IL SB1524 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 18-0)
Status: Engrossed on April 10 2019 - 50% progression
Action: 2019-05-16 - House Floor Amendment No. 1 Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]

Summary

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.

Tracking Information

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Title

IL STUDENT LOAN INVESTMENT ACT

Sponsors


Roll Calls

2019-04-10 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]

History

DateChamberAction
2019-05-16HouseHouse Floor Amendment No. 1 Referred to Rules Committee
2019-05-16HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons
2019-05-08HousePlaced on Calendar 2nd Reading - Short Debate
2019-05-08HouseDo Pass / Short Debate Higher Education Committee; 011-007-000
2019-05-08HouseAdded Alternate Co-Sponsor Rep. Justin Slaughter
2019-04-30HouseAssigned to Higher Education Committee
2019-04-11HouseReferred to Rules Committee
2019-04-11HouseFirst Reading
2019-04-11HouseChief House Sponsor Rep. Carol Ammons
2019-04-11SenateAdded as Co-Sponsor Sen. Antonio Muñoz
2019-04-11HouseArrived in House
2019-04-10SenateThird Reading - Passed; 058-000-000
2019-04-10SenatePlaced on Calendar Order of 3rd Reading
2019-04-10SenateSenate Floor Amendment No. 1 Adopted; Lightford
2019-04-10SenateRecalled to Second Reading
2019-04-10SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000
2019-04-04SenateAdded as Chief Co-Sponsor Sen. Christopher Belt
2019-04-04SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
2019-04-04SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
2019-04-03SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
2019-03-28SenateAdded as Co-Sponsor Sen. Emil Jones, III
2019-03-28SenateSenate Floor Amendment No. 1 Referred to Assignments
2019-03-28SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
2019-03-28SenateAdded as Co-Sponsor Sen. Mattie Hunter
2019-03-28SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
2019-03-28SenateAdded as Co-Sponsor Sen. Michael E. Hastings
2019-03-19SenateAdded as Co-Sponsor Sen. Christopher Belt
2019-03-07SenateAdded as Co-Sponsor Sen. Laura M. Murphy
2019-03-07SenateAdded as Co-Sponsor Sen. Elgie R. Sims, Jr.
2019-03-06SenateAdded as Co-Sponsor Sen. Pat McGuire
2019-03-06SenatePlaced on Calendar Order of 3rd Reading March 7, 2019
2019-03-06SenateSecond Reading
2019-03-06SenatePlaced on Calendar Order of 2nd Reading
2019-03-06SenateDo Pass Financial Institutions; 008-000-000
2019-03-06SenateAdded as Chief Co-Sponsor Sen. Julie A. Morrison
2019-02-27SenateAssigned to Financial Institutions
2019-02-26SenateAdded as Co-Sponsor Sen. Scott M. Bennett
2019-02-21SenateAdded as Co-Sponsor Sen. Bill Cunningham
2019-02-20SenateAdded as Co-Sponsor Sen. Omar Aquino
2019-02-15SenateReferred to Assignments
2019-02-15SenateFirst Reading
2019-02-15SenateFiled with Secretary by Sen. Kimberly A. Lightford

Code Citations

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

Illinois State Sources


Bill Comments

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