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Higher Education Committee
Filed: 2/15/2006
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09400HB4221ham001 |
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LRB094 15377 RAS 55942 a |
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| AMENDMENT TO HOUSE BILL 4221
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| AMENDMENT NO. ______. Amend House Bill 4221 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Higher Education Student Assistance Act is |
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| amended by changing Section 140 as follows:
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| (110 ILCS 947/140)
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| Sec. 140. Powers and duties. The Commission shall have the |
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| following
powers in furtherance of the programs authorized by |
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| this Act:
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| (a) To adopt rules and regulations governing the |
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| purchasing, servicing,
and selling of eligible loans and any |
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| other matters relating to the activities
of the guaranteed loan |
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| programs.
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| (b) To perform such other acts as may be necessary or |
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| appropriate in
connection with the making, purchasing, |
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| servicing, and selling of eligible
loans.
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| (c) To sue and be sued in the name of the Commission.
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| (d) To make, purchase, service, sell, or otherwise deal
in, |
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| at prices and on terms and conditions determined by the |
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| Commission,
eligible loans, including loans guaranteed by the |
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| Commission. However, if any student loan held by the Commission |
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| is sold or transferred to a private entity, then the private |
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| entity holding the loan must offer an interest rate on the loan |
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| that is the same as or lower than the Commission offered at the |
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09400HB4221ham001 |
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LRB094 15377 RAS 55942 a |
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| time of sale or transfer. Additionally, a private entity must |
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| offer the same fee reduction plan that was offered by the |
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| Commission at the time of sale or transfer.
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| (e) To issue bonds to make or acquire eligible loans or to |
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| refund the
bonds of the Commission and to provide for the |
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| security and payment of those
bonds and for the rights of the |
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| holders thereof.
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| (f) To retain in accounts designated in the resolution or |
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| resolutions
authorizing the bonds of the Commission and to |
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| disburse therefrom all proceeds
from the sale of the bonds of |
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| the Commission issued pursuant to this Act, all
eligible loans |
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| receipts received by the Commission, and all earnings received
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| by the Commission from any authorized investment.
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| (g) To hire and retain such attorneys, accountants, |
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| financial advisors,
and other employees as may be required by |
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| the Commission, to determine their
qualifications, to define |
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| their duties, to fix their compensation, and to pay
that |
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| compensation from the proceeds from the sale of the bonds of |
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| the
Commission issued pursuant to this Act and from the |
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| earnings received by the
Commission from any authorized |
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| investment as provided in the resolution or
resolutions |
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| authorizing the bonds, all notwithstanding any other |
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| provisions of
this Act or any other law.
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| (h) To enter into contracts, to execute instruments, to |
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| invest and to
accumulate assets, to incur liabilities, and to |
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| do all things necessary or
incidental to the proper management |
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| of such affairs and the proper conduct of
such business as are |
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| authorized under this Act.
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| (Source: P.A. 87-997.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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