Votes: IL HB2685 | 2019-2020 | 101st General Assembly

Bill Title: Creates the Illinois Student Loan Investment Act. Provides for the establishment, operation, and administration of the Student Investment Account by the State Treasurer. Provides that the State Treasurer shall establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. Provides that the State Treasurer may charge and collect insurance premiums and deduct wages under the Act. Requires the State Treasurer to develop, publish, and implement one or more investment policies covering the investment of moneys under the Act. Provides for the creation and use of specified Funds to be held outside of the State Treasury with the State Treasurer as custodian. Provides for the adoption of rules. Amends the Deposit of State Moneys Act. Allows the State Treasurer to invest or reinvest State money in, among other items or purposes, investments made in accordance with the Student Loan Investment Act. Amends the Student Loan Servicing Rights Act. Provides that the term "student loan servicer" shall not include, among other entities, the State Treasurer and its agents when the agents are acting on the State Treasurer's behalf. Defines terms. Effective immediately.

Spectrum: Partisan Bill (Democrat 17-0)

Status: (Engrossed) 2019-05-31 - Rule 3-9(a) / Re-referred to Assignments [HB2685 Detail]

Text: Latest bill text (Engrossed) [HTML]

Voting Records

ChamberVoteDateYeaNayNVAbsTotalResultSourceView
HouseThird Reading in House2019-03-29673323105PassedLinkView


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