Illinois General Assembly - Full Text of SB3637
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Full Text of SB3637  101st General Assembly

SB3637 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3637

 

Introduced 2/14/2020, by Sen. Kimberly A. Lightford

 

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 19699 CMG 69193 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3637LRB101 19699 CMG 69193 b

1    AN ACT concerning higher education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Student Investment Account Act is amended by
5adding Section 53 as follows:
 
6    (110 ILCS 991/53 new)
7    Sec. 53. Student loan refinancing program. The State
8Treasurer shall develop and implement a student loan
9refinancing program and shall establish specific criteria and
10guidelines for the program, including, but not limited to: (i)
11the eligibility of borrowers who may participate in the
12program; (ii) establishing consumer protections for borrowers
13in the program; (iii) the limitations and scope of the program;
14and (iv) program accountability, including the costs
15associated with the administration of the program. The State
16Treasurer may adopt rules he or she deems necessary to
17implement and administer this Section.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.