

Senate

Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions

Apr 29, 2019

Senate

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford

Senate

Senate Committee Amendment No. 1 Referred to Assignments

Apr 24, 2019

Senate

Assigned to Financial Institutions

Apr 03, 2019

Senate

Placed on Calendar Order of First Reading

Senate

Arrive in Senate

Senate

Chief Senate Sponsor Sen. Kimberly A. Lightford

Senate

First Reading

Senate

Referred to Assignments

Mar 29, 2019

House

Third Reading - Short Debate - Passed 067-033-000

House

Added Co-Sponsor Rep. Rita Mayfield

House

Added Co-Sponsor Rep. Anne Stava-Murray

House

Added Co-Sponsor Rep. Nicholas K. Smith

House

Added Co-Sponsor Rep. LaToya Greenwood

House

House Floor Amendment No. 1 Tabled Pursuant to Rule 40

Mar 28, 2019

House

House Floor Amendment No. 1 Referred to Rules Committee

House

Added Co-Sponsor Rep. Celina Villanueva

House

Added Co-Sponsor Rep. Theresa Mah

House

Added Co-Sponsor Rep. Kelly M. Cassidy

House

House Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons

Mar 21, 2019

House

Added Co-Sponsor Rep. Will Guzzardi

House

Added Co-Sponsor Rep. Natalie A. Manley

Mar 19, 2019

House

Second Reading - Short Debate

House

Placed on Calendar Order of 3rd Reading - Short Debate

Mar 15, 2019

House

Fiscal Note Filed

Mar 13, 2019

House

Added Co-Sponsor Rep. Maurice A. West, II

House

Added Chief Co-Sponsor Rep. Kambium Buckner

Mar 11, 2019

House

Fiscal Note Requested by Rep. Tom Demmer

Mar 07, 2019

House

Placed on Calendar 2nd Reading - Short Debate

Mar 06, 2019

House

Do Pass / Short Debate Higher Education Committee; 014-003-000

Mar 05, 2019

House

Added Chief Co-Sponsor Rep. Sonya M. Harper

Feb 26, 2019

House

Assigned to Higher Education Committee

House

Added Chief Co-Sponsor Rep. Emanuel Chris Welch

Feb 20, 2019

House

Added Chief Co-Sponsor Rep. Debbie Meyers-Martin

Feb 14, 2019

House

First Reading

House

Referred to Rules Committee

House

Filed with the Clerk by Rep. Carol Ammons

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML

Related Documents

Document Format
Senate Amendment 002
Senate Amendment 001
House Amendment 001

Sources

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