State Codes and Statutes

Statutes > Illinois > Chapter110 > 3175

    (110 ILCS 982/1)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 1. Short title. This Act may be cited as the Task Force on Higher Education Private Student Loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/5)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 5. Legislative findings. The General Assembly makes all of the following findings:
        (1) Today, private loans constitute 20% of total
     education loan money, whereas 10 years ago private loans constituted 5% of student loans.
        (2) Tuition at public universities has risen 57% in
     the past 5 years.
        (3) Between 2000‑2001 and 2005‑2006, private student
     loan volume grew at an average rate of 27% to a total of $17.3 billion.
        (4) Borrowers who do not complete their degrees are
     10 times as likely to default on their loan and twice as likely to be unemployed.
        (5) Predatory and subprime lending practices have
     caused a crisis in the housing and real estate industry, and it is the interest of all parties involved to avoid a similar crisis involving private student loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/10)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 10. Creation of Task Force. There is created the Task Force on Higher Education Private Student Loans consisting of all of the following members:
        (1) One member each appointed by the President of
     the Senate, the Minority Leader of the Senate, the Speaker of the House of Representatives, and the Minority Leader of the House of Representatives.
        (2) One member appointed by the Chairman of the
     Illinois Student Assistance Commission to serve as chairperson of the Task Force.
        (3) One member appointed by the Attorney General.
        (4) Four members appointed by the Governor as
     follows:
            (A) One member representing a banking
         organization.
            (B) One member representing private schools and
         universities.
            (C) One member representing a student loan
         corporation.
            (D) One other member.
        (5) The Chairman of the Board of Higher Education or
     his or her designee.
        (6) The State Treasurer or his or her designee to
     serve as the co‑chairperson of the Task Force.
        (7) The Secretary of the Department of Financial and
     Professional Regulation or his or her designee.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/15)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 15. Duties. The duties of the Task Force on Higher Education Private Student Loans shall include without limitation all of the following:
        (1) To investigate the rates, fees, and terms
     associated with private student loans made to students in this State.
        (2) To investigate how rates, fees, and terms impact
     the accessibility of private student loans, affordability of student loans, and choice of institution students have.
        (3) To investigate the impact rates, fees, and terms
     have on students after graduation, specifically the following:
            (A) The amount of debt they carry.
            (B) The impact on pursuing post‑graduate degrees.
            (C) The ability to repay their loans.
        (4) To investigate the relationship between rising
     tuition and the availability of private loans.
        (5) To assess the impact of capping private student
     loan fees charged by lenders.
        (6) To investigate how many private student loans
     are in default or are not able to be repaid.
        (7) To investigate what rates, fees, and terms are
     common to those private student loans in default.
        (8) To assess what impact loan defaults have on
     lending institutions.
        (9) To assess the impact a loan default has on the
     borrower.
        (10) To study what additional disclosures can be
     made to students regarding high risk loans, financial information, financial choices, and financial aid available.
        (11) To investigate what higher education
     institutions can do to advise students on their financial aid and loan resources.
        (12) To investigate if race and ethnicity are a
     factor in the rates, fees, and terms associated with private student loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/20)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 20. Task Force assistance. The Office of the Illinois Student Assistance Commission shall be responsible for administrative and logistical support of the Task Force on Higher Education Private Student Loans, including coordination of Task Force member appointments, distribution of meeting notices and minutes, coordination of meeting logistics, facilitation of public meetings, and the drafting and filing of the report under Section 25 of this Act. Task Force members or staff liaisons or both may confer and collaborate with relevant State and national organizations with expertise.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/25)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 25. Report; dissolution of Task Force. The Task Force on Higher Education Private Student Loans shall report its findings and recommendations to the General Assembly by filing copies of its report by December 31, 2010 as provided in Section 3.1 of the General Assembly Organization Act. Upon filing this report the Task Force is dissolved.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/90)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 90. Expiration of Act. This Act is repealed on January 1, 2011.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/99)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 99. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

