|
(b) To sue and be sued in the name of the Commission.
|
(c) To adopt rules and regulations governing the guarantee,
|
origination, or servicing of loans and
any other matters |
relating to the activities of the Commission.
|
(d) To originate, guarantee, acquire, and service
loans and |
to perform such other acts as may be necessary or appropriate |
in
connection with the loans.
|
(e) To require that any educational loan made under this |
Act shall be
repaid and be secured in such manner and at such |
time as the Commission
prescribes, including perfecting a |
security interest therein in such manner as
the Commission |
shall determine.
|
(f) To enter into such contracts and guarantee agreements
|
with eligible lenders, eligible education institutions, |
individuals,
corporations, and loan servicing organizations |
and with any other
governmental agency and with any agency of |
the United States, including
agreements for Federal |
reinsurance of losses resulting from the death, default,
or |
total and permanent disability of borrowers, as are necessary |
or incidental
to the performance of its duties and to carry out |
its functions under this
Act, and to make such payments as may |
be specified in such contracts and
agreements from such sources |
as set forth therein, all notwithstanding any
other provisions |
of this Act or any other law.
|
(g) To receive and accept from any agency of the United |
States or any
agency of the State of Illinois or any |
|
municipality, county, or other
political subdivision thereof |
or from any individual, association, or
corporation gifts, |
grants, or donations of money.
|
(h) To participate in any Federal government program for |
guaranteed loans
or subsidies to borrowers and to receive, |
hold, and disburse funds made
available for the purpose or |
purposes for which they are made available.
|
(i) To pay to eligible lenders an administrative cost |
allowance in such
amount, at such times, and in such manner as |
may be prescribed by the
Commission.
|
(j) To pay the Federal government a portion of those funds |
obtained by
the Commission from collection and recoupment of |
losses on defaulted loans
in such amounts and in such manner as |
provided by any Federal reinsurance
agreement.
|
(k) To charge and collect premiums for insurance on loans |
and other
appropriate charges and pay such insurance premiums |
or a portion thereof
and other charges as are appropriate.
|
(l) To create such entities and organizations and programs |
as the
Commission determines are necessary or incidental to the |
performance of its
duties and to carry out any function under |
this Act.
|
(l-5) To deduct from the salary, wages, commissions, and |
bonuses of any employee in this State and, to the extent |
permitted by the laws of the United States and individual |
states in which an employee might reside, any employee outside |
the State of Illinois by serving a notice of administrative |
|
wage garnishment on an employer, in accordance with rules |
adopted by the Commission, for the recovery of a student loan |
debt owned or serviced by the Commission. Levy must not be made |
until the Commission has caused a demand to be made on the |
employee, in a manner consistent with rules adopted by the |
Commission, such that the employee is provided an opportunity |
to contest the existence or amount of the student loan |
obligation. |
(m) Except with respect to obligations issued prior to July |
14, 1994, to
exercise all functions, rights, powers,
duties, |
and responsibilities now or hereafter authorized to be |
exercised by any
other State agency pursuant to the Higher |
Education Loan Act of this State.
The authorization to any |
other State agency to exercise those functions,
rights, powers, |
duties, and responsibilities is not affected by this
|
authorization to the Commission.
|
(Source: P.A. 88-553; 89-442, eff. 12-21-95.)
|
Section 99. Effective date. This Act takes effect upon |
becoming law.
|