Rep. Richard P. Myers
Filed: 2/24/2006
 
 

 




 

 		












09400HB5438ham001

LRB094 16780 NHT 56568 a






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AMENDMENT TO HOUSE BILL 5438 




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    AMENDMENT NO. ______. Amend House Bill 5438  by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Governor's Office of Management and Budget 
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Act is amended  by adding Section 3.5 as follows:
 
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    (20 ILCS 3005/3.5 new)

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    Sec. 3.5. Sale of ISAC loans prohibited.  The Office may not 
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sell student loans of the Illinois Student Assistance 
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Commission or the attendant loan origination and servicing 
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rights.
 
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    Section 10. The Higher Education Student Assistance Act is 
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amended  by changing Section 140 as follows:
 



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    (110 ILCS 947/140)



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    Sec. 140. Powers and duties. The Commission shall have the 
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following
powers in furtherance of the programs authorized by 
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this Act:

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    (a) To adopt rules and regulations governing the purchasing 
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and , servicing,
and selling of eligible loans and any other 
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matters relating to the activities
of the guaranteed loan 
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programs.

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    (b) To perform such other acts as may be necessary or 
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appropriate in
connection with the making, purchasing, and

 


 






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servicing, and selling of eligible
loans.

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    (c) To sue and be sued in the name of the Commission.

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    (d) To make, purchase, service, sell, or otherwise deal
in, 
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at prices and on terms and conditions determined by the 
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Commission,
eligible loans, including loans guaranteed by the 
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Commission. The Commission, however, may not sell its loans or 
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the attendant loan origination and servicing rights nor may any 
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other State agency or a State official sell the loans or the 
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attendant loan origination and servicing rights.  All student 
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loans of the Commission and the attendant loan origination and 
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servicing rights are inalienable and must remain as assets of 
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the Commission.


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    (e) To issue bonds to make or acquire eligible loans or to 
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refund the
bonds of the Commission and to provide for the 
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security and payment of those
bonds and for the rights of the 
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holders thereof.

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    (f) To retain in accounts designated in the resolution or 
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resolutions
authorizing the bonds of the Commission and to 
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disburse therefrom all proceeds
from the sale of the bonds of 
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the Commission issued pursuant to this Act, all
eligible loans 
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receipts received by the Commission, and all earnings received

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by the Commission from any authorized investment.

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    (g) To hire and retain such attorneys, accountants, 
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financial advisors,
and other employees as may be required by 
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the Commission, to determine their
qualifications, to define 
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their duties, to fix their compensation, and to pay
that 
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compensation from the proceeds from the sale of the bonds of 
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the
Commission issued pursuant to this Act and from the 
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earnings received by the
Commission from any authorized 
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investment as provided in the resolution or
resolutions 
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authorizing the bonds, all notwithstanding any other 
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provisions of
this Act or any other law.

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    (h) To enter into contracts, to execute instruments, to 
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invest and to
accumulate assets, to incur liabilities, and to 
 


 






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do all things necessary or
incidental to the proper management 
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of such affairs and the proper conduct of
such business as are 
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authorized under this Act.

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(Source: P.A. 87-997.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".