HB4221eng 94TH GENERAL ASSEMBLY

HB4221 Engrossed LRB094 15377 NHT 50680 b

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Higher Education Student Assistance Act is amended by changing Section 140 as follows:

(110 ILCS 947/140)

Sec. 140. Powers and duties. The Commission shall have the following powers in furtherance of the programs authorized by this Act:

(a) To adopt rules and regulations governing the purchasing, servicing, and selling of eligible loans and any other matters relating to the activities of the guaranteed loan programs.

(b) To perform such other acts as may be necessary or appropriate in connection with the making, purchasing, servicing, and selling of eligible loans.

(c) To sue and be sued in the name of the Commission.

(d) To make, purchase, service, sell, or otherwise deal in, at prices and on terms and conditions determined by the Commission, eligible loans, including loans guaranteed by the Commission. However, if any student loan held by the Commission is sold or transferred to a private entity, then the private entity holding the loan must offer an interest rate on the loan that is the same as or lower than the Commission offered at the time of sale or transfer. Additionally, a private entity must offer the same fee reduction plan that was offered by the Commission at the time of sale or transfer.

(e) To issue bonds to make or acquire eligible loans or to refund the bonds of the Commission and to provide for the security and payment of those bonds and for the rights of the holders thereof.

(f) To retain in accounts designated in the resolution or resolutions authorizing the bonds of the Commission and to disburse therefrom all proceeds from the sale of the bonds of the Commission issued pursuant to this Act, all eligible loans receipts received by the Commission, and all earnings received by the Commission from any authorized investment.

(g) To hire and retain such attorneys, accountants, financial advisors, and other employees as may be required by the Commission, to determine their qualifications, to define their duties, to fix their compensation, and to pay that compensation from the proceeds from the sale of the bonds of the Commission issued pursuant to this Act and from the earnings received by the Commission from any authorized investment as provided in the resolution or resolutions authorizing the bonds, all notwithstanding any other provisions of this Act or any other law.

(h) To enter into contracts, to execute instruments, to invest and to accumulate assets, to incur liabilities, and to do all things necessary or incidental to the proper management of such affairs and the proper conduct of such business as are authorized under this Act.

(Source: P.A. 87-997.)

Section 99. Effective date. This Act takes effect upon becoming law.