IL HB2685 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 21-0)
Status: Engrossed on March 29 2019 - 50% progression, died in committee
Action: 2021-01-13 - Added as Alternate Chief Co-Sponsor Sen. Mattie Hunter
Pending: Senate Assignments Committee
Text: Latest bill text (Engrossed) [HTML]

Summary

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.

Tracking Information

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Title

IL STUDENT LOAN INVESTMENT ACT

Sponsors


Roll Calls

2019-03-29 - House - Third Reading in House (Y: 67 N: 33 NV: 2 Abs: 3) [PASS]

History

DateChamberAction
2021-01-13SenateAdded as Alternate Chief Co-Sponsor Sen. Mattie Hunter
2021-01-10SenateAlternate Chief Sponsor Changed to Sen. Christopher Belt
2021-01-10SenateAdded as Alternate Co-Sponsor Sen. Napoleon Harris, III
2021-01-09SenateAdded as Alternate Co-Sponsor Sen. Adriane Johnson
2021-01-05SenateSenate Floor Amendment No. 3 Referred to Assignments
2021-01-05SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt
2021-01-05SenateRule 2-10 Committee/3rd Reading Deadline Established As January 13, 2021
2021-01-05SenatePlaced on Calendar Order of 3rd Reading January 10, 2021
2021-01-05SenateApproved for Consideration Assignments
2020-06-24SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
2020-05-22SenateAdded as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford
2020-05-20SenateLegislation Considered in Special Session No. 1
2020-05-19SenateAlternate Chief Sponsor Changed to Sen. Don Harmon
2020-05-19SenateRule 2-10 Third Reading Deadline Established As May 31, 2020
2020-05-19SenatePlaced on Calendar Order of 3rd Reading May 20, 2020
2020-05-19SenateApproved for Consideration Assignments
2019-05-31SenateRule 3-9(a) / Re-referred to Assignments
2019-05-24SenateRule 2-10 Third Reading Deadline Established As May 31, 2019
2019-05-17SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
2019-05-14SenatePlaced on Calendar Order of 3rd Reading May 15, 2019
2019-05-14SenateSenate Floor Amendment No. 2 Adopted; Lightford
2019-05-14SenateSecond Reading
2019-05-08SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
2019-05-07SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
2019-05-03SenateSenate Floor Amendment No. 2 Referred to Assignments
2019-05-03SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
2019-05-01SenateAdded as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
2019-05-01SenatePlaced on Calendar Order of 2nd Reading May 2, 2019
2019-05-01SenateDo Pass as Amended Financial Institutions; 008-000-000
2019-05-01SenateSenate Committee Amendment No. 1 Adopted
2019-04-30SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
2019-04-29SenateSenate Committee Amendment No. 1 Referred to Assignments
2019-04-29SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
2019-04-24SenateAssigned to Financial Institutions
2019-04-03SenateReferred to Assignments
2019-04-03SenateFirst Reading
2019-04-03SenateChief Senate Sponsor Sen. Kimberly A. Lightford
2019-04-03SenatePlaced on Calendar Order of First Reading
2019-04-03SenateArrive in Senate
2019-03-29HouseAdded Co-Sponsor Rep. Anne Stava-Murray
2019-03-29HouseAdded Co-Sponsor Rep. Rita Mayfield
2019-03-29HouseAdded Co-Sponsor Rep. Nicholas K. Smith
2019-03-29HouseAdded Co-Sponsor Rep. LaToya Greenwood
2019-03-29HouseHouse Floor Amendment No. 1 Tabled Pursuant to Rule 40
2019-03-29HouseThird Reading - Short Debate - Passed 067-033-000
2019-03-28HouseAdded Co-Sponsor Rep. Celina Villanueva
2019-03-28HouseAdded Co-Sponsor Rep. Theresa Mah
2019-03-28HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
2019-03-28HouseHouse Floor Amendment No. 1 Referred to Rules Committee
2019-03-28HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons
2019-03-21HouseAdded Co-Sponsor Rep. Will Guzzardi
2019-03-21HouseAdded Co-Sponsor Rep. Natalie A. Manley
2019-03-19HousePlaced on Calendar Order of 3rd Reading - Short Debate
2019-03-19HouseSecond Reading - Short Debate
2019-03-15HouseFiscal Note Filed
2019-03-13HouseAdded Co-Sponsor Rep. Maurice A. West, II
2019-03-13HouseAdded Chief Co-Sponsor Rep. Kambium Buckner
2019-03-11HouseFiscal Note Requested by Rep. Tom Demmer
2019-03-07HousePlaced on Calendar 2nd Reading - Short Debate
2019-03-06HouseDo Pass / Short Debate Higher Education Committee; 014-003-000
2019-03-05HouseAdded Chief Co-Sponsor Rep. Sonya M. Harper
2019-02-26HouseAdded Chief Co-Sponsor Rep. Emanuel Chris Welch
2019-02-26HouseAssigned to Higher Education Committee
2019-02-20HouseAdded Chief Co-Sponsor Rep. Debbie Meyers-Martin
2019-02-14HouseReferred to Rules Committee
2019-02-14HouseFirst Reading
2019-02-14HouseFiled with the Clerk by Rep. Carol Ammons

Code Citations

ChapterArticleSectionCitation TypeStatute Text
1109921-5Amended CodeCitation Text
1552022.5Amended CodeCitation Text

Illinois State Sources


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