Bill Sponsors: 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]

Sponsors

NameTypeSponsorshipDistrictFinancialEncyclopediaBiography
Senator Kimberly Lightford [D]PrimarySponsored BillsSD-004FollowTheMoneyBallotpediaVoteSmart
Senator Julie Morrison [D]CosponsorSponsored BillsSD-029FollowTheMoneyBallotpediaVoteSmart
Senator Linda Holmes [D]CosponsorSponsored BillsSD-042FollowTheMoneyBallotpediaVoteSmart
Senator Christopher Belt [D]CosponsorSponsored BillsSD-057FollowTheMoneyBallotpediaVoteSmart
Senator Omar Aquino [D]CosponsorSponsored BillsSD-002FollowTheMoneyBallotpediaVoteSmart
Senator William Cunningham [D]CosponsorSponsored BillsSD-018FollowTheMoneyBallotpediaVoteSmart
Senator Scott Bennett [D]CosponsorSponsored BillsSD-052FollowTheMoneyBallotpediaVoteSmart
Senator Pat McGuire [D]CosponsorSponsored BillsSD-043FollowTheMoneyBallotpediaVoteSmart
Senator Elgie Sims [D]CosponsorSponsored BillsSD-017FollowTheMoneyBallotpediaVoteSmart
Senator Laura Murphy [D]CosponsorSponsored BillsSD-028FollowTheMoneyBallotpediaVoteSmart
Senator Michael Hastings [D]CosponsorSponsored BillsSD-019FollowTheMoneyBallotpediaVoteSmart
Senator Patricia Van Pelt [D]CosponsorSponsored BillsSD-005FollowTheMoneyBallotpediaVoteSmart
Senator Mattie Hunter [D]CosponsorSponsored BillsSD-003FollowTheMoneyBallotpediaVoteSmart
Senator Emil Jones [D]CosponsorSponsored BillsSD-014FollowTheMoneyBallotpediaVoteSmart
Senator Napoleon Harris [D]CosponsorSponsored BillsSD-015FollowTheMoneyBallotpediaVoteSmart
Senator Antonio Munoz [D]CosponsorSponsored BillsSD-001FollowTheMoneyBallotpediaVoteSmart
Representative Carol Ammons [D]PrimarySponsored BillsHD-103FollowTheMoneyBallotpediaVoteSmart
Representative Justin Slaughter [D]CosponsorSponsored BillsHD-027FollowTheMoneyBallotpediaVoteSmart
Representative Emanuel Welch [D]CosponsorSponsored BillsHD-007FollowTheMoneyBallotpediaVoteSmart
Representative Debbie Meyers-Martin [D]CosponsorSponsored BillsHD-038FollowTheMoneyBallotpediaVoteSmart
Representative Sonya Harper [D]CosponsorSponsored BillsHD-006FollowTheMoneyBallotpediaVoteSmart
Representative Kambium Buckner [D]CosponsorSponsored BillsHD-026FollowTheMoneyBallotpediaVoteSmart
Representative Maurice West [D]CosponsorSponsored BillsHD-067FollowTheMoneyBallotpediaVoteSmart
Representative Natalie Manley [D]CosponsorSponsored BillsHD-098FollowTheMoneyBallotpediaVoteSmart
Representative Will Guzzardi [D]CosponsorSponsored BillsHD-039FollowTheMoneyBallotpediaVoteSmart
Representative Kelly Cassidy [D]CosponsorSponsored BillsHD-014FollowTheMoneyBallotpediaVoteSmart
Representative Theresa Mah [D]CosponsorSponsored BillsHD-024FollowTheMoneyBallotpediaVoteSmart
Senator Celina Villanueva [D]CosponsorSponsored BillsSD-012FollowTheMoneyBallotpediaVoteSmart
Representative Latoya Greenwood [D]CosponsorSponsored BillsHD-114FollowTheMoneyBallotpediaVoteSmart
Representative Nicholas Smith [D]CosponsorSponsored BillsHD-034FollowTheMoneyBallotpediaVoteSmart
Representative Rita Mayfield [D]CosponsorSponsored BillsHD-060FollowTheMoneyBallotpediaVoteSmart
Representative Anne Stava-Murray [D]CosponsorSponsored BillsHD-081FollowTheMoneyBallotpediaVoteSmart
Representative Stephanie Kifowit [D]CosponsorSponsored BillsHD-084FollowTheMoneyBallotpediaVoteSmart
Representative Sue Scherer [D]CosponsorSponsored BillsHD-096FollowTheMoneyBallotpediaVoteSmart
Senator Diane Pappas [D]CosponsorSponsored BillsSD-023FollowTheMoneyBallotpediaVoteSmart
Representative Mary Flowers [D]CosponsorSponsored BillsHD-031FollowTheMoneyBallotpediaVoteSmart
Representative Andre Thapedi [D]CosponsorSponsored BillsHD-032FollowTheMoneyBallotpediaVoteSmart

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