Eva-Dina Delgado, Illinois State Representative for 3rd District | https://www.staterepdelgado.com/
Eva-Dina Delgado, Illinois State Representative for 3rd District | https://www.staterepdelgado.com/
According to the Illinois General Assembly site, the legislature summarized the bill's official text as follows: "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."
The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.
In essence, this bill addresses the ongoing college debt crisis and aims to increase accessibility to post-secondary education for Illinois residents by amending the Student Investment Account Act. It allows the State Treasurer to originate, guarantee, acquire, and service education and refinance loans. The bill authorizes the Treasurer to engage in contracts with eligible lenders, financial institutions, and educational establishments, as well as to set criteria for participation in loan programs and manage insurance premiums, fees, and wage garnishments for loan recovery. Additionally, it establishes the Student Investment Account Assistance Fund to support borrowers, funded partly by investment earnings and administrative fees. The Act takes effect upon becoming law.
Delgado graduated from Wellesly College in 1999 with a BA and again in 2003 from DePaul University College of Law with a JD.
Eva-Dina Delgado is currently serving in the Illinois State House, representing the state's 3rd House District. She replaced previous state representative Luis Arroyo in 2019.
Bills in Illinois follow a multi-step legislative process, beginning with introduction in either the House or Senate, followed by committee review, floor debates, and votes in both chambers before reaching the governor for approval or veto. The General Assembly operates on a biennial schedule, and while typically thousands of bills are introduced each session, only a fraction successfully pass through the process to become law.
You can read more about bills and other measures here.
| Bill Number | Date Introduced | Short Description |
|---|---|---|
| HB1430 | 01/16/2025 | 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. |
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