Illinois 101st Regular Session Status: Passed House 18 D cosponsors

HB 2685 — IL STUDENT LOAN INVESTMENT ACT

Last action — Alternate Chief Sponsor Changed to Sen. Christopher Belt

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 101st Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Creates 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. Fiscal Note (Office of the Treasurer) The Treasurer's Office projects that $150,000 will be needed for additional staff and related operational expenses to oversee and implement the Student Loan Investment program, the cost of which is expected to be paid for from the Treasurer's Administrative Fund, which receives revenue from investment earnings. The program should become self-sustaining when investment earnings and administrative fees are earned to cover operational and administration costs. Senate Committee 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" shall 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. Senate Floor Amendment No. 2 Provides that "student loan servicer" or "servicer" includes persons or entities acting on behalf of the State Treasurer.

Bill Text

What changed in the latest version

22 added · 55 removed

Plain-language change summary

The latest version of HB 2685 includes new provisions that clarify the responsibilities of the State Treasurer regarding the management of the Student Investment Account. Specifically, it outlines fees for administration and allows the Treasurer to collect insurance premiums and deduct wages. This matters because it sets clear guidelines for how the program will operate and ensures that costs related to managing the student loan investments are effectively covered. Overall, these changes aim to enhance accountability and transparency in the handling of student loans in Illinois.

