94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4221


 
Introduced 12/5/2005, by Rep. Naomi D. Jakobsson
 
SYNOPSIS AS INTRODUCED:
 		














110 ILCS 947/140









    Amends the Higher Education Student Assistance Act.  Provides that if any of the Illinois Student Assistance Commission's student loans are sold or transferred to a private entity, then the private entity must offer the same interest and fee rate reduction plan on the loan that the Commission would have offered if the loan was held by the Commission. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4221

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    AN ACT concerning education.

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


 
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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 of the Commission's student loans 
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are sold or transferred to a private entity, then the private 
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entity must offer the same interest and fee rate reduction plan 
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on the loan that the Commission would have offered if the loan 
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was held by the Commission.


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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 
 


 






HB4221
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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.