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90_SB0763ham002
LRB9001075THpkam
1 AMENDMENT TO SENATE BILL 763
2 AMENDMENT NO. . Amend Senate Bill 763, AS AMENDED,
3 by inserting immediately after the enacting clause the
4 following:
5 "Section 10. The Real Estate License Act of 1983 is
6 amended by adding Sections 18.4 and 36.11a as follows:
7 (225 ILCS 455/18.4 new)
8 Sec. 18.4. Disciplinary action for educational loan
9 defaults. The Commissioner of Banks and Real Estate shall
10 deny a license or renewal authorized by this Article to a
11 person who has defaulted on an educational loan or
12 scholarship provided or guaranteed by the Illinois Student
13 Assistance Commission or any governmental agency of this
14 State; however, the Commissioner may issue a license or
15 renewal if the person has established a satisfactory
16 repayment record as determined by the Illinois Student
17 Assistance Commission or other appropriate governmental
18 agency of this State. Additionally, a license issued by the
19 Commissioner may be suspended or revoked if the Commissioner,
20 after the opportunity for a hearing under this Article, finds
21 that the licensee has failed to make satisfactory repayment
22 to the Illinois Student Assistance Commission for a
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1 delinquent or defaulted loan. For the purposes of this
2 Section, "satisfactory repayment record" shall be defined by
3 rule.
4 (225 ILCS 455/36.11a new)
5 Sec. 36.11a. Disciplinary action for educational loan
6 defaults. The Commissioner of Banks and Real Estate shall
7 deny issuance of a certificate, license, or renewal
8 authorized by this Article to a person who has defaulted on
9 an educational loan or scholarship provided or guaranteed by
10 the Illinois Student Assistance Commission or any
11 governmental agency of this State; however, the Commissioner
12 may issue a certificate, license, or renewal if the person
13 has established a satisfactory repayment record as determined
14 by the Illinois Student Assistance Commission or other
15 appropriate governmental agency of this State. Additionally,
16 a certificate or license issued by the Commissioner may be
17 suspended or revoked if the Commissioner, after the
18 opportunity for a hearing under this Article, finds that the
19 certificate holder or licensee has failed to make
20 satisfactory repayment to the Illinois Student Assistance
21 Commission for a delinquent or defaulted loan. For the
22 purposes of this Section, "satisfactory repayment record"
23 shall be defined by rule.".