→
Previous
Latest
*LRB10109685RJF54784b* HB2685 101ST GENERAL ASSEMBLY State of Illinois and 2020 HB2685 by Rep.
HB2685 Engrossed LRB101 09685 RJF 54784 b AN ACT concerning finance.
Carol Ammons SYNOPSIS AS INTRODUCED:
New Act ILCS 520/22.5 from Ch.
130, par.
41a ILCS 992/1-5 Creates 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.
LRB101 09685 RJF 54784 b FISCAL NOTE ACT MAY APPLY A BILL FOR HB2685 LRB101 09685 RJF 54784 b AN ACT concerning finance.
HB2685 - 2 - LRB101 09685 RJF 54784 b "Income share agreement" means an agreement between a borrower and an eligible lender approved by the State Treasurer in which the borrower agrees to pay a percentage of the borrower's future earnings for a fixed period in exchange for funds to pay for their post-secondary education.
HB2685 Engrossed - 2 - LRB101 09685 RJF 54784 b "Income share agreement" means an agreement between a borrower and an eligible lender approved by the State Treasurer in which the borrower agrees to pay a percentage of the borrower's future earnings for a fixed period in exchange for funds to pay for their post-secondary education.
originate, guarantee, acquire, and HB2685 - 3 - LRB101 09685 RJF 54784 b service education loans;
originate, guarantee, acquire, and HB2685 Engrossed - 3 - LRB101 09685 RJF 54784 b service education loans;
The State Treasurer is authorized to establish specific criteria governing the eligibility of entities to participate in its programs, the making of education loans, provisions for HB2685 - 4 - LRB101 09685 RJF 54784 b default, the establishment of default reserve funds, the purchase of default insurance, the provision of prudent debt service reserves, and the furnishing by participating entities of such additional guarantees of the education loans as the State Treasurer shall determine.
The State Treasurer is authorized to establish specific criteria governing the eligibility of entities to participate in its programs, the making of education loans, provisions for HB2685 Engrossed - 4 - LRB101 09685 RJF 54784 b default, the establishment of default reserve funds, the purchase of default insurance, the provision of prudent debt service reserves, and the furnishing by participating entities of such additional guarantees of the education loans as the State Treasurer shall determine.
The State Treasurer may deduct from the salary, wages, commissions, and bonuses of any HB2685 - 5 - LRB101 09685 RJF 54784 b 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 State Treasurer, for the recovery of an education loan debt owned or serviced by the State Treasurer.
The State Treasurer may deduct from the salary, wages, commissions, and bonuses of any HB2685 Engrossed - 5 - LRB101 09685 RJF 54784 b 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 State Treasurer, for the recovery of an education loan debt owned or serviced by the State Treasurer.
The State Treasurer may deposit a portion of the earnings of the investments in the Student Investment Account and a portion of HB2685 - 6 - LRB101 09685 RJF 54784 b any administrative fees, and the proceeds thereof, collected pursuant to Section 30 into the Administrative Fund.
The State Treasurer may deposit a portion of the earnings of the investments in the Student Investment Account and a portion of HB2685 Engrossed - 6 - LRB101 09685 RJF 54784 b any administrative fees, and the proceeds thereof, collected pursuant to Section 30 into the Administrative Fund.
The State Treasurer may adopt rules he HB2685 - 7 - LRB101 09685 RJF 54784 b or she deems necessary or desirable to implement and administer this Act.
The State Treasurer may adopt rules he HB2685 Engrossed - 7 - LRB101 09685 RJF 54784 b or she deems necessary or desirable to implement and administer this Act.
The State Treasurer may, with the approval of the Governor, purchase any state bonds with any money in the State Treasury HB2685 - 8 - LRB101 09685 RJF 54784 b that has been set aside and held for the payment of the principal of and interest on the bonds.
The State Treasurer may, with the approval of the Governor, purchase any state bonds with any money in the State Treasury HB2685 Engrossed - 8 - LRB101 09685 RJF 54784 b that has been set aside and held for the payment of the principal of and interest on the bonds.
Savings and Loan (or Building and Loan) Association pledges not to reject arbitrarily HB2685 - 9 - LRB101 09685 RJF 54784 b mortgage loans for residential properties within any specific part of the community served by the savings and loan (or building and loan) association because of the location of the property.
Savings and Loan (or Building and Loan) Association pledges not to reject arbitrarily HB2685 Engrossed - 9 - LRB101 09685 RJF 54784 b mortgage loans for residential properties within any specific part of the community served by the savings and loan (or building and loan) association because of the location of the property.
provided, however, that such loan participations are represented by certificates issued only by banks which are incorporated under HB2685 - 10 - LRB101 09685 RJF 54784 b the laws of this State or any other state or under the laws of the United States, and such banks, but not the loan participation certificates, are insured by the Federal Deposit Insurance Corporation.
provided, however, that such loan participations are represented by certificates issued only by banks which are incorporated under HB2685 Engrossed - 10 - LRB101 09685 RJF 54784 b the laws of this State or any other state or under the laws of the United States, and such banks, but not the loan participation certificates, are insured by the Federal Deposit Insurance Corporation.
Such investment shall be repaid by the Comptroller with an interest rate tied to the London Interbank Offered Rate (LIBOR) or the Federal Funds Rate or an equivalent market established variable rate, but in no case HB2685 - 11 - LRB101 09685 RJF 54784 b shall such interest rate exceed the lesser of the penalty rate established under the State Prompt Payment Act or the timely pay interest rate under Section 368a of the Illinois Insurance Code.
Such investment shall be repaid by the Comptroller with an interest rate tied to the London Interbank Offered Rate (LIBOR) or the Federal Funds Rate or an equivalent market established variable rate, but in no case HB2685 Engrossed - 11 - LRB101 09685 RJF 54784 b shall such interest rate exceed the lesser of the penalty rate established under the State Prompt Payment Act or the timely pay interest rate under Section 368a of the Illinois Insurance Code.
Public Act 100-1107 This amendatory Act of the HB2685 - 12 - LRB101 09685 RJF 54784 b 100th General Assembly shall constitute an irrevocable and continuing authority for all amounts necessary for the payment of principal and interest on the investments made with the Office of the Comptroller by the State Treasurer under this paragraph, and the irrevocable and continuing authority for and direction to the Comptroller and Treasurer to make the necessary transfers.
