HB1430 - 104th General Assembly (2025-2026)

STUDENT INVESTMENT ACCOUNT
Last Action
08/15/2025 - House: Public Act . . . . . . . . . 104-0180
Statutes Amended In Order of Appearance
110 ILCS 991/5  
110 ILCS 991/10  
110 ILCS 991/25  
110 ILCS 991/30  
110 ILCS 991/35  
110 ILCS 991/40  
110 ILCS 991/45  
110 ILCS 991/65  
Synopsis As Introduced
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.

House Committee Amendment No. 1
Adds an immediate effective date.
Actions
DateChamberAction
01/16/2025HouseFiled with the Clerk by Rep. Eva-Dina Delgado
01/28/2025HouseFirst Reading
01/28/2025HouseReferred to Rules Committee
02/18/2025HouseAssigned to Higher Education Committee
02/18/2025HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Eva-Dina Delgado
02/18/2025HouseHouse Committee Amendment No. 1 Referred to Rules Committee
02/25/2025HouseHouse Committee Amendment No. 1 Rules Refers to Higher Education Committee
02/26/2025HouseAdded Co-Sponsor Rep. Barbara Hernandez
02/26/2025HouseHouse Committee Amendment No. 1 Adopted in Higher Education Committee; by Voice Vote
02/26/2025HouseDo Pass as Amended / Short Debate Higher Education Committee; 010-001-000
02/27/2025HousePlaced on Calendar 2nd Reading - Short Debate
03/12/2025HouseAdded Chief Co-Sponsor Rep. Carol Ammons
03/18/2025HouseSecond Reading - Short Debate
03/18/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
04/01/2025HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar
04/04/2025HouseAdded Co-Sponsor Rep. Kevin John Olickal
04/04/2025HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
04/07/2025HouseThird Reading - Short Debate - Passed 067-038-001
04/07/2025HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
04/07/2025HouseAdded Co-Sponsor Rep. Hoan Huynh
04/08/2025SenateArrive in Senate
04/08/2025SenatePlaced on Calendar Order of First Reading
04/08/2025SenateChief Senate Sponsor Sen. Omar Aquino
04/08/2025SenateFirst Reading
04/08/2025SenateReferred to Assignments
04/23/2025SenateAssigned to Financial Institutions
04/25/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Mark L. Walker
04/30/2025SenatePostponed - Financial Institutions
05/06/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Robert F. Martwick
05/06/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Robert Peters
05/07/2025SenateDo Pass Financial Institutions; 007-001-000
05/07/2025SenatePlaced on Calendar Order of 2nd Reading May 8, 2025
05/08/2025SenateSecond Reading
05/08/2025SenatePlaced on Calendar Order of 3rd Reading May 13, 2025
05/14/2025SenateAdded as Alternate Co-Sponsor Sen. Graciela Guzmán
05/22/2025SenateThird Reading - Passed; 046-012-000
05/22/2025HousePassed Both Houses
06/20/2025HouseSent to the Governor
08/15/2025HouseGovernor Approved
08/15/2025HouseEffective Date August 15, 2025
08/15/2025HousePublic Act . . . . . . . . . 104-0180