Rep. Carol Ammons

Filed: 3/28/2019

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 2685

2    AMENDMENT NO. ______. Amend House Bill 2685 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5Student Investment Account Act.
 
6    Section 5. Findings and purpose. The General Assembly finds
7that it is vital for the State to combat the college-debt
8crisis and increase access to post-secondary education for all
9residents of this State. The purpose of this Act is to assist
10qualified residents to attend and pay for post-secondary
11education through a system of investment programs, which may
12include income-sharing agreements, linked deposits, and
13origination and refinancing of student loans.
 
14    Section 10. Definitions. As used in this Act:
15    "Borrower" means an Illinois resident student who has

 

 

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1received an education loan or an Illinois resident parent who
2has received or agreed to pay an education loan, subject to
3approval by the State Treasurer.
4    "Education loan" means a loan made to a borrower in
5accordance with this Act to finance an Illinois resident
6student's attendance at an institution of higher education.
7    "Income share agreement" means an agreement between a
8participant and an eligible institution of higher education or
9an income share agreement provider approved by the State
10Treasurer in which the participant agrees to pay a percentage
11of the participant's future earnings for a fixed period in
12exchange for funds to pay for their post-secondary education.
13    "Income share agreement provider" means an organization
14that allows income share agreement participants to fund their
15education by means of an income share agreement.
16    "Institution of higher education" means a post-secondary
17educational institution located in Illinois and approved by the
18State Treasurer.
19    "Participant" means a resident student who enters into an
20income share agreement for the purpose of funding the
21participant's attendance at an institution of higher
22education.
23    "Student Investment Account" means that portion of the
24Treasurer's State Investment Portfolio described in Section
2515.
 

 

 

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1    Section 15. Establishment of Student Investment Account.
2The State Treasurer may allocate up to 5% of the Treasurer's
3State Investment Portfolio to the Student Investment Account.
4The 5% cap shall be calculated based on: (1) the balance of the
5Treasurer's State Investment Portfolio at the inception of the
6State's fiscal year; or (2) the average balance of the
7Treasurer's State Investment Portfolio in the immediately
8preceding 5 fiscal years, whichever number is greater.
 
9    Section 20. Earnings from Student Investment Account.
10Earnings on the investments in the Student Investment Account
11may be reinvested into the Student Investment Account without
12being counted against the 5% cap under Section 15. Net earnings
13on investments under this Act that are not reinvested shall be
14deposited in the same manner as interest is deposited under
15Section 4.1 of the State Finance Act. The General Assembly
16shall prioritize any such funds deposited into the General
17Revenue Fund towards appropriations to support higher
18education in the State of Illinois.
 
19    Section 25. Operation of the Student Investment Account.
20The State Treasurer may: originate, guarantee, acquire, and
21service education loans; facilitate such arrangements between
22borrowers and eligible lenders; and perform such other acts as
23may be necessary or desirable in connection with the education
24loans. The State Treasurer may receive, hold, and invest moneys

 

 

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1paid into the Student Investment Account and take such other
2actions as are necessary to operate the Student Investment
3Account. The State Treasurer may invest in, and enter into
4contracts with, institutions that provide education loans. The
5State Treasurer may also: enter into income share agreements
6with participants; facilitate such arrangements between
7participants and eligible income share agreement providers;
8and perform such other acts as may be necessary or desirable in
9connection with such income share agreements. The State
10Treasurer may also deposit funds with financial institutions
11that provide education loans.
 
12    Section 30. Administration of the Student Investment
13Account. The State Treasurer may enter into such contracts and
14guarantee agreements as are necessary to operate the Student
15Investment Account with eligible lenders, financial
16institutions, institutions of higher education, income share
17agreement providers, individuals, corporations, and qualified
18income share agreement or loan origination and servicing
19organizations and with any governmental entity, including the
20Illinois Student Assistance Commission, and with any agency or
21instrumentality of the United States. The State Treasurer is
22authorized to establish specific criteria governing the
23eligibility of entities to participate in its programs, the
24making of income share agreements or education loans,
25provisions for default, the establishment of default reserve

 

 

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1funds, the purchase of default insurance, the provision of
2prudent debt service reserves, and the furnishing by
3participating entities of such additional guarantees of the
4income share agreements or education loans as the State
5Treasurer shall determine.
 
