IL SB1524 | 2019-2020 | 101st General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 37-0)
Status: Passed on August 26 2019 - 100% progression
Action: 2019-08-26 - Public Act . . . . . . . . . 101-0586
Text: Latest bill text (Chaptered) [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" 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.

Tracking Information

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Title

IL STUDENT LOAN INVESTMENT ACT

Sponsors


Roll Calls

2019-05-31 - Senate - Concurrence in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]
2019-05-22 - House - Third Reading in House (Y: 72 N: 44 NV: 2 Abs: 0) [PASS]
2019-04-10 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]

History

DateChamberAction
2019-08-26SenatePublic Act . . . . . . . . . 101-0586
2019-08-26SenateEffective Date August 26, 2019
2019-08-26SenateGovernor Approved
2019-06-28SenateSent to the Governor
2019-05-31SenatePassed Both Houses
2019-05-31SenateSenate Concurs
2019-05-31SenateHouse Floor Amendment No. 1 Senate Concurs 058-000-000
2019-05-28SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 006-000-000
2019-05-28SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions
2019-05-22SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
2019-05-22SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford
2019-05-22SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 23, 2019
2019-05-22SenateSecretary's Desk - Concurrence House Amendment(s) 1
2019-05-22HouseAdded Alternate Co-Sponsor Rep. André Thapedi
2019-05-22HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers
2019-05-22HouseAdded Alternate Co-Sponsor Rep. Diane Pappas
2019-05-22HouseAdded Alternate Co-Sponsor Rep. Sue Scherer
2019-05-22HouseAdded Alternate Co-Sponsor Rep. Stephanie A. Kifowit
2019-05-22HouseThird Reading - Short Debate - Passed 072-044-001
2019-05-21HousePlaced on Calendar Order of 3rd Reading - Short Debate
2019-05-21HouseHouse Floor Amendment No. 1 Adopted
2019-05-21HouseSecond Reading - Short Debate
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Anne Stava-Murray
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Rita Mayfield
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Nicholas K. Smith
2019-05-21HouseAdded Alternate Co-Sponsor Rep. LaToya Greenwood
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Celina Villanueva
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Theresa Mah
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Kelly M. Cassidy
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Will Guzzardi
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Natalie A. Manley
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Maurice A. West, II
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Kambium Buckner
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Sonya M. Harper
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Debbie Meyers-Martin
2019-05-21HouseAdded Alternate Co-Sponsor Rep. Emanuel Chris Welch
2019-05-20HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
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

TypeSource
Summaryhttps://www.ilga.gov/legislation/BillStatus.asp?DocNum=1524&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Texthttps://www.ilga.gov/legislation/101/SB/10100SB1524.htm
Texthttps://www.ilga.gov/legislation/101/SB/10100SB1524eng.htm
Texthttps://www.ilga.gov/legislation/101/SB/10100SB1524enr.htm
Texthttps://www.ilga.gov/legislation/publicacts/101/101-0586.htm
Amendmenthttps://www.ilga.gov/legislation/101/SB/10100SB1524sam001.htm
Amendmenthttps://www.ilga.gov/legislation/101/SB/10100SB1524ham001.htm
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/senate/10100SB1524_04102019_037000T.pdf
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/house/10100SB1524_05222019_021000T.pdf
Roll Callhttps://www.ilga.gov/legislation/votehistory/101/senate/10100SB1524ham001_05312019_070000C.pdf

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