94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4221

 

Introduced 12/5/2005, by Rep. Naomi D. Jakobsson

 

SYNOPSIS AS INTRODUCED:
 
110 ILCS 947/140

    Amends the Higher Education Student Assistance Act. Provides that if any of the Illinois Student Assistance Commission's student loans are sold or transferred to a private entity, then the private entity must offer the same interest and fee rate reduction plan on the loan that the Commission would have offered if the loan was held by the Commission. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1     AN ACT concerning education.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Higher Education Student Assistance Act is
5 amended by changing Section 140 as follows:
 
6     (110 ILCS 947/140)
7     Sec. 140. Powers and duties. The Commission shall have the
8 following powers in furtherance of the programs authorized by
9 this Act:
10     (a) To adopt rules and regulations governing the
11 purchasing, servicing, and selling of eligible loans and any
12 other matters relating to the activities of the guaranteed loan
13 programs.
14     (b) To perform such other acts as may be necessary or
15 appropriate in connection with the making, purchasing,
16 servicing, and selling of eligible loans.
17     (c) To sue and be sued in the name of the Commission.
18     (d) To make, purchase, service, sell, or otherwise deal in,
19 at prices and on terms and conditions determined by the
20 Commission, eligible loans, including loans guaranteed by the
21 Commission. However, if any of the Commission's student loans
22 are sold or transferred to a private entity, then the private
23 entity must offer the same interest and fee rate reduction plan
24 on the loan that the Commission would have offered if the loan
25 was held by the Commission.
26     (e) To issue bonds to make or acquire eligible loans or to
27 refund the bonds of the Commission and to provide for the
28 security and payment of those bonds and for the rights of the
29 holders thereof.
30     (f) To retain in accounts designated in the resolution or
31 resolutions authorizing the bonds of the Commission and to
32 disburse therefrom all proceeds from the sale of the bonds of

 

 

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1 the Commission issued pursuant to this Act, all eligible loans
2 receipts received by the Commission, and all earnings received
3 by the Commission from any authorized investment.
4     (g) To hire and retain such attorneys, accountants,
5 financial advisors, and other employees as may be required by
6 the Commission, to determine their qualifications, to define
7 their duties, to fix their compensation, and to pay that
8 compensation from the proceeds from the sale of the bonds of
9 the Commission issued pursuant to this Act and from the
10 earnings received by the Commission from any authorized
11 investment as provided in the resolution or resolutions
12 authorizing the bonds, all notwithstanding any other
13 provisions of this Act or any other law.
14     (h) To enter into contracts, to execute instruments, to
15 invest and to accumulate assets, to incur liabilities, and to
16 do all things necessary or incidental to the proper management
17 of such affairs and the proper conduct of such business as are
18 authorized under this Act.
19 (Source: P.A. 87-997.)
 
20     Section 99. Effective date. This Act takes effect upon
21 becoming law.