SB 1524

  • Illinois Senate Bill
  • 101st Regular Session
  • Introduced in Senate Apr 11, 2019
  • Passed Senate Apr 10, 2019
  • Passed House May 22, 2019
  • Became Law Aug 26, 2019

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. Senate Floor 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" does 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. House Floor Amendment No. 1 Provides that "student loan servicer" or "servicer" includes persons or entities acting on behalf of the State Treasurer. Modifies findings and purpose provisions.

Bill Sponsors (37)

Bill Cunningham

     
Cosponsor

André Thapedi

     
Cosponsor

Votes


Actions


Aug 26, 2019

Senate

Effective Date August 26, 2019

Senate

Public Act . . . . . . . . . 101-0586

Senate

Governor Approved

Jun 28, 2019

Senate

Sent to the Governor

May 31, 2019

Senate

Passed Both Houses

Senate

Senate Concurs

Senate

House Floor Amendment No. 1 Senate Concurs 058-000-000

May 28, 2019

Senate

House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 006-000-000

Senate

House Floor Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions

May 22, 2019

House

Added Alternate Co-Sponsor Rep. Stephanie A. Kifowit

House

Third Reading - Short Debate - Passed 072-044-001

Senate

House Floor Amendment No. 1 Motion to Concur Referred to Assignments

Senate

House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford

Senate

Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 23, 2019

Senate

Secretary's Desk - Concurrence House Amendment(s) 1

House

Added Alternate Co-Sponsor Rep. André Thapedi

House

Added Alternate Co-Sponsor Rep. Mary E. Flowers

House

Added Alternate Co-Sponsor Rep. Diane Pappas

House

Added Alternate Co-Sponsor Rep. Sue Scherer

May 21, 2019

House

Added Alternate Co-Sponsor Rep. Emanuel Chris Welch

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

House Floor Amendment No. 1 Adopted

House

Second Reading - Short Debate

House

Added Alternate Co-Sponsor Rep. Anne Stava-Murray

House

Added Alternate Co-Sponsor Rep. Rita Mayfield

House

Added Alternate Co-Sponsor Rep. Nicholas K. Smith

House

Added Alternate Co-Sponsor Rep. LaToya Greenwood

House

Added Alternate Co-Sponsor Rep. Celina Villanueva

House

Added Alternate Co-Sponsor Rep. Theresa Mah

House

Added Alternate Co-Sponsor Rep. Kelly M. Cassidy

House

Added Alternate Co-Sponsor Rep. Will Guzzardi

House

Added Alternate Co-Sponsor Rep. Natalie A. Manley

House

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

House

Added Alternate Co-Sponsor Rep. Kambium Buckner

House

Added Alternate Co-Sponsor Rep. Sonya M. Harper

House

Added Alternate Co-Sponsor Rep. Debbie Meyers-Martin

May 20, 2019

House

House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000

May 16, 2019

House

House Floor Amendment No. 1 Referred to Rules Committee

House

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

May 08, 2019

House

Placed on Calendar 2nd Reading - Short Debate

House

Added Alternate Co-Sponsor Rep. Justin Slaughter

House

Do Pass / Short Debate Higher Education Committee; 011-007-000

Apr 30, 2019

House

Assigned to Higher Education Committee

Apr 11, 2019

House

Arrived in House

House

Referred to Rules Committee

House

First Reading

House

Chief House Sponsor Rep. Carol Ammons

Senate

Added as Co-Sponsor Sen. Antonio Muñoz

Apr 10, 2019

Senate

Recalled to Second Reading

Senate

Third Reading - Passed; 058-000-000

Senate

Placed on Calendar Order of 3rd Reading

Senate

Senate Floor Amendment No. 1 Adopted; Lightford

Senate

Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000

Apr 04, 2019

Senate

Added as Chief Co-Sponsor Sen. Linda Holmes

Senate

Added as Chief Co-Sponsor Sen. Christopher Belt

Senate

Added as Co-Sponsor Sen. Napoleon Harris, III

Apr 03, 2019

Senate

Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions

Mar 28, 2019

Senate

Added as Co-Sponsor Sen. Michael E. Hastings

Senate

Added as Co-Sponsor Sen. Emil Jones, III

Senate

Senate Floor Amendment No. 1 Referred to Assignments

Senate

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

Senate

Added as Co-Sponsor Sen. Mattie Hunter

Senate

Added as Co-Sponsor Sen. Patricia Van Pelt

Mar 19, 2019

Senate

Added as Co-Sponsor Sen. Christopher Belt

Mar 07, 2019

Senate

Added as Co-Sponsor Sen. Laura M. Murphy

Senate

Added as Co-Sponsor Sen. Elgie R. Sims, Jr.

Mar 06, 2019

Senate

Do Pass Financial Institutions; 008-000-000

Senate

Added as Co-Sponsor Sen. Pat McGuire

Senate

Placed on Calendar Order of 3rd Reading March 7, 2019

Senate

Second Reading

Senate

Placed on Calendar Order of 2nd Reading

Senate

Added as Chief Co-Sponsor Sen. Julie A. Morrison

Feb 27, 2019

Senate

Assigned to Financial Institutions

Feb 26, 2019

Senate

Added as Co-Sponsor Sen. Scott M. Bennett

Feb 21, 2019

Senate

Added as Co-Sponsor Sen. Bill Cunningham

Feb 20, 2019

Senate

Added as Co-Sponsor Sen. Omar Aquino

Feb 15, 2019

Senate

First Reading

Senate

Referred to Assignments

Senate

Filed with Secretary by Sen. Kimberly A. Lightford

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML
Enrolled HTML

Related Documents

Document Format
Public Act
House Amendment 001
Senate Amendment 001

Sources

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