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SB0169

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STUDENT 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.

Sponsor: Omar Aquino Chamber: Senate Introduced: 2025-01-17
Stuck
P(Advance)
19.6%
Chance it ever reaches a milestone (committee, floor, etc.). Not “next step.”
P(Law)
0.0%
Chance it becomes law given where it is now (stage, momentum).
Forecast
0.7%
Low P(law) at intro — sponsor & topic only; no progress or delay.
Confidence: 80%

Calculating prediction drivers...

Pipeline Progress

Current stage: Floor Vote · Last action 335 days ago · STAGNANT

How does a bill become law in Illinois?
  1. 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.

  2. Committee Work — Hearings

    The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.

  3. Committee Work — Markup, Amendments, Report

    The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.

  4. Floor Debate

    The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.

  5. 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.

  6. 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

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.

2025-01-17 Introduction & Filing
Filed with Secretary bySen. Omar Aquino Rule 2-7(b)
Bill officially submitted to the Senate Secretary during the session.
2025-01-17 Introduction & Filing
First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38
Formal introduction — title read into the official record. Required procedural step; bill now exists in the system.
2025-01-17 Committee Assignment
Referred toAssignments Senate Rule 3-8(a); House Rule 18(a)
Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.
2025-01-28 Committee Assignment
Assigned toFinancial Institutions Senate Rule 3-8(a); House Rule 18(b)
Sent to a substantive committee (e.g., Transportation, Revenue). This is where the bill gets a real hearing and evaluation.
2025-02-14 Amendment Actions
Senate Committee Amendment No. 1 Filed with Secretary bySen. Omar Aquino
[Amendment] Bill officially submitted to the Senate Secretary during the session.
2025-02-14 Amendment Actions
Senate Committee Amendment No. 1 Referred toAssignments
[Amendment] Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.
2025-02-18 Amendment Actions
Senate Committee Amendment No. 1 Assignments Refers toFinancial Institutions
[Amendment] Senate Assignments Committee forwards the bill to a substantive committee.
2025-02-19 Co-Sponsorship Mild +
Added as Chief Co-SponsorSen. Willie Preston Senate Rule 5-1(a); House Rule 37(a)
A legislator takes on the chief co-sponsor role, a stronger commitment than regular co-sponsorship.
2025-02-19 Amendment Actions Positive
Senate Committee Amendment No. 1 Adopted
[Amendment] Bill or resolution adopted by the chamber.
2025-02-19 Committee Action Positive
Do Pass as AmendedFinancial Institutions; 006-000-000 Rule 3-11(a)(1), Rule 3-12(a)
Committee recommends passage. The most important positive gate — majority of bills never get here.
2025-02-19 Floor Process Positive
Placed on Calendar Order of 2nd Reading February 20, 2025 Rule 3-12(a), Rule 4-4(7)
Bill placed on the order of Second Reading.
2025-02-27 Floor Process Positive
Second Reading Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)
Bill reaches the floor amendment stage. Floor amendments can be offered here.
2025-02-27 Floor Process Positive
Placed on Calendar Order of 3rd Reading March 4, 2025 Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-04-11 Deadlines & Re-referrals
Rule 2-10 Third Reading Deadline Established As May 9, 2025 Rule 2-10(a)(5-6)
Senate Third Reading (floor vote) deadline set or extended.
2025-05-09 Deadlines & Re-referrals Mild −
Rule 3-9(a) / Re-referred toAssignments Rule 3-9(a)
Senate procedural rule — bill re-referred to Assignments for missing Rule 2-10 deadline. Bill is NOT dead but faces uphill battle.

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 −