Illinois General Assembly - Bill Status for HB1430
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 Bill Status of HB1430  104th General Assembly

Short Description:  STUDENT INVESTMENT ACCOUNT

House Sponsors
Rep. Eva-Dina Delgado - Carol Ammons, Barbara Hernandez, Angelica Guerrero-Cuellar, Kevin John Olickal, Kelly M. Cassidy, Jaime M. Andrade, Jr. and Hoan Huynh

Senate Sponsors
(Sen. Omar Aquino - Mark L. Walker - Robert F. Martwick - Robert Peters and Graciela Guzmán)

Last Action
DateChamber Action
  5/22/2025HousePassed Both Houses

Statutes Amended In Order of Appearance
110 ILCS 991/5
110 ILCS 991/10
110 ILCS 991/25
110 ILCS 991/30
110 ILCS 991/35
110 ILCS 991/40
110 ILCS 991/45
110 ILCS 991/65


Synopsis As Introduced
Amends the Student Investment Account Act. Allows the State Treasurer to originate, guarantee, acquire, and service refinance loans; invest in, and enter into contracts with, institutions that provide refinance loans; deposit funds with financial institutions that provide refinance loans; establish specific criteria governing the eligibility of entities to participate in the making of refinance loans; charge and collect premiums for insurance on refinance loans; and deduct from a State employee's salary, wages, commissions, and bonuses the recovery of a refinance loan debt. Removes language allowing the State Treasurer to: enter into income share agreements with participants, facilitate income share agreements between participants and eligible income share agreement providers, and perform other acts as may be necessary or desirable in connection with income share agreements; enter into contracts and guarantee agreements as necessary to operate the Student Investment Account with income share agreement providers or qualified income share agreement organizations; establish specific criteria governing the eligibility of entities to participate in the making of income share agreements; pay income share agreement providers or qualified income share agreement organizations an administrative fee in connection with services provided pursuant to the Student Investment Account; charge and collect premiums for insurance on income share agreements; and deduct from a State employee's salary, wages, commissions, and bonuses the recovery of an income share agreement. Allows (rather than requires) the State Treasurer to establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. Removes language allowing moneys in the Student Investment Account Assistance Fund to be used to provide assistance to income share agreement participants. Makes conforming changes.

House Committee Amendment No. 1
Adds an immediate effective date.

Actions 
DateChamber Action
  1/16/2025HouseFiled with the Clerk by Rep. Eva-Dina Delgado
  1/28/2025HouseFirst Reading
  1/28/2025HouseReferred to Rules Committee
  2/18/2025HouseAssigned to Higher Education Committee
  2/18/2025HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Eva-Dina Delgado
  2/18/2025HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  2/25/2025HouseHouse Committee Amendment No. 1 Rules Refers to Higher Education Committee
  2/26/2025HouseAdded Co-Sponsor Rep. Barbara Hernandez
  2/26/2025HouseHouse Committee Amendment No. 1 Adopted in Higher Education Committee; by Voice Vote
  2/26/2025HouseDo Pass as Amended / Short Debate Higher Education Committee; 010-001-000
  2/27/2025HousePlaced on Calendar 2nd Reading - Short Debate
  3/12/2025HouseAdded Chief Co-Sponsor Rep. Carol Ammons
  3/18/2025HouseSecond Reading - Short Debate
  3/18/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/1/2025HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar
  4/4/2025HouseAdded Co-Sponsor Rep. Kevin John Olickal
  4/4/2025HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  4/7/2025HouseThird Reading - Short Debate - Passed 067-038-001
  4/7/2025HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
  4/7/2025HouseAdded Co-Sponsor Rep. Hoan Huynh
  4/8/2025SenateArrive in Senate
  4/8/2025SenatePlaced on Calendar Order of First Reading
  4/8/2025SenateChief Senate Sponsor Sen. Omar Aquino
  4/8/2025SenateFirst Reading
  4/8/2025SenateReferred to Assignments
  4/23/2025SenateAssigned to Financial Institutions
  4/25/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Mark L. Walker
  4/30/2025SenatePostponed - Financial Institutions
  5/6/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Robert F. Martwick
  5/6/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Robert Peters
  5/7/2025SenateDo Pass Financial Institutions; 007-001-000
  5/7/2025SenatePlaced on Calendar Order of 2nd Reading May 8, 2025
  5/8/2025SenateSecond Reading
  5/8/2025SenatePlaced on Calendar Order of 3rd Reading May 13, 2025
  5/14/2025SenateAdded as Alternate Co-Sponsor Sen. Graciela Guzmán
  5/22/2025SenateThird Reading - Passed; 046-012-000
  5/22/2025HousePassed Both Houses

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