Full Text of HB6189 096th General Assembly
HB6189 96TH GENERAL ASSEMBLY
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB6189
Introduced 2/11/2010, by Rep. Richard P. Myers - Chapin Rose SYNOPSIS AS INTRODUCED: |
|
|
Amends the Higher Education Student Assistance Act. Provides that the Illinois Student Assistance Commission shall have the power to allow for direct lending by institutions of higher learning. Effective immediately.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
A BILL FOR
|
|
|
|
|
HB6189 |
|
LRB096 20674 AMC 36393 b |
|
| 1 |
| AN ACT concerning education.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Higher Education Student Assistance Act is | 5 |
| amended by changing Section 80 as follows:
| 6 |
| (110 ILCS 947/80)
| 7 |
| Sec. 80. Additional assistance; Loans; Powers and Duties. | 8 |
| The Commission
shall have the following powers in furtherance | 9 |
| of its programs:
| 10 |
| (a) To guarantee the loan of money in amounts not to exceed | 11 |
| the yearly
or aggregate totals authorized by the Federal Higher | 12 |
| Education Act of 1965.
The Commission may guarantee loans for | 13 |
| qualified borrowers for
use at any approved institution of | 14 |
| higher learning provided the borrower
and institution are | 15 |
| eligible for the loan under the Higher Education Act
of 1965. | 16 |
| All loans shall be guaranteed and bear interest as prescribed | 17 |
| by the
Higher Education Act of 1965, or by any other Federal | 18 |
| statute hereafter enacted
providing for Federal payment of | 19 |
| interest or other subsidy on behalf of
borrowers. Loans made by | 20 |
| eligible lenders in accordance with this Act shall be
| 21 |
| guaranteed whether made from funds fully owned by the lender or | 22 |
| from funds held
by the lender in a trust or similar capacity | 23 |
| and available for such loans.
|
|
|
|
HB6189 |
- 2 - |
LRB096 20674 AMC 36393 b |
|
| 1 |
| (b) To sue and be sued in the name of the Commission.
| 2 |
| (c) To adopt rules and regulations governing the guarantee,
| 3 |
| origination, or servicing of loans and
any other matters | 4 |
| relating to the activities of the Commission.
| 5 |
| (d) To originate, guarantee, acquire, and service
loans and | 6 |
| to perform such other acts as may be necessary or appropriate | 7 |
| in
connection with the loans.
| 8 |
| (e) To require that any educational loan made under this | 9 |
| Act shall be
repaid and be secured in such manner and at such | 10 |
| time as the Commission
prescribes, including perfecting a | 11 |
| security interest therein in such manner as
the Commission | 12 |
| shall determine.
| 13 |
| (f) To enter into such contracts and guarantee agreements
| 14 |
| with eligible lenders, eligible education institutions, | 15 |
| individuals,
corporations, and loan servicing organizations | 16 |
| and with any other
governmental agency and with any agency of | 17 |
| the United States, including
agreements for Federal | 18 |
| reinsurance of losses resulting from the death, default,
or | 19 |
| total and permanent disability of borrowers, as are necessary | 20 |
| or incidental
to the performance of its duties and to carry out | 21 |
| its functions under this
Act, and to make such payments as may | 22 |
| be specified in such contracts and
agreements from such sources | 23 |
| as set forth therein, all notwithstanding any
other provisions | 24 |
| of this Act or any other law.
| 25 |
| (g) To receive and accept from any agency of the United | 26 |
| States or any
agency of the State of Illinois or any |
|
|
|
HB6189 |
- 3 - |
LRB096 20674 AMC 36393 b |
|
| 1 |
| municipality, county, or other
political subdivision thereof | 2 |
| or from any individual, association, or
corporation gifts, | 3 |
| grants, or donations of money.
| 4 |
| (h) To participate in any Federal government program for | 5 |
| guaranteed loans
or subsidies to borrowers and to receive, | 6 |
| hold, and disburse funds made
available for the purpose or | 7 |
| purposes for which they are made available.
| 8 |
| (i) To pay to eligible lenders an administrative cost | 9 |
| allowance in such
amount, at such times, and in such manner as | 10 |
| may be prescribed by the
Commission.
| 11 |
| (j) To pay the Federal government a portion of those funds | 12 |
| obtained by
the Commission from collection and recoupment of | 13 |
| losses on defaulted loans
in such amounts and in such manner as | 14 |
| provided by any Federal reinsurance
agreement.
| 15 |
| (k) To charge and collect premiums for insurance on loans | 16 |
| and other
appropriate charges and pay such insurance premiums | 17 |
| or a portion thereof
and other charges as are appropriate.
| 18 |
| (l) To create such entities and organizations and programs | 19 |
| as the
Commission determines are necessary or incidental to the | 20 |
| performance of its
duties and to carry out any function under | 21 |
| this Act.
| 22 |
| (m) Except with respect to obligations issued prior to July | 23 |
| 14, 1994, to
exercise all functions, rights, powers,
duties, | 24 |
| and responsibilities now or hereafter authorized to be | 25 |
| exercised by any
other State agency pursuant to the Higher | 26 |
| Education Loan Act of this State.
The authorization to any |
|
|
|
HB6189 |
- 4 - |
LRB096 20674 AMC 36393 b |
|
| 1 |
| other State agency to exercise those functions,
rights, powers, | 2 |
| duties, and responsibilities is not affected by this
| 3 |
| authorization to the Commission.
| 4 |
| (n) To allow for direct lending by institutions of higher | 5 |
| learning. | 6 |
| (Source: P.A. 88-553; 89-442, eff. 12-21-95.)
| 7 |
| Section 99. Effective date. This Act takes effect upon | 8 |
| becoming law.
|
|