Public Act 100-1107 This amendatory Act of the HB2685 Engrossed - 12 - LRB101 09685 RJF 54784 b 100th General Assembly shall constitute an irrevocable and continuing authority for all amounts necessary for the payment of principal and interest on the investments made with the Office of the Comptroller by the State Treasurer under this paragraph, and the irrevocable and continuing authority for and direction to the Comptroller and Treasurer to make the necessary transfers.
(2.5) Bonds, notes, debentures, or other similar obligations of a foreign government, other than the Republic of the Sudan, that are guaranteed by the full faith and credit of that government as to principal and interest, but only if the foreign government has not defaulted and has met its payment obligations in a timely HB2685 - 13 - LRB101 09685 RJF 54784 b manner on all similar obligations for a period of at least 25 years immediately before the time of acquiring those obligations.
(2.5) Bonds, notes, debentures, or other similar obligations of a foreign government, other than the Republic of the Sudan, that are guaranteed by the full faith and credit of that government as to principal and interest, but only if the foreign government has not defaulted and has met its payment obligations in a timely HB2685 Engrossed - 13 - LRB101 09685 RJF 54784 b manner on all similar obligations for a period of at least 25 years immediately before the time of acquiring those obligations.
(7) Short-term obligations of either corporations or limited liability companies organized in the United States with assets exceeding $500,000,000 if (i) the obligations HB2685 - 14 - LRB101 09685 RJF 54784 b are rated at the time of purchase at one of the 3 highest classifications established by at least 2 standard rating services and mature not later than 270 days from the date of purchase, (ii) the purchases do not exceed 10% of the corporation's or the limited liability company's outstanding obligations, (iii) no more than one-third of the public agency's funds are invested in short-term obligations of either corporations or limited liability companies, and (iv) the corporation or the limited liability company has not been placed on the list of restricted companies by the Illinois Investment Policy Board under Section 1-110.16 of the Illinois Pension Code.
(7) Short-term obligations of either corporations or limited liability companies organized in the United States with assets exceeding $500,000,000 if (i) the obligations HB2685 Engrossed - 14 - LRB101 09685 RJF 54784 b are rated at the time of purchase at one of the 3 highest classifications established by at least 2 standard rating services and mature not later than 270 days from the date of purchase, (ii) the purchases do not exceed 10% of the corporation's or the limited liability company's outstanding obligations, (iii) no more than one-third of the public agency's funds are invested in short-term obligations of either corporations or limited liability companies, and (iv) the corporation or the limited liability company has not been placed on the list of restricted companies by the Illinois Investment Policy Board under Section 1-110.16 of the Illinois Pension Code.
and (iv) the corporation or the limited liability company has not been placed on the list of restricted companies by the HB2685 - 15 - LRB101 09685 RJF 54784 b Illinois Investment Policy Board under Section 1-110.16 of the Illinois Pension Code.
and (iv) the corporation or the limited liability company has not been placed on the list of restricted companies by the HB2685 Engrossed - 15 - LRB101 09685 RJF 54784 b Illinois Investment Policy Board under Section 1-110.16 of the Illinois Pension Code.
(i) the federal land banks, federal intermediate credit banks, banks for cooperatives, federal farm credit banks, or any other entity authorized to issue debt HB2685 - 16 - LRB101 09685 RJF 54784 b obligations under the Farm Credit Act of 1971 (12 U.S.C.
(i) the federal land banks, federal intermediate credit banks, banks for cooperatives, federal farm credit banks, or any other entity authorized to issue debt HB2685 Engrossed - 16 - LRB101 09685 RJF 54784 b obligations under the Farm Credit Act of 1971 (12 U.S.C.
"Borrower" or "student loan borrower" means a person who has received or agreed to pay a student loan for his or her own HB2685 - 17 - LRB101 09685 RJF 54784 b educational expenses.
"Borrower" or "student loan borrower" means a person who has received or agreed to pay a student loan for his or her own HB2685 Engrossed - 17 - LRB101 09685 RJF 54784 b educational expenses.
"Federal education loan" means any loan made, guaranteed, HB2685 - 18 - LRB101 09685 RJF 54784 b or insured under Title IV of the federal Higher Education Act of 1965.
"Federal education loan" means any loan made, guaranteed, HB2685 Engrossed - 18 - LRB101 09685 RJF 54784 b or insured under Title IV of the federal Higher Education Act of 1965.
"Requester" means any borrower or cosigner that submits a HB2685 - 19 - LRB101 09685 RJF 54784 b request for assistance.
"Requester" means any borrower or cosigner that submits a HB2685 Engrossed - 19 - LRB101 09685 RJF 54784 b request for assistance.
"Student loan" shall not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other HB2685 - 20 - LRB101 09685 RJF 54784 b loan that is secured by real property or a dwelling.
"Student loan" shall not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other HB2685 Engrossed - 20 - LRB101 09685 RJF 54784 b loan that is secured by real property or a dwelling.
(3) an operating subsidiary where each owner of the operating subsidiary is wholly owned by the same bank, savings bank, savings association, or credit union HB2685 - 21 - LRB101 09685 RJF 54784 b organized under the laws of the State or any other state or under the laws of the United States;
(3) an operating subsidiary where each owner of the operating subsidiary is wholly owned by the same bank, savings bank, savings association, or credit union HB2685 Engrossed - 21 - LRB101 09685 RJF 54784 b organized under the laws of the State or any other state or under the laws of the United States;
(9) a State institution or a nonprofit private organization designated by a governmental entity to make or service student loans, provided in each case that the institution or organization services fewer than 20,000 HB2685 - 22 - LRB101 09685 RJF 54784 b student loan accounts of borrowers who reside in Illinois;
(9) a State institution or a nonprofit private organization designated by a governmental entity to make or service student loans, provided in each case that the institution or organization services fewer than 20,000 HB2685 Engrossed - 22 - LRB101 09685 RJF 54784 b student loan accounts of borrowers who reside in Illinois;
⬇ Download PDF
View plain text versions (2)

