Carol Ammons
- Democratic
- Representative
- District 103
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.
Added as Alternate Co-Sponsor Sen. Napoleon Harris, III
Alternate Chief Sponsor Changed to Sen. Christopher Belt
Added as Alternate Co-Sponsor Sen. Adriane Johnson
Rule 2-10 Committee/3rd Reading Deadline Established As January 13, 2021
Placed on Calendar Order of 3rd Reading January 10, 2021
Approved for Consideration Assignments
Senate Floor Amendment No. 3 Referred to Assignments
Senate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt
Pursuant to Senate Rule 3-9(b) / Referred to Assignments
Added as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford
Legislation Considered in Special Session No. 1
Approved for Consideration Assignments
Alternate Chief Sponsor Changed to Sen. Don Harmon
Rule 2-10 Third Reading Deadline Established As May 31, 2020
Placed on Calendar Order of 3rd Reading May 20, 2020
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Third Reading Deadline Established As May 31, 2019
Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
Senate Floor Amendment No. 2 Adopted; Lightford
Placed on Calendar Order of 3rd Reading May 15, 2019
Second Reading
Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions
Senate Floor Amendment No. 2 Referred to Assignments
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
Senate Committee Amendment No. 1 Adopted
Added as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
Placed on Calendar Order of 2nd Reading May 2, 2019
Do Pass as Amended Financial Institutions; 008-000-000
Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
Senate Committee Amendment No. 1 Referred to Assignments
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
Assigned to Financial Institutions
Referred to Assignments
First Reading
Chief Senate Sponsor Sen. Kimberly A. Lightford
Placed on Calendar Order of First Reading
Arrive in Senate
Third Reading - Short Debate - Passed 067-033-000
House Floor Amendment No. 1 Tabled Pursuant to Rule 40
Added Co-Sponsor Rep. Anne Stava-Murray
Added Co-Sponsor Rep. Rita Mayfield
Added Co-Sponsor Rep. Nicholas K. Smith
Added Co-Sponsor Rep. LaToya Greenwood
House Floor Amendment No. 1 Referred to Rules Committee
Added Co-Sponsor Rep. Celina Villanueva
Added Co-Sponsor Rep. Theresa Mah
Added Co-Sponsor Rep. Kelly M. Cassidy
House Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons
Added Co-Sponsor Rep. Will Guzzardi
Added Co-Sponsor Rep. Natalie A. Manley
Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate
Fiscal Note Filed
Added Co-Sponsor Rep. Maurice A. West, II
Added Chief Co-Sponsor Rep. Kambium Buckner
Fiscal Note Requested by Rep. Tom Demmer
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Higher Education Committee; 014-003-000
Added Chief Co-Sponsor Rep. Sonya M. Harper
Assigned to Higher Education Committee
Added Chief Co-Sponsor Rep. Emanuel Chris Welch
Added Chief Co-Sponsor Rep. Debbie Meyers-Martin
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Carol Ammons
Bill Text Versions | Format |
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Introduced | HTML |
Engrossed | HTML |
Document | Format |
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Senate Amendment 003 | |
Senate Amendment 002 | |
Senate Amendment 001 | |
House Amendment 001 |
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