IL STUDENT LOAN INVESTMENT ACT Senate SponsorsSen. Kimberly A. Lightford, Omar Aquino, Bill Cunningham, Scott M. Bennett-Julie A. Morrison, Pat McGuire, Elgie R. Sims, Jr., Laura M. Murphy, Michael E. Hastings, Patricia Van Pelt, Mattie Hunter, Emil Jones, III-Linda Holmes, Napoleon Harris, III-Christopher Belt and Antonio Muñoz House Sponsors(Rep. Carol Ammons, Justin Slaughter, Emanuel Chris Welch, Debbie Meyers-Martin, Sonya M. Harper, Kambium Buckner, Maurice A. West, II, Natalie A. Manley, Will Guzzardi, Kelly M. Cassidy, Theresa Mah, Celina Villanueva, LaToya Greenwood, Nicholas K. Smith, Rita Mayfield, Anne Stava-Murray, Stephanie A. Kifowit, Sue Scherer, Diane Pappas, Mary E. Flowers and André Thapedi) 8/26/2019SenatePublic Act . . . . . . . . . 101-0586 New Act15 ILCS 520/22.5from Ch. 130, par. 41a110 ILCS 992/1-5Creates the Illinois Student Loan Investment Act. Provides for the establishment, operation, and administration of the Student Investment Account by the State Treasurer. Provides that the State Treasurer shall establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. Provides that the State Treasurer may charge and collect insurance premiums and deduct wages under the Act. Requires the State Treasurer to develop, publish, and implement one or more investment policies covering the investment of moneys under the Act. Provides for the creation and use of specified Funds to be held outside of the State Treasury with the State Treasurer as custodian. Provides for the adoption of rules. Amends the Deposit of State Moneys Act. Allows the State Treasurer to invest or reinvest State money in, among other items or purposes, investments made in accordance with the Student Loan Investment Act. Amends the Student Loan Servicing Rights Act. Provides that the term "student loan servicer" shall not include, among other entities, the State Treasurer and its agents when the agents are acting on the State Treasurer's behalf. Defines terms. Effective immediately.Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Creates the Student Investment Account Act (currently, the Student Loan Investment Act). Adds a provision concerning the use of earnings from the Student Investment Account. Modifies provisions concerning the establishment, operation, and administration of the Student Investment Account by the State Treasurer, and adds requirements concerning income share agreements and income share agreement providers. Allows the State Treasurer to enter into income share agreements with participants (currently, borrowers) and to facilitate such arrangements between participants and eligible income share agreement providers (currently, lenders). Provides that the State Treasurer or his or her designee (currently, only State Treasurer) may charge and collect insurance premiums under the Act. Provides for the creation and use of specified Funds as non-appropriated separate and apart trust funds in the State Treasury (currently, Funds to be held outside of the State Treasury with the State Treasurer as custodian). Amends the Student Loan Servicing Rights Act. Provides that the term "student loan servicer" does not include, among other entities, the State Treasurer (currently, the State Treasurer and its agents when the agents are acting on the State Treasurer's behalf). Modifies and defines terms. Makes other changes. Effective immediately.House Floor Amendment No. 1 Provides that "student loan servicer" or "servicer" includes persons or entities acting on behalf of the State Treasurer. Modifies findings and purpose provisions. 