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HB1430

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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: Eva-Dina Delgado Chamber: House Introduced: 2025-01-16
PASSED INTO LAW

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Pipeline Progress

Current stage: Signed into Law · Last action 237 days ago

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

Public Engagement

11 witness slips filed 11 proponents / 0 opponents 5 organizations

Witness slips

11 slips filed. Proponent / opponent / no position as filed with the committee.

Name Organization Representing Position Hearing committee Hearing date
Austin James Mink Self Self Proponent Financial Institutions 2025-05-07
Chloe Lilliston Office of the Illinois State Treasurer Illinois State Treasurer Michael Frerichs Proponent Financial Institutions 2025-05-07
David Schwartz Self Self Proponent Financial Institutions 2025-05-07
Frank W McNeil McNeil Governmental Services Inc Woodstock Institute 67East Madison Street Suite 2108 Chicago, Illinois 60603 Proponent Financial Institutions 2025-05-07
Chloe Lilliston Office of the Illinois State Treasurer Illinois State Treasurer Michael Frerichs Proponent Financial Institutions 2025-04-30
Frank W McNeil McNeil Governmental Services Inc Woodstock Institute 67East Madison Street Suite 2108 Chicago, Illinois 60603 Proponent Financial Institutions 2025-04-30
Henrikas Genutis Agurkas Self Proponent Financial Institutions 2025-04-30
Chloe Lilliston Illinois State Treasurer's Office Illinois State Treasurer Michael Frerichs Proponent Higher Education 2025-02-26
Joe Aguilar Illinois State Treasurer's Office Illinois State Treasurer Michael Frerichs Proponent Higher Education 2025-02-26
Chloe Lilliston Illinois State Treasurer's Office Illinois State Treasurer Michael Frerichs Proponent Higher Education 2025-02-26
Joe Aguilar Illinois State Treasurer's Office Illinois State Treasurer Michael Frerichs Proponent Higher Education 2025-02-26

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
H Committee Higher Education 10 1 0 1 Passed 9 —
H Floor Third Reading 67 38 1 12 Passed 29 —
2025-05-07 S Committee Financial Institutions 7 1 0 1 Passed 6 —
2025-05-22 S Floor Third Reading 46 12 0 1 Passed 34 —

Action History

41 actions recorded. Last action: 2025-08-15 — Public Act . . . . . . . . .104-0180. Each action's meaning and outcome signal are classified automatically.

