Bill Status of HB2685  102nd General Assembly

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Short Description:  IL STUDENT LOAN INVESTMENT ACT

House Sponsors
Rep. Carol Ammons - Emanuel Chris Welch - Debbie Meyers-Martin - Sonya M. Harper - Kambium Buckner, Maurice A. West, II, Natalie A. Manley, Will Guzzardi, Kelly M. Cassidy, Theresa Mah, Celina Villanueva, LaToya Greenwood, Nicholas K. Smith, Rita Mayfield and Anne Stava-Murray

Senate Sponsors
(Sen. Christopher Belt - Jacqueline Y. Collins - Kimberly A. Lightford - Mattie Hunter, Adriane Johnson and Napoleon Harris, III)

Last Action

Date	Chamber	Action
1/13/2021	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

15 ILCS 520/22.5

from Ch. 130, par. 41a

110 ILCS 992/1-5

Synopsis As Introduced
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.

Fiscal Note (Office of the Treasurer)

The Treasurer's Office projects that $150,000 will be needed for additional staff and related operational expenses to oversee and implement the Student Loan Investment program, the cost of which is expected to be paid for from the Treasurer's Administrative Fund, which receives revenue from investment earnings. The program should become self-sustaining when investment earnings and administrative fees are earned to cover operational and administration costs.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Creates the Student Investment Account Act (currently, the Student Loan Investment Act). Adds a provision concerning the use of earnings from the Student Investment Account. Modifies provisions concerning the establishment, operation, and administration of the Student Investment Account by the State Treasurer, and adds requirements concerning income share agreements and income share agreement providers. Allows the State Treasurer to enter into income share agreements with participants (currently, borrowers) and to facilitate such arrangements between participants and eligible income share agreement providers (currently, lenders). Provides that the State Treasurer or his or her designee (currently, only State Treasurer) may charge and collect insurance premiums under the Act. Provides for the creation and use of specified Funds as non-appropriated separate and apart trust funds in the State Treasury (currently, Funds to be held outside of the State Treasury with the State Treasurer as custodian). Amends the Student Loan Servicing Rights Act. Provides that the term "student loan servicer" shall not include, among other entities, the State Treasurer (currently, the State Treasurer and its agents when the agents are acting on the State Treasurer's behalf). Modifies and defines terms. Makes other changes. Effective immediately.

Senate Floor Amendment No. 2
Provides that "student loan servicer" or "servicer" includes persons or entities acting on behalf of the State Treasurer.

Actions 

Date	Chamber	Action
2/14/2019	House	Filed with the Clerk by Rep. Carol Ammons
2/14/2019	House	First Reading
2/14/2019	House	Referred to Rules Committee
2/20/2019	House	Added Chief Co-Sponsor Rep. Debbie Meyers-Martin
2/26/2019	House	Assigned to Higher Education Committee
2/26/2019	House	Added Chief Co-Sponsor Rep. Emanuel Chris Welch
3/5/2019	House	Added Chief Co-Sponsor Rep. Sonya M. Harper
3/6/2019	House	Do Pass / Short Debate Higher Education Committee; 014-003-000
3/7/2019	House	Placed on Calendar 2nd Reading - Short Debate
3/11/2019	House	Fiscal Note Requested by Rep. Tom Demmer
3/13/2019	House	Added Chief Co-Sponsor Rep. Kambium Buckner
3/13/2019	House	Added Co-Sponsor Rep. Maurice A. West, II
3/15/2019	House	Fiscal Note Filed
3/19/2019	House	Second Reading - Short Debate
3/19/2019	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/21/2019	House	Added Co-Sponsor Rep. Natalie A. Manley
3/21/2019	House	Added Co-Sponsor Rep. Will Guzzardi
3/28/2019	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons
3/28/2019	House	House Floor Amendment No. 1 Referred to Rules Committee
3/28/2019	House	Added Co-Sponsor Rep. Kelly M. Cassidy
3/28/2019	House	Added Co-Sponsor Rep. Theresa Mah
3/28/2019	House	Added Co-Sponsor Rep. Celina Villanueva
3/29/2019	House	Third Reading - Short Debate - Passed 067-033-000
3/29/2019	House	House Floor Amendment No. 1 Tabled Pursuant to Rule 40
3/29/2019	House	Added Co-Sponsor Rep. LaToya Greenwood
3/29/2019	House	Added Co-Sponsor Rep. Nicholas K. Smith
3/29/2019	House	Added Co-Sponsor Rep. Rita Mayfield
3/29/2019	House	Added Co-Sponsor Rep. Anne Stava-Murray
4/3/2019	Senate	Arrive in Senate
4/3/2019	Senate	Placed on Calendar Order of First Reading
4/3/2019	Senate	Chief Senate Sponsor Sen. Kimberly A. Lightford
4/3/2019	Senate	First Reading
4/3/2019	Senate	Referred to Assignments
4/24/2019	Senate	Assigned to Financial Institutions
4/29/2019	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
4/29/2019	Senate	Senate Committee Amendment No. 1 Referred to Assignments
4/30/2019	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
5/1/2019	Senate	Senate Committee Amendment No. 1 Adopted
5/1/2019	Senate	Do Pass as Amended Financial Institutions; 008-000-000
5/1/2019	Senate	Placed on Calendar Order of 2nd Reading May 2, 2019
5/1/2019	Senate	Added as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
5/3/2019	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
5/3/2019	Senate	Senate Floor Amendment No. 2 Referred to Assignments
5/7/2019	Senate	Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions
5/8/2019	Senate	Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
5/14/2019	Senate	Second Reading
5/14/2019	Senate	Senate Floor Amendment No. 2 Adopted; Lightford
5/14/2019	Senate	Placed on Calendar Order of 3rd Reading May 15, 2019
5/17/2019	Senate	Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
5/24/2019	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2019
5/31/2019	Senate	Rule 3-9(a) / Re-referred to Assignments
5/19/2020	Senate	Approved for Consideration Assignments
5/19/2020	Senate	Placed on Calendar Order of 3rd Reading May 20, 2020
5/19/2020	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2020
5/19/2020	Senate	Alternate Chief Sponsor Changed to Sen. Don Harmon
5/20/2020	Senate	Legislation Considered in Special Session No. 1
5/22/2020	Senate	Added as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford
6/24/2020	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
1/5/2021	Senate	Approved for Consideration Assignments
1/5/2021	Senate	Placed on Calendar Order of 3rd Reading January 10, 2021
1/5/2021	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As January 13, 2021
1/5/2021	Senate	Senate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt
1/5/2021	Senate	Senate Floor Amendment No. 3 Referred to Assignments
1/9/2021	Senate	Added as Alternate Co-Sponsor Sen. Adriane Johnson
1/10/2021	Senate	Added as Alternate Co-Sponsor Sen. Napoleon Harris, III
1/10/2021	Senate	Alternate Chief Sponsor Changed to Sen. Christopher Belt
1/13/2021	Senate	Added as Alternate Chief Co-Sponsor Sen. Mattie Hunter
1/13/2021	House	Session Sine Die