Bill Text: IL HB5668 | 2019-2020 | 101st General Assembly | Introduced

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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 1-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB5668 Detail]

Download: Illinois-2019-HB5668-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5668 Introduced , by Rep. Katie Stuart SYNOPSIS AS INTRODUCED:
110 ILCS 991/53 new
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.
LRB101 20810 CMG 70512 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB5668 LRB101 20810 CMG 70512 b
AN ACT concerning higher education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Student Investment Account Act is amended by
adding Section 53 as follows:
(110 ILCS 991/53 new)
Sec. 53. Student loan refinancing program. The State
Treasurer shall develop and implement a student loan
refinancing program and shall establish specific criteria and
guidelines for the program, including, but not limited to: (i)
the eligibility of borrowers who may participate in the
program; (ii) establishing consumer protections for borrowers
in the program; (iii) the limitations and scope of the program;
and (iv) program accountability, including the costs
associated with the administration of the program. The State
Treasurer may adopt rules he or she deems necessary to
implement and administer this Section.
Section 99. Effective date. This Act takes effect upon
becoming law.