Illinois HB1430 amends the Student Investment Account Act to allow the State Treasurer to manage refinance loans and related activities.
Illinois HB1430 amends the Student Investment Account Act to allow the State Treasurer to originate, guarantee, acquire, and service refinance loans. The State Treasurer can also enter into contracts with institutions that provide refinance loans, deposit funds with financial institutions offering refinance loans, and establish criteria for entities participating in refinance loans. Additionally, the State Treasurer can 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.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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