6    Section 35. Fees. The State Treasurer shall establish fees
7to cover the costs of administration, recordkeeping,
8marketing, and investment management related to the Student
9Investment Account. The State Treasurer may pay eligible
10lenders, income share agreement providers, financial
11institutions, institutions of higher education, individuals,
12corporations, qualified income share agreement or loan
13origination and servicing organizations, governmental
14entities, and any agencies or instrumentalities of the United
15States an administrative fee in connection with services
16provided pursuant to the Student Investment Account in such
17amounts, at such times, and in such manner as may be prescribed
18by the State Treasurer.
 
19    Section 40. Insurance. The State Treasurer or his or her
20designee may charge and collect premiums for insurance on
21income share agreements or education loans and other related
22charges and pay such insurance premiums or a portion thereof
23and other charges as are prudent.
 

 

 

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1    Section 45. Wage deductions. The State Treasurer may deduct
2from the salary, wages, commissions, and bonuses of any
3employee in this State and, to the extent permitted by the laws
4of the United States and individual states in which an employee
5might reside, any employee outside the State of Illinois by
6serving a notice of administrative wage garnishment on an
7employer, in accordance with rules adopted by the State
8Treasurer, for the recovery of an education loan debt or income
9share agreement owned or serviced by the State Treasurer. Levy
10must not be made until the State Treasurer has caused a demand
11to be made on the employee, in a manner consistent with rules
12adopted by the State Treasurer, such that the employee is
13provided an opportunity to contest the existence or amount of
14the income share agreement or education loan obligation.
 
15    Section 50. Investment policy. The State Treasurer shall
16develop, publish, and implement one or more investment policies
17covering the investment of moneys in accordance with this Act.
 
18    Section 55. Student Investment Account Administrative
19Fund. The Student Investment Account Administrative Fund is
20created as a non-appropriated separate and apart trust fund in
21the State Treasury. Moneys in the Student Investment Account
22Administrative Fund may be used by the State Treasurer to pay
23expenses related to all aspects of operation and administration
24of the Student Investment Account. The State Treasurer may

 

 

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1deposit a portion of the earnings of the investments in the
2Student Investment Account and a portion of any administrative
3fees, and the proceeds thereof, collected pursuant to Section
435 into the Student Investment Account Administrative Fund.
 
5    Section 60. Student Investment Account Loss Reserve Fund.
6The Student Investment Account Loss Reserve Fund may be created
7as a non-appropriated separate and apart trust fund in the
8State Treasury. Moneys in the Student Investment Account Loss
9Reserve Fund may be used by the State Treasurer to establish
10loss reserve funds. The State Treasurer may deposit a portion
11of the earnings of the investments in the Student Investment
12Account and a portion of any administrative fees, and the
13proceeds thereof, collected pursuant to Section 35 into the
14Student Investment Account Loss Reserve Fund.
 
15    Section 65. Student Investment Account Assistance Fund.
16The Student Investment Account Assistance Fund may be created
17as a non-appropriated separate and apart trust fund in the
18State Treasury. Moneys in the Student Investment Account
19Assistance Fund may be used by the State Treasurer to provide
20assistance to qualifying borrowers or income share agreement
21participants. The State Treasurer may deposit a portion of the
22earnings of the investments in the Student Investment Account
23and a portion of any administrative fees, and the proceeds
24thereof, collected pursuant to Section 35 into the Student

 

 

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1Investment Account Assistance Fund.
 
2    Section 70. Rules. The State Treasurer may adopt rules he
3or she deems necessary or desirable to implement and administer
4this Act.
 
5    Section 900. The Deposit of State Moneys Act is amended by
6changing Section 22.5 as follows:
 
7    (15 ILCS 520/22.5)  (from Ch. 130, par. 41a)
8    (For force and effect of certain provisions, see Section 90
9of P.A. 94-79)
10    Sec. 22.5. Permitted investments. The State Treasurer may,
11with the approval of the Governor, invest and reinvest any
12State money in the treasury which is not needed for current
13expenditures due or about to become due, in obligations of the
14United States government or its agencies or of National
15Mortgage Associations established by or under the National
16Housing Act, 12 1201 U.S.C. 1701 et seq., or in mortgage
17participation certificates representing undivided interests in
18specified, first-lien conventional residential Illinois
19mortgages that are underwritten, insured, guaranteed, or
20purchased by the Federal Home Loan Mortgage Corporation or in
21Affordable Housing Program Trust Fund Bonds or Notes as defined
22in and issued pursuant to the Illinois Housing Development Act.
23All such obligations shall be considered as cash and may be

