Bill Title: Creates the Higher Education Employee Loan Act. Provides that if a not-for-profit higher education institution located in this State or its foundation makes a loan to an employee or contractor of either the institution or the foundation, then the annual rate of interest must be equal to the prevailing loan interest rate in effect at the time the institution or foundation approves the loan, except that the institution or its foundation may not make a loan to an employee or contractor of either the institution or the foundation for the purpose of purchasing a non-primary residence. Prohibits such an institution or foundation from forgiving a loan made to an employee or contractor of either the institution or the foundation. Requires the Board of Higher Education to adopt enforcement rules, which may include the imposition of a civil penalty. Effective immediately.

Sponsorship: Partisan Bill (Democrat 3)

Status: (Failed) 2014-12-03 - Session Sine Die [HB3749 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2014-02-19	HTML/Text	Link	View
Introduced	2013-11-07	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB3749

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3749 currently on file.