|
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3637 Introduced 2/14/2020, by Sen. Kimberly A. Lightford SYNOPSIS AS INTRODUCED:
|
| |
Amends the Student Investment Account Act. Provides that the State Treasurer shall develop and implement a student loan refinancing program. Provides that the State Treasurer shall establish specific criteria and guidelines for the program, including: the eligibility of borrowers who may participate in the program; establishing consumer protections for borrowers in the program; the limitations and scope of the program; and program accountability. Authorizes rulemaking. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | SB3637 | | LRB101 19699 CMG 69193 b |
|
|
| 1 | | AN ACT concerning higher education.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Student Investment Account Act is amended by |
| 5 | | adding Section 53 as follows:
|
| 6 | | (110 ILCS 991/53 new) |
| 7 | | Sec. 53. Student loan refinancing program. The State |
| 8 | | Treasurer shall develop and implement a student loan |
| 9 | | refinancing program and shall establish specific criteria and |
| 10 | | guidelines for the program, including, but not limited to: (i) |
| 11 | | the eligibility of borrowers who may participate in the |
| 12 | | program; (ii) establishing consumer protections for borrowers |
| 13 | | in the program; (iii) the limitations and scope of the program; |
| 14 | | and (iv) program accountability, including the costs |
| 15 | | associated with the administration of the program. The State |
| 16 | | Treasurer may adopt rules he or she deems necessary to |
| 17 | | implement and administer this Section.
|
| 18 | | Section 99. Effective date. This Act takes effect upon |
| 19 | | becoming law.
|