 

 

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1delivered over as cash by a State Treasurer to his successor.
2    The State Treasurer may, with the approval of the Governor,
3purchase any state bonds with any money in the State Treasury
4that has been set aside and held for the payment of the
5principal of and interest on the bonds. The bonds shall be
6considered as cash and may be delivered over as cash by the
7State Treasurer to his successor.
8    The State Treasurer may, with the approval of the Governor,
9invest or reinvest any State money in the treasury that is not
10needed for current expenditure due or about to become due, or
11any money in the State Treasury that has been set aside and
12held for the payment of the principal of and the interest on
13any State bonds, in shares, withdrawable accounts, and
14investment certificates of savings and building and loan
15associations, incorporated under the laws of this State or any
16other state or under the laws of the United States; provided,
17however, that investments may be made only in those savings and
18loan or building and loan associations the shares and
19withdrawable accounts or other forms of investment securities
20of which are insured by the Federal Deposit Insurance
21Corporation.
22    The State Treasurer may not invest State money in any
23savings and loan or building and loan association unless a
24commitment by the savings and loan (or building and loan)
25association, executed by the president or chief executive
26officer of that association, is submitted in the following

 

 

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1form:
2        The .................. Savings and Loan (or Building
3    and Loan) Association pledges not to reject arbitrarily
4    mortgage loans for residential properties within any
5    specific part of the community served by the savings and
6    loan (or building and loan) association because of the
7    location of the property. The savings and loan (or building
8    and loan) association also pledges to make loans available
9    on low and moderate income residential property throughout
10    the community within the limits of its legal restrictions
11    and prudent financial practices.
12    The State Treasurer may, with the approval of the Governor,
13invest or reinvest, at a price not to exceed par, any State
14money in the treasury that is not needed for current
15expenditures due or about to become due, or any money in the
16State Treasury that has been set aside and held for the payment
17of the principal of and interest on any State bonds, in bonds
18issued by counties or municipal corporations of the State of
19Illinois.
20    The State Treasurer may, with the approval of the Governor,
21invest or reinvest any State money in the Treasury which is not
22needed for current expenditure, due or about to become due, or
23any money in the State Treasury which has been set aside and
24held for the payment of the principal of and the interest on
25any State bonds, in participations in loans, the principal of
26which participation is fully guaranteed by an agency or

 

 

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1instrumentality of the United States government; provided,
2however, that such loan participations are represented by
3certificates issued only by banks which are incorporated under
4the laws of this State or any other state or under the laws of
5the United States, and such banks, but not the loan
6participation certificates, are insured by the Federal Deposit
7Insurance Corporation.
8    Whenever the total amount of vouchers presented to the
9Comptroller under Section 9 of the State Comptroller Act
10exceeds the funds available in the General Revenue Fund by
11$1,000,000,000 or more, then the State Treasurer may invest any
12State money in the Treasury, other than money in the General
13Revenue Fund, Health Insurance Reserve Fund, Attorney General
14Court Ordered and Voluntary Compliance Payment Projects Fund,
15Attorney General Whistleblower Reward and Protection Fund, and
16Attorney General's State Projects and Court Ordered
17Distribution Fund, which is not needed for current
18expenditures, due or about to become due, or any money in the
19State Treasury which has been set aside and held for the
20payment of the principal of and the interest on any State bonds
21with the Office of the Comptroller in order to enable the
22Comptroller to pay outstanding vouchers. At any time, and from
23time to time outstanding, such investment shall not be greater
24than $2,000,000,000. Such investment shall be deposited into
25the General Revenue Fund or Health Insurance Reserve Fund as
26determined by the Comptroller. Such investment shall be repaid

 

 

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1by the Comptroller with an interest rate tied to the London
2Interbank Offered Rate (LIBOR) or the Federal Funds Rate or an
3equivalent market established variable rate, but in no case
4shall such interest rate exceed the lesser of the penalty rate
5established under the State Prompt Payment Act or the timely
6pay interest rate under Section 368a of the Illinois Insurance
7Code. The State Treasurer and the Comptroller shall enter into
8an intergovernmental agreement to establish procedures for
9such investments, which market established variable rate to
10which the interest rate for the investments should be tied, and
11other terms which the State Treasurer and Comptroller
12reasonably believe to be mutually beneficial concerning these
13investments by the State Treasurer. The State Treasurer and
14Comptroller shall also enter into a written agreement for each
15such investment that specifies the period of the investment,
16the payment interval, the interest rate to be paid, the funds
17in the Treasury from which the Treasurer will draw the
18investment, and other terms upon which the State Treasurer and
19Comptroller mutually agree. Such investment agreements shall
20be public records and the State Treasurer shall post the terms
21of all such investment agreements on the State Treasurer's
22official website. In compliance with the intergovernmental
23agreement, the Comptroller shall order and the State Treasurer
24shall transfer amounts sufficient for the payment of principal
25and interest invested by the State Treasurer with the Office of
26the Comptroller under this paragraph from the General Revenue

