Comments: IL SB1524 | 2019-2020 | 101st General Assembly

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 37-0)

Status: (Passed) 2019-08-26 - Public Act . . . . . . . . . 101-0586 [SB1524 Detail]

Text: Latest bill text (Chaptered) [HTML]

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