TASK FORCE-PVT STUDENT LOANS Senate SponsorsSen. Dan Kotowski-J. Bradley Burzynski, Toi W. Hutchinson-Jacqueline Y. Collins and Edward D. Maloney House Sponsors(Rep. Julie Hamos-Elizabeth Coulson) 2/2/2010SenatePublic Act . . . . . . . . . 96-0880 New ActCreates the Private Student Loan Act. Contains only a short title provision.Senate Floor Amendment No. 1 Deletes everything after the enacting clause. Creates the Task Force on Higher Education Private Student Loans Act. Creates the Task Force on Higher Education Private Student Loans to (1) investigate the rates, fees, and terms associated with private student loans made to students in this State; (2) investigate how rates, fees, and terms impact the accessibility of private student loans, affordability of student loans, and choice of institution students have; (3) investigate the impact rates, fees, and terms have on students after graduation; (4) investigate how the impact of rising tuition has affected the types of loans available; (5) assess the impact capping private student loan fees charged by lenders would have in certain areas; (6) investigate how many private student loans are in default or are not able to be repaid; (7) investigate what rates, fees, and terms are common to those private student loans in default; (8) assess what impact loan defaults have on lending institutions; (9) assess the impact a loan default has on the borrower; (10) study what additional disclosures can be made to students regarding high risk loans, financial information, financial choices, and financial aid available; (11) investigate what higher education institutions can do to advise students on their financial aid and loan resources; and (12) investigate if race and ethnicity are a factor in the rates, fees, and terms associated with private student loans. Requires the Task Force to report its findings and recommendations to the General Assembly by December 31, 2010. Repeals the Act on January 1, 2011.House Committee Amendment No. 1 Deletes everything after the enacting clause. Reinserts the contents of the bill as engrossed with the following changes. Makes changes concerning the membership of the task force. Provides that the task force has the duty to investigate the relationship between rising tuition and the availability of private loans (instead of to investigate how the impact of rising tuition has affected the types of loans available). Makes changes concerning the task force's duty to assess the impact of capping private student loan fees charged by lenders. Provides that the Office of the Illinois Student Assistance Commission (instead of State Treasurer) shall be responsible for administrative and logistical support of the task force; makes related changes.House Floor Amendment No. 2 Adds an immediate effective date.Governor Amendatory Veto Message Recommends: that the chairperson of the Task Force be appointed by the Chairman (rather than the executive director) of the Illinois Student Assistance Commission; that the Task Force include an additional member appointed by the Governor; and that the Chairman of the Board of Higher Education (rather than the executive director) and the Secretary of Financial and Professional Regulation (rather than the Director of the Division of Financial Institutions) or their designees serve as members of the Task Force. 2/19/2009SenateFiled with Secretary by Sen. Dan Kotowski 2/19/2009SenateFirst Reading 2/19/2009SenateReferred to Assignments 3/5/2009SenateAssigned to Executive 3/12/2009SenateDo Pass Executive; 012-000-000 3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009 3/25/2009SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski 3/25/2009SenateSenate Floor Amendment No. 1 Referred to Assignments 3/30/2009SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions 3/30/2009SenateSecond Reading 3/30/2009SenatePlaced on Calendar Order of 3rd Reading March 31, 2009 3/31/2009SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000 4/1/2009SenateRecalled to Second Reading 4/1/2009SenateSenate Floor Amendment No. 1 Adopted; Kotowski 4/1/2009SenatePlaced on Calendar Order of 3rd Reading 4/1/2009SenateAdded as Chief Co-Sponsor Sen. J. Bradley Burzynski 4/1/2009SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson 4/1/2009SenateThird Reading - Passed; 055-000-001 4/1/2009HouseArrived in House 4/1/2009HousePlaced on Calendar Order of First Reading 4/1/2009HouseChief House Sponsor Rep. Julie Hamos 4/1/2009HouseFirst Reading 4/1/2009HouseReferred to Rules Committee 4/14/2009HouseAssigned to Higher Education Committee 5/6/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Higher Education Committee 5/6/2009HouseHouse Committee Amendment No. 1 Adopted in Higher Education Committee; by Voice Vote 5/6/2009HouseDo Pass as Amended / Short Debate Higher Education Committee; 004-000-000 5/6/2009HousePlaced on Calendar 2nd Reading - Short Debate 5/13/2009HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Julie Hamos 5/13/2009HouseHouse Floor Amendment No. 2 Referred to Rules Committee 5/18/2009HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 5/18/2009HouseSecond Reading - Short Debate 5/18/2009HouseHouse Floor Amendment No. 2 Adopted by Voice Vote 5/18/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/20/2009HouseAdded Alternate Chief Co-Sponsor Rep. Elizabeth Coulson 5/20/2009HouseThird Reading - Short Debate - Passed 117-000-000 5/20/2009SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2 5/20/2009SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 21, 2009 5/22/2009SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Dan Kotowski 5/22/2009SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/22/2009SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Dan Kotowski 5/22/2009SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments 5/26/2009SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions 5/26/2009SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Financial Institutions 5/26/2009SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 008-000-000 5/26/2009SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 008-000-000 5/27/2009SenateHouse Committee Amendment No. 1 Senate Concurs 054-000-000 5/27/2009SenateHouse Floor Amendment No. 2 Senate Concurs 054-000-000 5/27/2009SenatePassed Both Houses 6/25/2009SenateSent to the Governor 8/24/2009SenateGovernor Amendatory Veto 10/14/2009SenatePlaced on Calendar Amendatory Veto October 15, 2009 10/14/2009SenateAmendatory Veto Motion - Motion Filed Accept Amendatory Veto Sen. Dan Kotowski 10/14/2009SenateAmendatory Veto Motion - Motion Referred to Assignments 10/14/2009SenateAmendatory Veto Motion - Motion Referred to Financial Institutions 10/14/2009SenateAmendatory Veto Motion - Accept Motion Recommends Do Adopt Financial Institutions; 010-000-000 10/14/2009SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 10/15/2009SenateAdded as Co-Sponsor Sen. Edward D. Maloney 10/15/2009SenateAccept Amendatory Veto - Senate Passed 055-000-000 10/16/2009HouseArrived in House 10/16/2009HousePlaced on Calendar Amendatory Veto October 16, 2009 10/21/2009HouseAmendatory Veto Motion - Motion Filed Accept Amendatory Veto Rep. Julie Hamos 10/21/2009HouseAmendatory Veto Motion - Motion Referred to Rules Committee 10/27/2009HouseAmendatory Veto Motion - Rules Refers to Higher Education Committee 10/28/2009HouseAmendatory Veto Motion - Accept Motion Recommends Be Adopted Higher Education Committee; 006-000-000 10/29/2009HouseAccept Amendatory Veto - House Passed 114-000-000 10/29/2009SenateBoth Houses Accepted Amendatory Veto 11/16/2009SenateReturned to Governor for Certification 2/2/2010SenateGovernor Certifies Changes 2/2/2010SenateEffective Date February 2, 2010 2/2/2010SenatePublic Act . . . . . . . . . 96-0880