All Roll Calls
Yes: 6 • No: 0
IllinoisSB0169104th General Assembly (2025–2026)Senate
STUDENT INVESTMENT ACCOUNT
Sponsored By: Omar Aquino (Democratic)
Passed
Summary
Amends the Student Investment Account Act. Allows the State Treasurer to originate, guarantee, acquire, and service refinance loans; invest in, and enter into contracts with, institutions that provide refinance loans; deposit funds with financial institutions that provide refinance loans; establish specific criteria governing the eligibility of entities to participate in the making of refinance loans; charge and collect premiums for insurance on refinance loans; and deduct from a State employee's salary, wages, commissions, and bonuses the recovery of a refinance loan debt. Removes language allowing the State Treasurer to: enter into income share agreements with participants, facilitate income share agreements between participants and eligible income share agreement providers, and perform other acts as may be necessary or desirable in connection with income share agreements; enter into contracts and guarantee agreements as necessary to operate the Student Investment Account with income share agreement providers or qualified income share agreement organizations; establish specific criteria governing the eligibility of entities to participate in the making of income share agreements; pay income share agreement providers or qualified income share agreement organizations an administrative fee in connection with services provided pursuant to the Student Investment Account; charge and collect premiums for insurance on income share agreements; and deduct from a State employee's salary, wages, commissions, and bonuses the recovery of an income share agreement. Allows (rather than requires) the State Treasurer to establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. Removes language allowing moneys in the Student Investment Account Assistance Fund to be used to provide assistance to income share agreement participants. Makes conforming changes.
assignmentsfinancial institutions
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Omar Aquino
Democratic • Senate
Cosponsors
Willie Preston
Democratic • Senate
Roll Call Votes
Senate vote • 2/19/2025
Do Pass as Amended Financial Institutions;
Yes: 6 • No: 0
Actions Timeline
Rule 3-9(a) / Re-referred to Assignments
5/9/2025SenateRule 2-10 Third Reading Deadline Established As May 9, 2025
4/11/2025SenatePlaced on Calendar Order of 3rd Reading March 4, 2025
2/27/2025SenateSecond Reading
2/27/2025SenatePlaced on Calendar Order of 2nd Reading February 20, 2025
2/19/2025SenateDo Pass as Amended Financial Institutions; 006-000-000
2/19/2025SenateSenate Committee Amendment No. 1 Adopted
2/19/2025SenateAdded as Chief Co-Sponsor Sen. Willie Preston
2/19/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
2/18/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
2/14/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Omar Aquino
2/14/2025SenateAssigned to Financial Institutions
1/28/2025SenateReferred to Assignments
1/17/2025SenateFirst Reading
1/17/2025SenateFiled with Secretary by Sen. Omar Aquino
1/17/2025Senate
Bill Text
Introduced
Senate Amendment 1
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