 

 

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1Fund or the Health Insurance Reserve Fund to the respective
2funds in the Treasury from which the State Treasurer drew the
3investment. Public Act 100-1107 This amendatory Act of the
4100th General Assembly shall constitute an irrevocable and
5continuing authority for all amounts necessary for the payment
6of principal and interest on the investments made with the
7Office of the Comptroller by the State Treasurer under this
8paragraph, and the irrevocable and continuing authority for and
9direction to the Comptroller and Treasurer to make the
10necessary transfers.
11    The State Treasurer may, with the approval of the Governor,
12invest or reinvest any State money in the Treasury that is not
13needed for current expenditure, due or about to become due, or
14any money in the State Treasury that has been set aside and
15held for the payment of the principal of and the interest on
16any State bonds, in any of the following:
17        (1) Bonds, notes, certificates of indebtedness,
18    Treasury bills, or other securities now or hereafter issued
19    that are guaranteed by the full faith and credit of the
20    United States of America as to principal and interest.
21        (2) Bonds, notes, debentures, or other similar
22    obligations of the United States of America, its agencies,
23    and instrumentalities.
24        (2.5) Bonds, notes, debentures, or other similar
25    obligations of a foreign government, other than the
26    Republic of the Sudan, that are guaranteed by the full

 

 

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1    faith and credit of that government as to principal and
2    interest, but only if the foreign government has not
3    defaulted and has met its payment obligations in a timely
4    manner on all similar obligations for a period of at least
5    25 years immediately before the time of acquiring those
6    obligations.
7        (3) Interest-bearing savings accounts,
8    interest-bearing certificates of deposit, interest-bearing
9    time deposits, or any other investments constituting
10    direct obligations of any bank as defined by the Illinois
11    Banking Act.
12        (4) Interest-bearing accounts, certificates of
13    deposit, or any other investments constituting direct
14    obligations of any savings and loan associations
15    incorporated under the laws of this State or any other
16    state or under the laws of the United States.
17        (5) Dividend-bearing share accounts, share certificate
18    accounts, or class of share accounts of a credit union
19    chartered under the laws of this State or the laws of the
20    United States; provided, however, the principal office of
21    the credit union must be located within the State of
22    Illinois.
23        (6) Bankers' acceptances of banks whose senior
24    obligations are rated in the top 2 rating categories by 2
25    national rating agencies and maintain that rating during
26    the term of the investment.

 

 

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1        (7) Short-term obligations of either corporations or
2    limited liability companies organized in the United States
3    with assets exceeding $500,000,000 if (i) the obligations
4    are rated at the time of purchase at one of the 3 highest
5    classifications established by at least 2 standard rating
6    services and mature not later than 270 days from the date
7    of purchase, (ii) the purchases do not exceed 10% of the
8    corporation's or the limited liability company's
9    outstanding obligations, (iii) no more than one-third of
10    the public agency's funds are invested in short-term
11    obligations of either corporations or limited liability
12    companies, and (iv) the corporation or the limited
13    liability company has not been placed on the list of
14    restricted companies by the Illinois Investment Policy
15    Board under Section 1-110.16 of the Illinois Pension Code.
16        (7.5) Obligations of either corporations or limited
17    liability companies organized in the United States, that
18    have a significant presence in this State, with assets
19    exceeding $500,000,000 if: (i) the obligations are rated at
20    the time of purchase at one of the 3 highest
21    classifications established by at least 2 standard rating
22    services and mature more than 270 days, but less than 5
23    years, from the date of purchase; (ii) the purchases do not
24    exceed 10% of the corporation's or the limited liability
25    company's outstanding obligations; (iii) no more than 5% of
26    the public agency's funds are invested in such obligations

 

 

