Kimberly Lightford
- Democratic
- Senator
- District 4
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.
Effective Date August 26, 2019
Public Act . . . . . . . . . 101-0586
Governor Approved
Sent to the Governor
Passed Both Houses
Senate Concurs
House Floor Amendment No. 1 Senate Concurs 058-000-000
House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 006-000-000
House Floor Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions
Added Alternate Co-Sponsor Rep. Stephanie A. Kifowit
Third Reading - Short Debate - Passed 072-044-001
House Floor Amendment No. 1 Motion to Concur Referred to Assignments
House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford
Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 23, 2019
Secretary's Desk - Concurrence House Amendment(s) 1
Added Alternate Co-Sponsor Rep. André Thapedi
Added Alternate Co-Sponsor Rep. Mary E. Flowers
Added Alternate Co-Sponsor Rep. Diane Pappas
Added Alternate Co-Sponsor Rep. Sue Scherer
Added Alternate Co-Sponsor Rep. Emanuel Chris Welch
Placed on Calendar Order of 3rd Reading - Short Debate
House Floor Amendment No. 1 Adopted
Second Reading - Short Debate
Added Alternate Co-Sponsor Rep. Anne Stava-Murray
Added Alternate Co-Sponsor Rep. Rita Mayfield
Added Alternate Co-Sponsor Rep. Nicholas K. Smith
Added Alternate Co-Sponsor Rep. LaToya Greenwood
Added Alternate Co-Sponsor Rep. Celina Villanueva
Added Alternate Co-Sponsor Rep. Theresa Mah
Added Alternate Co-Sponsor Rep. Kelly M. Cassidy
Added Alternate Co-Sponsor Rep. Will Guzzardi
Added Alternate Co-Sponsor Rep. Natalie A. Manley
Added Alternate Co-Sponsor Rep. Maurice A. West, II
Added Alternate Co-Sponsor Rep. Kambium Buckner
Added Alternate Co-Sponsor Rep. Sonya M. Harper
Added Alternate Co-Sponsor Rep. Debbie Meyers-Martin
House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
House Floor Amendment No. 1 Referred to Rules Committee
House Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons
Placed on Calendar 2nd Reading - Short Debate
Added Alternate Co-Sponsor Rep. Justin Slaughter
Do Pass / Short Debate Higher Education Committee; 011-007-000
Assigned to Higher Education Committee
Arrived in House
Referred to Rules Committee
First Reading
Chief House Sponsor Rep. Carol Ammons
Added as Co-Sponsor Sen. Antonio Muñoz
Recalled to Second Reading
Third Reading - Passed; 058-000-000
Placed on Calendar Order of 3rd Reading
Senate Floor Amendment No. 1 Adopted; Lightford
Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000
Added as Chief Co-Sponsor Sen. Linda Holmes
Added as Chief Co-Sponsor Sen. Christopher Belt
Added as Co-Sponsor Sen. Napoleon Harris, III
Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
Added as Co-Sponsor Sen. Michael E. Hastings
Added as Co-Sponsor Sen. Emil Jones, III
Senate Floor Amendment No. 1 Referred to Assignments
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
Added as Co-Sponsor Sen. Mattie Hunter
Added as Co-Sponsor Sen. Patricia Van Pelt
Added as Co-Sponsor Sen. Christopher Belt
Added as Co-Sponsor Sen. Laura M. Murphy
Added as Co-Sponsor Sen. Elgie R. Sims, Jr.
Do Pass Financial Institutions; 008-000-000
Added as Co-Sponsor Sen. Pat McGuire
Placed on Calendar Order of 3rd Reading March 7, 2019
Second Reading
Placed on Calendar Order of 2nd Reading
Added as Chief Co-Sponsor Sen. Julie A. Morrison
Assigned to Financial Institutions
Added as Co-Sponsor Sen. Scott M. Bennett
Added as Co-Sponsor Sen. Bill Cunningham
Added as Co-Sponsor Sen. Omar Aquino
First Reading
Referred to Assignments
Filed with Secretary by Sen. Kimberly A. Lightford
Bill Text Versions | Format |
---|---|
Introduced | HTML |
Engrossed | HTML |
Enrolled | HTML |
Document | Format |
---|---|
Public Act | |
House Amendment 001 | |
Senate Amendment 001 |
Data on Open States is updated periodically throughout the day from the official website of the Illinois General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.