Action History

  1. Alternate Chief Sponsor Changed to Sen. Christopher Belt

  2. Added as Alternate Co-Sponsor Sen. Napoleon Harris, III

  3. Added as Alternate Co-Sponsor Sen. Adriane Johnson

  4. Senate Floor Amendment No. 3 Referred to Assignments

  5. Senate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt

  6. Rule 2-10 Committee/3rd Reading Deadline Established As January 13, 2021

  7. Placed on Calendar Order of 3rd Reading January 10, 2021

  8. Approved for Consideration Assignments

  9. Pursuant to Senate Rule 3-9(b) / Referred to Assignments

  10. Added as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford

  11. Legislation Considered in Special Session No. 1

  12. Alternate Chief Sponsor Changed to Sen. Don Harmon

  13. Rule 2-10 Third Reading Deadline Established As May 31, 2020

  14. Placed on Calendar Order of 3rd Reading May 20, 2020

  15. Approved for Consideration Assignments

  16. Rule 3-9(a) / Re-referred to Assignments

  17. Rule 2-10 Third Reading Deadline Established As May 31, 2019

  18. Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins

  19. Placed on Calendar Order of 3rd Reading May 15, 2019

  20. Senate Floor Amendment No. 2 Adopted; Lightford

  21. Second Reading

  22. Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000

  23. Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions

  24. Senate Floor Amendment No. 2 Referred to Assignments

  25. Senate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford

  26. Added as Alternate Co-Sponsor Sen. Jacqueline Y. Collins

  27. Placed on Calendar Order of 2nd Reading May 2, 2019

  28. Do Pass as Amended Financial Institutions; 008-000-000

  29. Senate Committee Amendment No. 1 Adopted

  30. Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions

  31. Senate Committee Amendment No. 1 Referred to Assignments

  32. Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford

  33. Assigned to Financial Institutions

  34. Referred to Assignments

  35. First Reading

  36. Chief Senate Sponsor Sen. Kimberly A. Lightford

  37. Placed on Calendar Order of First Reading

  38. Arrive in Senate

  39. Added Co-Sponsor Rep. Anne Stava-Murray

  40. Added Co-Sponsor Rep. Rita Mayfield

  41. Added Co-Sponsor Rep. Nicholas K. Smith

  42. Added Co-Sponsor Rep. LaToya Greenwood

  43. House Floor Amendment No. 1 Tabled Pursuant to Rule 40

  44. Third Reading - Short Debate - Passed 067-033-000

  45. Added Co-Sponsor Rep. Celina Villanueva

  46. Added Co-Sponsor Rep. Theresa Mah

  47. Added Co-Sponsor Rep. Kelly M. Cassidy

  48. House Floor Amendment No. 1 Referred to Rules Committee

  49. House Floor Amendment No. 1 Filed with Clerk by Rep. Carol Ammons

  50. Added Co-Sponsor Rep. Will Guzzardi

  51. Added Co-Sponsor Rep. Natalie A. Manley

  52. Placed on Calendar Order of 3rd Reading - Short Debate

  53. Second Reading - Short Debate

  54. Fiscal Note Filed

  55. Added Co-Sponsor Rep. Maurice A. West, II

  56. Added Chief Co-Sponsor Rep. Kambium Buckner

  57. Fiscal Note Requested by Rep. Tom Demmer

  58. Placed on Calendar 2nd Reading - Short Debate

  59. Do Pass / Short Debate Higher Education Committee; 014-003-000

  60. Added Chief Co-Sponsor Rep. Sonya M. Harper

  61. Added Chief Co-Sponsor Rep. Emanuel Chris Welch

  62. Assigned to Higher Education Committee

  63. Added Chief Co-Sponsor Rep. Debbie Meyers-Martin

  64. Referred to Rules Committee

  65. First Reading

  66. Filed with the Clerk by Rep. Carol Ammons

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 20 co-sponsors · 163 not signed on · 16 voted No

Sponsors (0)

None.

Co-sponsors (20)

Not signed on (163)

163 members have not signed on to this bill.