2/15/2019SenateFiled with Secretary by Sen. Kimberly A. Lightford 2/15/2019SenateFirst Reading 2/15/2019SenateReferred to Assignments 2/20/2019SenateAdded as Co-Sponsor Sen. Omar Aquino 2/21/2019SenateAdded as Co-Sponsor Sen. Bill Cunningham 2/26/2019SenateAdded as Co-Sponsor Sen. Scott M. Bennett 2/27/2019SenateAssigned to Financial Institutions 3/6/2019SenateAdded as Chief Co-Sponsor Sen. Julie A. Morrison 3/6/2019SenateDo Pass Financial Institutions; 008-000-000 3/6/2019SenatePlaced on Calendar Order of 2nd Reading 3/6/2019SenateSecond Reading 3/6/2019SenatePlaced on Calendar Order of 3rd Reading March 7, 2019 3/6/2019SenateAdded as Co-Sponsor Sen. Pat McGuire 3/7/2019SenateAdded as Co-Sponsor Sen. Elgie R. Sims, Jr. 3/7/2019SenateAdded as Co-Sponsor Sen. Laura M. Murphy 3/19/2019SenateAdded as Co-Sponsor Sen. Christopher Belt 3/28/2019SenateAdded as Co-Sponsor Sen. Michael E. Hastings 3/28/2019SenateAdded as Co-Sponsor Sen. Patricia Van Pelt 3/28/2019SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/28/2019SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford 3/28/2019SenateSenate Floor Amendment No. 1 Referred to Assignments 3/28/2019SenateAdded as Co-Sponsor Sen. Emil Jones, III 4/3/2019SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions 4/4/2019SenateAdded as Chief Co-Sponsor Sen. Linda Holmes 4/4/2019SenateAdded as Co-Sponsor Sen. Napoleon Harris, III 4/4/2019SenateAdded as Chief Co-Sponsor Sen. Christopher Belt 4/10/2019SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000 4/10/2019SenateRecalled to Second Reading 4/10/2019SenateSenate Floor Amendment No. 1 Adopted; Lightford 4/10/2019SenatePlaced on Calendar Order of 3rd Reading 4/10/2019SenateThird Reading - Passed; 058-000-000 4/11/2019HouseArrived in House 4/11/2019SenateAdded as Co-Sponsor Sen. Antonio Muñoz 4/11/2019HouseChief House Sponsor Rep. Carol Ammons 4/11/2019HouseFirst Reading 4/11/2019HouseReferred to Rules Committee 4/30/2019HouseAssigned to Higher Education Committee 5/8/2019HouseAdded Alternate Co-Sponsor Rep. Justin Slaughter 5/8/2019HouseDo Pass / Short Debate Higher Education Committee; 011-007-000 5/8/2019HousePlaced on Calendar 2nd Reading - Short Debate 5/16/2019HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons 5/16/2019HouseHouse Floor Amendment No. 1 Referred to Rules Committee 5/20/2019HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Emanuel Chris Welch 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Debbie Meyers-Martin 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Sonya M. Harper 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Kambium Buckner 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Maurice A. West, II 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Natalie A. Manley 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Will Guzzardi 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Kelly M. Cassidy 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Theresa Mah 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Celina Villanueva 5/21/2019HouseAdded Alternate Co-Sponsor Rep. LaToya Greenwood 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Nicholas K. Smith 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Rita Mayfield 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Anne Stava-Murray 5/21/2019HouseSecond Reading - Short Debate 5/21/2019HouseHouse Floor Amendment No. 1 Adopted 5/21/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/22/2019HouseThird Reading - Short Debate - Passed 072-044-001 5/22/2019HouseAdded Alternate Co-Sponsor Rep. Stephanie A. Kifowit 5/22/2019HouseAdded Alternate Co-Sponsor Rep. Sue Scherer 5/22/2019HouseAdded Alternate Co-Sponsor Rep. Diane Pappas 5/22/2019HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers 5/22/2019HouseAdded Alternate Co-Sponsor Rep. André Thapedi 5/22/2019SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/22/2019SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 23, 2019 5/22/2019SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford 5/22/2019SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments 5/28/2019SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions 5/28/2019SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 006-000-000 5/31/2019SenateHouse Floor Amendment No. 1 Senate Concurs 058-000-000 5/31/2019SenateSenate Concurs 5/31/2019SenatePassed Both Houses 6/28/2019SenateSent to the Governor 8/26/2019SenateGovernor Approved 8/26/2019SenateEffective Date August 26, 2019 8/26/2019SenatePublic Act . . . . . . . . . 101-0586