Bill Status of SB 169   104th General Assembly

Short Description:  STUDENT INVESTMENT ACCOUNT

Senate Sponsors
Sen. Omar Aquino

Committee Hearing
Financial Institutions Hearing Feb 5 2025 10:00AM Capitol 212 Springfield, IL

Last Action  View All Actions

DateChamber Action
  1/28/2025SenateAssigned to Financial Institutions

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.

Actions 
DateChamber Action
  1/17/2025SenateFiled with Secretary by Sen. Omar Aquino
  1/17/2025SenateFirst Reading
  1/17/2025SenateReferred to Assignments
  1/28/2025SenateAssigned to Financial Institutions

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