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1    of corporations or limited liability companies; and (iv)
2    the corporation or the limited liability company has not
3    been placed on the list of restricted companies by the
4    Illinois Investment Policy Board under Section 1-110.16 of
5    the Illinois Pension Code. The authorization of the
6    Treasurer to invest in new obligations under this paragraph
7    shall expire on June 30, 2019.
8        (8) Money market mutual funds registered under the
9    Investment Company Act of 1940, provided that the portfolio
10    of the money market mutual fund is limited to obligations
11    described in this Section and to agreements to repurchase
12    such obligations.
13        (9) The Public Treasurers' Investment Pool created
14    under Section 17 of the State Treasurer Act or in a fund
15    managed, operated, and administered by a bank.
16        (10) Repurchase agreements of government securities
17    having the meaning set out in the Government Securities Act
18    of 1986, as now or hereafter amended or succeeded, subject
19    to the provisions of that Act and the regulations issued
20    thereunder.
21        (11) Investments made in accordance with the
22    Technology Development Act.
23        (12) Investments made in accordance with the Student
24    Investment Account Act.
25    For purposes of this Section, "agencies" of the United
26States Government includes:

 

 

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1        (i) the federal land banks, federal intermediate
2    credit banks, banks for cooperatives, federal farm credit
3    banks, or any other entity authorized to issue debt
4    obligations under the Farm Credit Act of 1971 (12 U.S.C.
5    2001 et seq.) and Acts amendatory thereto;
6        (ii) the federal home loan banks and the federal home
7    loan mortgage corporation;
8        (iii) the Commodity Credit Corporation; and
9        (iv) any other agency created by Act of Congress.
10    The Treasurer may, with the approval of the Governor, lend
11any securities acquired under this Act. However, securities may
12be lent under this Section only in accordance with Federal
13Financial Institution Examination Council guidelines and only
14if the securities are collateralized at a level sufficient to
15assure the safety of the securities, taking into account market
16value fluctuation. The securities may be collateralized by cash
17or collateral acceptable under Sections 11 and 11.1.
18(Source: P.A. 99-856, eff. 8-19-16; 100-1107, eff. 8-27-18;
19revised 9-27-18.)
 
20    Section 905. The Student Loan Servicing Rights Act is
21amended by changing Section 1-5 as follows:
 
22    (110 ILCS 992/1-5)
23    Sec. 1-5. Definitions. As used in this Act:
24    "Applicant" means a person applying for a license pursuant

 

 

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1to this Act.
2    "Borrower" or "student loan borrower" means a person who
3has received or agreed to pay a student loan for his or her own
4educational expenses.
5    "Cosigner" means a person who has agreed to share
6responsibility for repaying a student loan with a borrower.
7    "Department" means the Department of Financial and
8Professional Regulation.
9    "Division of Banking" means the Division of Banking of the
10Department of Financial and Professional Regulation.
11    "Federal loan borrower eligible for referral to a repayment
12specialist" means a borrower who possesses any of the following
13characteristics:
14        (1) requests information related to options to reduce
15    or suspend his or her monthly payment;
16        (2) indicates that he or she is experiencing or
17    anticipates experiencing financial hardship, distress, or
18    difficulty making his or her payments;
19        (3) has missed 2 consecutive monthly payments;
20        (4) is at least 75 days delinquent;
21        (5) is enrolled in a discretionary forbearance for more
22    than 9 of the previous 12 months;
23        (6) has rehabilitated or consolidated one or more loans
24    out of default within the past 12 months; or
25        (7) has not completed a course of study, as reflected
26    in the servicer's records, or the borrower identifies

 

 

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1    himself or herself as not having completed a program of
2    study.
3    "Federal education loan" means any loan made, guaranteed,
4or insured under Title IV of the federal Higher Education Act
5of 1965.
6    "Income-driven payment plan certification" means the
7documentation related to a federal student loan borrower's
8income or financial status the borrower must submit to renew an
9income-driven repayment plan.
10    "Income-driven repayment options" includes the
11Income-Contingent Repayment Plan, the Income-Based Repayment
12Plan, the Income-Sensitive Repayment Plan, the Pay As You Earn
13Plan, the Revised Pay As You Earn Plan, and any other federal
14student loan repayment plan that is calculated based on a
15borrower's income.
16    "Licensee" means a person licensed pursuant to this Act.
17    "Other repayment plans" means the Standard Repayment Plan,
18the Graduated Repayment Plan, the Extended Repayment Plan, or
19any other federal student loan repayment plan not based on a
20borrower's income.
21    "Private loan borrower eligible for referral to a repayment
22specialist" means a borrower who possesses any of the following
23characteristics:
24        (1) requests information related to options to reduce
25    or suspend his or her monthly payments; or
26        (2) indicates that he or she is experiencing or