State Codes and Statutes

Statutes > Illinois > Chapter110 > 3175

    (110 ILCS 982/1)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 1. Short title. This Act may be cited as the Task Force on Higher Education Private Student Loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/5)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 5. Legislative findings. The General Assembly makes all of the following findings:
        (1) Today, private loans constitute 20% of total
     education loan money, whereas 10 years ago private loans constituted 5% of student loans.
        (2) Tuition at public universities has risen 57% in
     the past 5 years.
        (3) Between 2000‑2001 and 2005‑2006, private student
     loan volume grew at an average rate of 27% to a total of $17.3 billion.
        (4) Borrowers who do not complete their degrees are
     10 times as likely to default on their loan and twice as likely to be unemployed.
        (5) Predatory and subprime lending practices have
     caused a crisis in the housing and real estate industry, and it is the interest of all parties involved to avoid a similar crisis involving private student loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/10)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 10. Creation of Task Force. There is created the Task Force on Higher Education Private Student Loans consisting of all of the following members:
        (1) One member each appointed by the President of
     the Senate, the Minority Leader of the Senate, the Speaker of the House of Representatives, and the Minority Leader of the House of Representatives.
        (2) One member appointed by the Chairman of the
     Illinois Student Assistance Commission to serve as chairperson of the Task Force.
        (3) One member appointed by the Attorney General.
        (4) Four members appointed by the Governor as
     follows:
            (A) One member representing a banking
         organization.
            (B) One member representing private schools and
         universities.
            (C) One member representing a student loan
         corporation.
            (D) One other member.
        (5) The Chairman of the Board of Higher Education or
     his or her designee.
        (6) The State Treasurer or his or her designee to
     serve as the co‑chairperson of the Task Force.
        (7) The Secretary of the Department of Financial and
     Professional Regulation or his or her designee.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/15)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 15. Duties. The duties of the Task Force on Higher Education Private Student Loans shall include without limitation all of the following:
        (1) To investigate the rates, fees, and terms
     associated with private student loans made to students in this State.
        (2) To investigate how rates, fees, and terms impact
     the accessibility of private student loans, affordability of student loans, and choice of institution students have.
        (3) To investigate the impact rates, fees, and terms
     have on students after graduation, specifically the following:
            (A) The amount of debt they carry.
            (B) The impact on pursuing post‑graduate degrees.
            (C) The ability to repay their loans.
        (4) To investigate the relationship between rising
     tuition and the availability of private loans.
        (5) To assess the impact of capping private student
     loan fees charged by lenders.
        (6) To investigate how many private student loans
     are in default or are not able to be repaid.
        (7) To investigate what rates, fees, and terms are
     common to those private student loans in default.
        (8) To assess what impact loan defaults have on
     lending institutions.
        (9) To assess the impact a loan default has on the
     borrower.
        (10) To study what additional disclosures can be
     made to students regarding high risk loans, financial information, financial choices, and financial aid available.
        (11) To investigate what higher education
     institutions can do to advise students on their financial aid and loan resources.
        (12) To investigate if race and ethnicity are a
     factor in the rates, fees, and terms associated with private student loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/20)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 20. Task Force assistance. The Office of the Illinois Student Assistance Commission shall be responsible for administrative and logistical support of the Task Force on Higher Education Private Student Loans, including coordination of Task Force member appointments, distribution of meeting notices and minutes, coordination of meeting logistics, facilitation of public meetings, and the drafting and filing of the report under Section 25 of this Act. Task Force members or staff liaisons or both may confer and collaborate with relevant State and national organizations with expertise.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/25)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 25. Report; dissolution of Task Force. The Task Force on Higher Education Private Student Loans shall report its findings and recommendations to the General Assembly by filing copies of its report by December 31, 2010 as provided in Section 3.1 of the General Assembly Organization Act. Upon filing this report the Task Force is dissolved.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/90)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 90. Expiration of Act. This Act is repealed on January 1, 2011.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/99)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 99. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

