Full Text of HB4221 94th General Assembly
HB4221eng 94TH GENERAL ASSEMBLY
|
|
|
HB4221 Engrossed |
|
LRB094 15377 NHT 50680 b |
|
| 1 |
| AN ACT concerning education.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Higher Education Student Assistance Act is | 5 |
| amended by changing Section 140 as follows:
| 6 |
| (110 ILCS 947/140)
| 7 |
| Sec. 140. Powers and duties. The Commission shall have the | 8 |
| following
powers in furtherance of the programs authorized by | 9 |
| this Act:
| 10 |
| (a) To adopt rules and regulations governing the | 11 |
| purchasing, servicing,
and selling of eligible loans and any | 12 |
| other matters relating to the activities
of the guaranteed loan | 13 |
| programs.
| 14 |
| (b) To perform such other acts as may be necessary or | 15 |
| appropriate in
connection with the making, purchasing, | 16 |
| servicing, and selling of eligible
loans.
| 17 |
| (c) To sue and be sued in the name of the Commission.
| 18 |
| (d) To make, purchase, service, sell, or otherwise deal
in, | 19 |
| at prices and on terms and conditions determined by the | 20 |
| Commission,
eligible loans, including loans guaranteed by the | 21 |
| Commission. However, if any student loan held by the Commission | 22 |
| is sold or transferred to a private entity, then the private | 23 |
| entity holding the loan must offer an interest rate on the loan | 24 |
| that is the same as or lower than the Commission offered at the | 25 |
| time of sale or transfer. Additionally, a private entity must | 26 |
| offer the same fee reduction plan that was offered by the | 27 |
| Commission at the time of sale or transfer.
| 28 |
| (e) To issue bonds to make or acquire eligible loans or to | 29 |
| refund the
bonds of the Commission and to provide for the | 30 |
| security and payment of those
bonds and for the rights of the | 31 |
| holders thereof.
| 32 |
| (f) To retain in accounts designated in the resolution or |
|
|
|
HB4221 Engrossed |
- 2 - |
LRB094 15377 NHT 50680 b |
|
| 1 |
| resolutions
authorizing the bonds of the Commission and to | 2 |
| disburse therefrom all proceeds
from the sale of the bonds of | 3 |
| the Commission issued pursuant to this Act, all
eligible loans | 4 |
| receipts received by the Commission, and all earnings received
| 5 |
| by the Commission from any authorized investment.
| 6 |
| (g) To hire and retain such attorneys, accountants, | 7 |
| financial advisors,
and other employees as may be required by | 8 |
| the Commission, to determine their
qualifications, to define | 9 |
| their duties, to fix their compensation, and to pay
that | 10 |
| compensation from the proceeds from the sale of the bonds of | 11 |
| the
Commission issued pursuant to this Act and from the | 12 |
| earnings received by the
Commission from any authorized | 13 |
| investment as provided in the resolution or
resolutions | 14 |
| authorizing the bonds, all notwithstanding any other | 15 |
| provisions of
this Act or any other law.
| 16 |
| (h) To enter into contracts, to execute instruments, to | 17 |
| invest and to
accumulate assets, to incur liabilities, and to | 18 |
| do all things necessary or
incidental to the proper management | 19 |
| of such affairs and the proper conduct of
such business as are | 20 |
| authorized under this Act.
| 21 |
| (Source: P.A. 87-997.)
| 22 |
| Section 99. Effective date. This Act takes effect upon | 23 |
| becoming law.
|
|