Bill Status of HB4116 94th General Assembly
Short Description: SCHOOL-AS-LENDER CONTRACTS
Rep. Jack D. Franks - Michael K. Smith - Jim Sacia - Aaron Schock, Suzanne Bassi, Jerry L. Mitchell, Linda Chapa LaVia, Patrick J Verschoore, Annazette Collins, Gary Hannig, Charles E. Jefferson and Michelle Chavez
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the School-As-Lender Contracts Prohibition Act. Prohibits a public university in Illinois that offers graduate courses from entering into a school-as-lender contract with a private lending institution, but allows the university to maintain its Direct Loan Programs. Provides that any university that violates the Act shall forfeit $8.91 of State funding for every $100 loaned to the university through a school-as-lender contract.