 

 

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1    anticipates experiencing financial hardship, distress, or
2    difficulty making his or her payments.
3    "Requester" means any borrower or cosigner that submits a
4request for assistance.
5    "Request for assistance" means all inquiries, complaints,
6account disputes, and requests for documentation a servicer
7receives from borrowers or cosigners.
8    "Secretary" means the Secretary of Financial and
9Professional Regulation, or his or her designee, including the
10Director of the Division of Banking of the Department of
11Financial and Professional Regulation.
12    "Servicing" means: (1) receiving any scheduled periodic
13payments from a student loan borrower or cosigner pursuant to
14the terms of a student loan; (2) applying the payments of
15principal and interest and such other payments with respect to
16the amounts received from a student loan borrower or cosigner,
17as may be required pursuant to the terms of a student loan; and
18(3) performing other administrative services with respect to a
19student loan.
20    "Student loan" or "loan" means any federal education loan
21or other loan primarily for use to finance a postsecondary
22education and costs of attendance at a postsecondary
23institution, including, but not limited to, tuition, fees,
24books and supplies, room and board, transportation, and
25miscellaneous personal expenses. "Student loan" includes a
26loan made to refinance a student loan.

 

 

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1    "Student loan" shall not include an extension of credit
2under an open-end consumer credit plan, a reverse mortgage
3transaction, a residential mortgage transaction, or any other
4loan that is secured by real property or a dwelling.
5    "Student loan" shall not include an extension of credit
6made by a postsecondary educational institution to a borrower
7if one of the following apply:
8        (1) The term of the extension of credit is no longer
9    than the borrower's education program.
10        (2) The remaining, unpaid principal balance of the
11    extension of credit is less than $1,500 at the time of the
12    borrower's graduation or completion of the program.
13        (3) The borrower fails to graduate or successfully
14    complete his or her education program and has a balance due
15    at the time of his or her disenrollment from the
16    postsecondary institution.
17    "Student loan servicer" or "servicer" means any person
18engaged in the business of servicing student loans.
19    "Student loan servicer" shall not include:
20        (1) a bank, savings bank, savings association, or
21    credit union organized under the laws of the State or any
22    other state or under the laws of the United States;
23        (2) a wholly owned subsidiary of any bank, savings
24    bank, savings association, or credit union organized under
25    the laws of the State or any other state or under the laws
26    of the United States;

 

 

10100HB2685ham001- 22 -LRB101 09685 HLH 58810 a

1        (3) an operating subsidiary where each owner of the
2    operating subsidiary is wholly owned by the same bank,
3    savings bank, savings association, or credit union
4    organized under the laws of the State or any other state or
5    under the laws of the United States;
6        (4) the Illinois Student Assistance Commission and its
7    agents when the agents are acting on the Illinois Student
8    Assistance Commission's behalf;
9        (5) a public postsecondary educational institution or
10    a private nonprofit postsecondary educational institution
11    servicing a student loan it extended to the borrower;
12        (6) a licensed debt management service under the Debt
13    Management Service Act, except to the extent that the
14    organization acts as a subcontractor, affiliate, or
15    service provider for an entity that is otherwise subject to
16    licensure under this Act;
17        (7) any collection agency licensed under the
18    Collection Agency Act that is collecting post-default
19    debt;
20        (8) in connection with its responsibilities as a
21    guaranty agency engaged in default aversion, a State or
22    nonprofit private institution or organization having an
23    agreement with the U.S. Secretary of Education under
24    Section 428(b) of the Higher Education Act (20 U.S.C.
25    1078(B));
26        (9) a State institution or a nonprofit private

 

 

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1    organization designated by a governmental entity to make or
2    service student loans, provided in each case that the
3    institution or organization services fewer than 20,000
4    student loan accounts of borrowers who reside in Illinois;
5    or
6        (10) a law firm or licensed attorney that is collecting
7    post-default debt; or .
8        (11) the State Treasurer.
9(Source: P.A. 100-540, eff. 12-31-18; 100-635, eff. 12-31-18.)
 
10    Section 999. Effective date. This Act takes effect upon
11becoming law.".