Bill Text: IL SB3637 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Student Investment Account Act. Provides that the State Treasurer shall develop and implement a student loan refinancing program. Provides that the State Treasurer shall establish specific criteria and guidelines for the program, including: the eligibility of borrowers who may participate in the program; establishing consumer protections for borrowers in the program; the limitations and scope of the program; and program accountability. Authorizes rulemaking. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB3637 Detail]
Download: Illinois-2019-SB3637-Introduced.html
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1 | AN ACT concerning higher education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Student Investment Account Act is amended by | ||||||||||||||||||||||||
5 | adding Section 53 as follows:
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6 | (110 ILCS 991/53 new) | ||||||||||||||||||||||||
7 | Sec. 53. Student loan refinancing program. The State | ||||||||||||||||||||||||
8 | Treasurer shall develop and implement a student loan | ||||||||||||||||||||||||
9 | refinancing program and shall establish specific criteria and | ||||||||||||||||||||||||
10 | guidelines for the program, including, but not limited to: (i) | ||||||||||||||||||||||||
11 | the eligibility of borrowers who may participate in the | ||||||||||||||||||||||||
12 | program; (ii) establishing consumer protections for borrowers | ||||||||||||||||||||||||
13 | in the program; (iii) the limitations and scope of the program; | ||||||||||||||||||||||||
14 | and (iv) program accountability, including the costs | ||||||||||||||||||||||||
15 | associated with the administration of the program. The State | ||||||||||||||||||||||||
16 | Treasurer may adopt rules he or she deems necessary to | ||||||||||||||||||||||||
17 | implement and administer this Section.
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18 | Section 99. Effective date. This Act takes effect upon | ||||||||||||||||||||||||
19 | becoming law.
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