Illinois General Assembly - Full Text of HB4221
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Full Text of HB4221  94th General Assembly



HB4221 Engrossed LRB094 15377 NHT 50680 b

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 student loan held by the Commission
22 is sold or transferred to a private entity, then the private
23 entity holding the loan must offer an interest rate on the loan
24 that is the same as or lower than the Commission offered at the
25 time of sale or transfer. Additionally, a private entity must
26 offer the same fee reduction plan that was offered by the
27 Commission at the time of sale or transfer.
28     (e) To issue bonds to make or acquire eligible loans or to
29 refund the bonds of the Commission and to provide for the
30 security and payment of those bonds and for the rights of the
31 holders thereof.
32     (f) To retain in accounts designated in the resolution or



HB4221 Engrossed - 2 - LRB094 15377 NHT 50680 b

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