Show all 163 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 67 Yea · 33 Nay · 18 Other
Party YeaNayPresentNot Voting
Democrat 43203
Unaffiliated 241709
Republican 01406
Total 6733018
% of votes cast 57%28%0%15%
How each member voted (118)
Member Party Vote
Arroyo — Yea
Flowers — Yea
Thapedi — Yea
Turner — Yea
Bristow — Yea
Greenwood — Yea
Burke — Yea
Carroll — Yea
Harris — Yea
Pappas — Yea
Connor — Yea
Conroy — Yea
Ramirez — Yea
Hurley — Yea
Williams — Yea
Jones — Yea
Costello — Yea
Willis — Yea
Robinson — Yea
Kalish — Yea
Yednock — Yea
Yingling — Yea
Davis — Yea
Sommer — Nay
Durkin — Nay
Mazzochi — Nay
Bailey — Nay
McAuliffe — Nay
Batinick — Nay
McDermed — Nay
Frese — Nay
Bourne — Nay
McSweeney — Nay
Brady — Nay
Unes — Nay
Butler — Nay
Caulkins — Nay
Skillicorn — Nay
Demmer — Nay
Marron — Nay
Bennett — Not Voting
Wehrli — Not Voting
Welter — Not Voting
Parkhurst — Not Voting
Zalewski — Not Voting
Wheeler — Not Voting
Madigan — Not Voting
Conyears-Ervin — Not Voting
D'Amico — Not Voting
Costa Howard — Yea
Aarón M. Ortíz Democrat Yea
Anna Moeller Democrat Yea
Anne Stava Democrat Yea
Anthony DeLuca Democrat Not Voting
Barbara Hernandez Democrat Yea
Bob Morgan Democrat Yea
Camille Y. Lilly Democrat Yea
Carol Ammons Democrat Yea
Celina Villanueva Democrat Yea
Curtis J. Tarver, II Democrat Yea
Daniel Didech Democrat Yea
Debbie Meyers-Martin Democrat Yea
Elizabeth "Lisa" Hernandez Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Jennifer Gong-Gershowitz Democrat Yea
Joyce Mason Democrat Yea
Julie A. Morrison Democrat Nay
Justin Slaughter Democrat Yea
Kam Buckner Democrat Not Voting
Karina Villa Democrat Yea
Katie Stuart Democrat Yea
Kelly M. Cassidy Democrat Not Voting
La Shawn K. Ford Democrat Yea
Laura M. Murphy Democrat Nay
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Mark L. Walker Democrat Yea
Martin J. Moylan Democrat Yea
Mary Edly-Allen Democrat Yea
Maurice A. West, II Democrat Yea
Michael W. Halpin Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Sonya M. Harper Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
Theresa Mah Democrat Yea
Will Guzzardi Democrat Yea
Amy L. Grant Republican Not Voting
Andrew S. Chesney Republican Nay
Blaine Wilhour Republican Not Voting
Brad Halbrook Republican Nay
Charles Meier Republican Nay
Chris Miller Republican Nay
Christopher "C.D." Davidsmeyer Republican Nay
Dan Swanson Republican Nay
Daniel J. Ugaste Republican Nay
Dave Severin Republican Nay
Jeff Keicher Republican Not Voting
Joe C. Sosnowski Republican Not Voting
John M. Cabello Republican Not Voting
Norine K. Hammond Republican Not Voting
Patrick Windhorst Republican Nay
Ryan Spain Republican Nay
Steven Reick Republican Nay
Terri Bryant Republican Nay
Tom Weber Republican Nay
Tony M. McCombie Republican Nay

Official roll call →

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 2685 do?
Creates 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. Fiscal Note (Office of the Treasurer) The Treasurer's Office projects that $150,000 will be needed for additional staff and related operational expenses to oversee and implement the Student Loan Investment program, the cost of which is expected to be paid for from the Treasurer's Administrative Fund, which receives revenue from investment earnings. The program should become self-sustaining when investment earnings and administrative fees are earned to cover operational and administration costs. Senate Committee 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" shall 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. Senate Floor Amendment No. 2 Provides that "student loan servicer" or "servicer" includes persons or entities acting on behalf of the State Treasurer.
Who sponsors HB 2685?
HB 2685 is sponsored by Carol Ammons (Democrat), Debbie Meyers-Martin (Democrat), Sonya M. Harper (Democrat), Kam Buckner (Democrat), Maurice A. West, II (Democrat), Natalie A. Manley (Democrat), Will Guzzardi (Democrat), Kelly M. Cassidy (Democrat), Theresa Mah (Democrat), Celina Villanueva (Democrat), LaToya Greenwood, Nicholas K. Smith (Democrat), Rita Mayfield (Democrat), Anne Stava (Democrat), Christopher Belt (Democrat), Jacqueline Y. Collins, Kimberly A. Lightford (Democrat), Napoleon Harris III (Democrat), Gregg Johnson (Democrat), and Emanuel "Chris" Welch (Democrat).
What is the current status of HB 2685?
This bill died with 101st Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 2685?
Track HB 2685 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on HB 2685

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of HB 2685

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →