SB0169
View on ILGASTUDENT INVESTMENT ACCOUNT
What this bill does
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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Current stage: Floor Vote · Last action 519 days ago · STAGNANT
How does a bill become law in Illinois?
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Introduction of Bill
A member of the Senate or the House introduces a bill, which is assigned a unique identifying number (e.g., "H.B. ___" for House bills and "S.B. ___" for Senate bills). If not enacted, it must be reintroduced in the next General Assembly with a new number.
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Committee Work — Hearings
The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.
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Committee Work — Markup, Amendments, Report
The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.
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Floor Debate
The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.
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Passage and Consideration in Second Chamber
If the bill passes in the first chamber, it moves to the second chamber for a similar review process. If both chambers approve, it goes to the governor.
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Gubernatorial Action
The governor can sign the bill into law, veto it, or take no action (resulting in an automatic law after 60 days). The type of veto can be total or amendatory. Once signed, the bill becomes a Public Act and is assigned a Public Act number.
Sponsor Context
Bills sponsored by Omar Aquino advance 7% more often than the chamber average.
Campaign finance
This is SBE campaign receipts to the people on this bill, not Moneyball and not earmarked to the bill.
Money is campaign receipts to matched candidate committees, not earmarked to this bill. Window 2025-01-01 – 2026-09-13.
Sponsor and voter funding
| Member | Role | Receipts | Total received | Top donors |
|---|---|---|---|---|
| Omar Aquino | Chief sponsor | 193 | $270,462.60 | Affordable Assisted Living Coalition PAC ($20,000.00); Realtor Political Action Committee ($15,000.00); Chicago Land Operators Joint Labor-Management PAC ($12,000.00) |
| Willie Preston | Sponsor | 109 | $134,694.96 | I.P.A.C.E ($7,500.00); Ben Lazare Consulting ($7,500.00); CHICAGO LAND OPERATORS JOINT LABOR-MANAGEMENT PAC ($5,500.00) |
Overlapping donors
Donors who gave to more than one sponsor or voter on this bill. Still not earmarked to the bill.
| Donor | Members | Total |
|---|---|---|
| Realtor Political Action Committee | Omar Aquino, Willie Preston | $16,000.00 |
| Ben Lazare Consulting | Omar Aquino, Willie Preston | $10,000.00 |
| Jack Wuest | Omar Aquino, Willie Preston | $5,500.00 |
| Milan Petrovic | Omar Aquino, Willie Preston | $3,000.00 |
| GR Consulting LLC | Omar Aquino, Willie Preston | $2,000.00 |
| J&J Ventures Gaming LLC | Omar Aquino, Willie Preston | $2,000.00 |
| Teamsters Volunteers in Politics | Omar Aquino, Willie Preston | $2,000.00 |
| Peoples Energy Political Action Committee | Omar Aquino, Willie Preston | $1,000.00 |
| John Thomas Donovan | Omar Aquino, Willie Preston | $650.00 |
Top donors across these members
| Donor | Occupation | Employer | Receipts | Total |
|---|---|---|---|---|
| Affordable Assisted Living Coalition PAC | — | — | 2 | $20,000.00 |
| Realtor Political Action Committee | — | — | 4 | $16,000.00 |
| Chicago Land Operators Joint Labor-Management PAC | — | — | 6 | $12,000.00 |
| Ameren | — | — | 2 | $11,000.00 |
| Ben Lazare Consulting | — | — | 3 | $10,000.00 |
| Illinois Laborers' Legislative Committee | — | — | 2 | $10,000.00 |
| Carpentry Advancement PAC | — | — | 3 | $7,500.00 |
| Community First Healthcare of Illinois, Inc. | — | — | 1 | $7,500.00 |
| I.P.A.C.E | — | — | 2 | $7,500.00 |
| Centennial Medical Management Corporation | — | — | 2 | $6,000.00 |
| Jack Wuest | Administrator | Alternative Schools Network | 4 | $5,500.00 |
| Illinois Hospital Association | — | — | 3 | $5,500.00 |
| CHICAGO LAND OPERATORS JOINT LABOR-MANAGEMENT PAC | — | — | 1 | $5,500.00 |
| Illinois Bankers' PAC | — | — | 1 | $5,000.00 |
| Illinois Trial Lawyers Association PAC | — | — | 2 | $5,000.00 |
| SEIU Healthcare IL IN PAC | — | — | 1 | $5,000.00 |
| SEIU Illinois State Council PAC | — | — | 1 | $5,000.00 |
| Michael Uremovich | CEO | Manhattan Mechanical Services | 1 | $5,000.00 |
| McDonalds | — | — | 1 | $5,000.00 |
| David Weinberg | — | — | 1 | $5,000.00 |
| National Association of Promotional Reta | — | — | 1 | $5,000.00 |
| RL Group LLC | — | — | 1 | $5,000.00 |
| Illinois Trial Lawyers Association Political Committee | — | — | 1 | $5,000.00 |
| LiUNA Chicago Laborers District Council | — | — | 2 | $4,000.00 |
| Kates Detective and Security Academy inc | — | — | 2 | $4,000.00 |
Witness slips
3 slips filed. Proponent / opponent / no position as filed with the committee.
| Name | Organization | Representing | Position | Hearing committee | Hearing date |
|---|---|---|---|---|---|
| David Schwartz | Self | Self | Proponent | Financial Institutions | 2025-02-19 |
| Joe Aguilar | Office of the Illinois State Treasurer | Illinois State Treasurer Michael Frerichs | Proponent | Financial Institutions | 2025-02-19 |
| Austin James Mink | Self | Self | Proponent | Financial Institutions | 2025-02-05 |
Roll-call votes
Total votes and outcome per event. Deciding vote = margin of 1; those voters on the winning side could have changed the outcome by flipping.
| Date | Chamber | Type | Description | Yea | Nay | Present | NV | Outcome | Margin | Deciding voters |
|---|---|---|---|---|---|---|---|---|---|---|
| S | Committee | Financial Institutions | 6 | 0 | 0 | 3 | Passed | 6 | — |
Action History
15 actions recorded. Last action: 2025-05-09 — Rule 3-9(a) / Re-referred toAssignments. Each action's meaning and outcome signal are classified automatically.
All actions (table)
| Date | Chamber | Action | Category | Signal |
|---|---|---|---|---|
| 2025-01-17 | Senate | Filed with Secretary bySen. Omar Aquino Rule 2-7(b) | Introduction & Filing | — |
| 2025-01-17 | Senate | First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 | Introduction & Filing | — |
| 2025-01-17 | Senate | Referred toAssignments Senate Rule 3-8(a); House Rule 18(a) | Committee Assignment | — |
| 2025-01-28 | Senate | Assigned toFinancial Institutions Senate Rule 3-8(a); House Rule 18(b) | Committee Assignment | — |
| 2025-02-14 | Senate | Senate Committee Amendment No. 1 Filed with Secretary bySen. Omar Aquino | Amendment Actions | — |
| 2025-02-14 | Senate | Senate Committee Amendment No. 1 Referred toAssignments | Amendment Actions | — |
| 2025-02-18 | Senate | Senate Committee Amendment No. 1 Assignments Refers toFinancial Institutions | Amendment Actions | — |
| 2025-02-19 | Senate | Added as Chief Co-SponsorSen. Willie Preston Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2025-02-19 | Senate | Senate Committee Amendment No. 1 Adopted | Amendment Actions | Positive |
| 2025-02-19 | Senate | Do Pass as AmendedFinancial Institutions; 006-000-000 Rule 3-11(a)(1), Rule 3-12(a) | Committee Action | Positive |
| 2025-02-19 | Senate | Placed on Calendar Order of 2nd Reading February 20, 2025 Rule 3-12(a), Rule 4-4(7) | Floor Process | Positive |
| 2025-02-27 | Senate | Second Reading Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b) | Floor Process | Positive |
| 2025-02-27 | Senate | Placed on Calendar Order of 3rd Reading March 4, 2025 Rule 4-4(8) | Floor Process | Positive |
| 2025-04-11 | Senate | Rule 2-10 Third Reading Deadline Established As May 9, 2025 Rule 2-10(a)(5-6) | Deadlines & Re-referrals | — |
| 2025-05-09 | Senate | Rule 3-9(a) / Re-referred toAssignments Rule 3-9(a) | Deadlines & Re-referrals | Mild − |