110 ILCS 991/1
Short title
Short title. This Act may be cited as the Student Investment Account Act. (Source: P.A. 101-586, eff. 8-26-19.)
Illinois Compiled Statutes 110 ILCS 991 — Student Investment Account Act.
Illinois · statute · 110 ILCS 991 · 18 active provisions
110 ILCS 991/5
Findings and purpose
Findings and purpose. The General Assembly finds that it is vital for the State to combat the college-debt crisis and increase access to post-secondary education for all residents of this State. The purpose of this Act is to assist qualified residents to attend and pay for post-secondary education through a system of i…
110 ILCS 991/10
Definitions
Definitions. As used in this Act: "Borrower" means an Illinois resident who has received an education loan or an Illinois resident parent who has received or agreed to pay an education loan, subject to approval by the State Treasurer. "Education loan" means a loan made to a borrower in accordance with this Act to finan…
110 ILCS 991/15
Establishment of Student Investment Account
Establishment of Student Investment Account. The State Treasurer may allocate up to 5% of the Treasurer's State Investment Portfolio to the Student Investment Account. The 5% cap shall be calculated based on: (1) the balance of the Treasurer's State Investment Portfolio at the inception of the State's fiscal year; or (…
110 ILCS 991/20
Earnings from Student Investment Account
Earnings from Student Investment Account. Earnings on the investments in the Student Investment Account may be reinvested into the Student Investment Account without being counted against the 5% cap under Section 15. Net earnings on investments under this Act that are not reinvested shall be deposited in the same manne…
110 ILCS 991/25
Operation of the Student Investment Account
Operation of the Student Investment Account. The State Treasurer may: originate, guarantee, acquire, and service education loans or refinance loans; facilitate such arrangements between borrowers and eligible lenders; and perform such other acts as may be necessary or desirable in connection with the education loans or…
110 ILCS 991/30
Administration of the Student Investment Account
Administration of the Student Investment Account. The State Treasurer may enter into such contracts and guarantee agreements as are necessary to operate the Student Investment Account with eligible lenders, financial institutions, institutions of higher education, individuals, corporations, and loan origination and ser…
110 ILCS 991/35
Fees
Fees. The State Treasurer may establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. The State Treasurer may pay eligible lenders, financial institutions, institutions of higher education, individuals, corporations, loan origin…
110 ILCS 991/40
Insurance
Insurance. The State Treasurer or his or her designee may charge and collect premiums for insurance on education loans or refinance loans and other related charges and pay such insurance premiums or a portion thereof and other charges as are prudent.(Source: P.A. 104-180, eff. 8-15-25.)
110 ILCS 991/45
Wage deductions
Wage deductions. The State Treasurer may deduct from the salary, wages, commissions, and bonuses of any employee in this State and, to the extent permitted by the laws of the United States and individual states in which an employee might reside, any employee outside the State of Illinois by serving a notice of administ…
110 ILCS 991/50
Investment policy
Investment policy. The State Treasurer shall develop, publish, and implement one or more investment policies covering the investment of moneys in accordance with this Act. (Source: P.A. 101-586, eff. 8-26-19.)
110 ILCS 991/55
Student Investment Account Administrative Fund
Student Investment Account Administrative Fund. The Student Investment Account Administrative Fund is created as a non-appropriated separate and apart trust fund in the State Treasury. Moneys in the Student Investment Account Administrative Fund may be used by the State Treasurer to pay expenses related to all aspects…
110 ILCS 991/60
Student Investment Account Loss Reserve Fund
Student Investment Account Loss Reserve Fund. The Student Investment Account Loss Reserve Fund may be created as a non-appropriated separate and apart trust fund in the State Treasury. Moneys in the Student Investment Account Loss Reserve Fund may be used by the State Treasurer to establish loss reserve funds. The Stat…
110 ILCS 991/65
Student Investment Account Assistance Fund
Student Investment Account Assistance Fund. The Student Investment Account Assistance Fund may be created as a non-appropriated separate and apart trust fund in the State Treasury. Moneys in the Student Investment Account Assistance Fund may be used by the State Treasurer to provide assistance to qualifying borrowers.…
110 ILCS 991/70
Rules
Rules. The State Treasurer may adopt rules he or she deems necessary or desirable to implement and administer this Act. (Source: P.A. 101-586, eff. 8-26-19.)
110 ILCS 991/900
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 101-586, eff. 8-26-19; text omitted.)
110 ILCS 991/905
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 101-586, eff. 8-26-19; text omitted.)
110 ILCS 991/999
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 101-586, eff. 8-26-19.)