State Codes and Statutes

State Codes and Statutes

Statutes > Illinois > Chapter110 > 3175

    (110 ILCS 982/1)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 1. Short title. This Act may be cited as the Task Force on Higher Education Private Student Loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/5)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 5. Legislative findings. The General Assembly makes all of the following findings:
        (1) Today, private loans constitute 20% of total
     education loan money, whereas 10 years ago private loans constituted 5% of student loans.
        (2) Tuition at public universities has risen 57% in
     the past 5 years.
        (3) Between 2000‑2001 and 2005‑2006, private student
     loan volume grew at an average rate of 27% to a total of $17.3 billion.
        (4) Borrowers who do not complete their degrees are
     10 times as likely to default on their loan and twice as likely to be unemployed.
        (5) Predatory and subprime lending practices have
     caused a crisis in the housing and real estate industry, and it is the interest of all parties involved to avoid a similar crisis involving private student loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/10)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 10. Creation of Task Force. There is created the Task Force on Higher Education Private Student Loans consisting of all of the following members:
        (1) One member each appointed by the President of
     the Senate, the Minority Leader of the Senate, the Speaker of the House of Representatives, and the Minority Leader of the House of Representatives.
        (2) One member appointed by the Chairman of the
     Illinois Student Assistance Commission to serve as chairperson of the Task Force.
        (3) One member appointed by the Attorney General.
        (4) Four members appointed by the Governor as
     follows:
            (A) One member representing a banking
         organization.
            (B) One member representing private schools and
         universities.
            (C) One member representing a student loan
         corporation.
            (D) One other member.
        (5) The Chairman of the Board of Higher Education or
     his or her designee.
        (6) The State Treasurer or his or her designee to
     serve as the co‑chairperson of the Task Force.
        (7) The Secretary of the Department of Financial and
     Professional Regulation or his or her designee.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/15)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 15. Duties. The duties of the Task Force on Higher Education Private Student Loans shall include without limitation all of the following:
        (1) To investigate the rates, fees, and terms
     associated with private student loans made to students in this State.
        (2) To investigate how rates, fees, and terms impact
     the accessibility of private student loans, affordability of student loans, and choice of institution students have.
        (3) To investigate the impact rates, fees, and terms
     have on students after graduation, specifically the following:
            (A) The amount of debt they carry.
            (B) The impact on pursuing post‑graduate degrees.
            (C) The ability to repay their loans.
        (4) To investigate the relationship between rising
     tuition and the availability of private loans.
        (5) To assess the impact of capping private student
     loan fees charged by lenders.
        (6) To investigate how many private student loans
     are in default or are not able to be repaid.
        (7) To investigate what rates, fees, and terms are
     common to those private student loans in default.
        (8) To assess what impact loan defaults have on
     lending institutions.
        (9) To assess the impact a loan default has on the
     borrower.
        (10) To study what additional disclosures can be
     made to students regarding high risk loans, financial information, financial choices, and financial aid available.
        (11) To investigate what higher education
     institutions can do to advise students on their financial aid and loan resources.
        (12) To investigate if race and ethnicity are a
     factor in the rates, fees, and terms associated with private student loans.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/20)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 20. Task Force assistance. The Office of the Illinois Student Assistance Commission shall be responsible for administrative and logistical support of the Task Force on Higher Education Private Student Loans, including coordination of Task Force member appointments, distribution of meeting notices and minutes, coordination of meeting logistics, facilitation of public meetings, and the drafting and filing of the report under Section 25 of this Act. Task Force members or staff liaisons or both may confer and collaborate with relevant State and national organizations with expertise.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/25)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 25. Report; dissolution of Task Force. The Task Force on Higher Education Private Student Loans shall report its findings and recommendations to the General Assembly by filing copies of its report by December 31, 2010 as provided in Section 3.1 of the General Assembly Organization Act. Upon filing this report the Task Force is dissolved.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/90)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 90. Expiration of Act. This Act is repealed on January 1, 2011.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

    (110 ILCS 982/99)
    (Section scheduled to be repealed on January 1, 2011)
    Sec. 99. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 96‑880, eff. 2‑2‑10.)

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