2025-01-16 Introduction & Filing
Filed with the Clerk byRep. Eva-Dina Delgado House Rule 6(b)
Bill officially submitted to the House Clerk during the session.
2025-01-28 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.
2025-01-28 Committee Assignment
Referred toRules Committee 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.
2025-02-18 Committee Assignment
Assigned toHigher Education Committee 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.
2025-02-18 Amendment Actions
House Committee Amendment No. 1 Filed with Clerk byRep. Eva-Dina Delgado
[Amendment] Amendment sub-action.
2025-02-18 Amendment Actions
House Committee Amendment No. 1 Referred toRules Committee
[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.
2025-02-25 Amendment Actions
House Committee Amendment No. 1 Rules Refers toHigher Education Committee
[Amendment] Amendment sub-action.
2025-02-26 Co-Sponsorship Mild +
Added Co-SponsorRep. Barbara Hernandez Senate Rule 5-1(a); House Rule 37(a)
A legislator adds their name as co-sponsor, signaling public support for the bill.
2025-02-26 Amendment Actions
House Committee Amendment No. 1 Adopted inHigher Education Committee; by Voice Vote
[Amendment] Amendment sub-action.
2025-02-26 Committee Action Positive
Do Pass as Amended / Short DebateHigher Education Committee; 010-001-000 Rule 3-11(a)(1), Rule 3-12(a)
Committee recommends passage. The most important positive gate — majority of bills never get here.
2025-02-27 Floor Process Positive
Placed on Calendar 2nd Reading - Short Debate Senate Rule 4-4(7-8)/5-2; House Rule 31(8-9)/38/52
Bill placed on the Second Reading calendar. Positive — bill is queued for floor action.
2025-03-12 Co-Sponsorship Mild +
Added Chief Co-SponsorRep. Carol Ammons Senate Rule 5-1(a); House Rule 37(a)
Chief co-sponsor added.
2025-03-18 Floor Process Positive
Second Reading - Short Debate Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)/52(a)(1)
Bill reaches the floor amendment stage on Short Debate calendar. Major milestone — bill has passed committee and is on the floor.
2025-03-18 Floor Process Positive
Placed on Calendar Order of 3rd Reading - Short Debate Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-04-01 Co-Sponsorship Mild +
Added Co-SponsorRep. Angelica Guerrero-Cuellar Senate Rule 5-1(a); House Rule 37(a)
A legislator adds their name as co-sponsor, signaling public support for the bill.
2025-04-04 Co-Sponsorship Mild +
Added Co-SponsorRep. Kevin John Olickal Senate Rule 5-1(a); House Rule 37(a)
A legislator adds their name as co-sponsor, signaling public support for the bill.
2025-04-04 Co-Sponsorship Mild +
Added Co-SponsorRep. Kelly M. Cassidy Senate Rule 5-1(a); House Rule 37(a)
A legislator adds their name as co-sponsor, signaling public support for the bill.
2025-04-07 Floor Vote Positive
Third Reading - Short Debate - Passed067-038-001 Senate Rule 5-1(f)/7-1/7-2; House Rule 37(f)/49/50
Bill PASSED on Short Debate Third Reading. Bill cleared the chamber.
2025-04-07 Co-Sponsorship Mild +
Added Co-SponsorRep. Jaime M. Andrade, Jr. Senate Rule 5-1(a); House Rule 37(a)
A legislator adds their name as co-sponsor, signaling public support for the bill.
2025-04-07 Co-Sponsorship Mild +
Added Co-SponsorRep. Hoan Huynh Senate Rule 5-1(a); House Rule 37(a)
A legislator adds their name as co-sponsor, signaling public support for the bill.
2025-04-08 Cross-Chamber Positive
Arrive in Senate Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12)
House bill arrives in the Senate after passing the House.
2025-04-08 Procedural
Placed on Calendar Order of First Reading Senate Rule 4-4/7-4; House Rule 31/54
Bill queued for First Reading in the second chamber.
2025-04-08 Cross-Chamber Positive
Chief Senate SponsorSen. Omar Aquino Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12)
Senate sponsor assigned for a House bill.
2025-04-08 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.
2025-04-08 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.
2025-04-23 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.
2025-04-25 Co-Sponsorship Mild +
Added as Alternate Chief Co-SponsorSen. Mark L. Walker Senate Rule 5-1(a); House Rule 37(a)
Alternate chief co-sponsor added.
2025-04-30 Committee Action
Postponed -Financial Institutions Senate Rule 3-11; House Rule 22
Committee hearing postponed. Routine procedural action — does NOT mean the bill is dead. Sponsor may be gathering votes or negotiating amendments.
2025-05-06 Co-Sponsorship Mild +
Added as Alternate Chief Co-SponsorSen. Robert F. Martwick Senate Rule 5-1(a); House Rule 37(a)
Alternate chief co-sponsor added.
2025-05-06 Co-Sponsorship Mild +
Added as Alternate Chief Co-SponsorSen. Robert Peters Senate Rule 5-1(a); House Rule 37(a)
Alternate chief co-sponsor added.
2025-05-07 Committee Action Positive
Do PassFinancial Institutions; 007-001-000 Rule 3-11(a)(1), Rule 3-12(a)
Committee recommends passage. The most important positive gate — majority of bills never get here.
2025-05-07 Floor Process Positive
Placed on Calendar Order of 2nd Reading May 8, 2025 Rule 3-12(a), Rule 4-4(7)
Bill placed on the order of Second Reading.
2025-05-08 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.
2025-05-08 Floor Process Positive
Placed on Calendar Order of 3rd Reading May 13, 2025 Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-05-14 Co-Sponsorship Mild +
Added as Alternate Co-SponsorSen. Graciela Guzmán Senate Rule 5-1(a); House Rule 37(a)
Alternate co-sponsor added.
2025-05-22 Floor Vote Positive
Third Reading - Passed;046-012-000 Rule 5-1(f)
Bill PASSED a floor vote on Third Reading. Major milestone — bill has cleared one chamber.
2025-05-22 Concurrence Positive
Passed Both Houses Rule 8-1, Rule 8-4
Bill PASSED BOTH CHAMBERS. Major milestone — bill goes to the Governor next.
2025-06-20 Governor Action Positive
Sent to the Governor Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82
Bill transmitted to the Governor for signature. Strong positive — bill has passed both chambers.
2025-08-15 Governor Action Positive
Governor Approved Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82
GOVERNOR SIGNED THE BILL. Bill is now law (pending effective date).
2025-08-15 Enacted Into Law Law
Effective Date August 15, 2025 Article IX
Law's effective date announced. Most IL laws take effect January 1 of the next year unless otherwise specified.
2025-08-15 Enacted Into Law Law
Public Act . . . . . . . . .104-0180 Article IX
Bill signed into law — assigned a Public Act number (e.g., PA 104-0032).

All actions (table)

Date Chamber Action Category Signal
2025-01-16 House Filed with the Clerk byRep. Eva-Dina Delgado House Rule 6(b) Introduction & Filing —
2025-01-28 House First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 Introduction & Filing —
2025-01-28 House Referred toRules Committee Senate Rule 3-8(a); House Rule 18(a) Committee Assignment —
2025-02-18 House Assigned toHigher Education Committee Senate Rule 3-8(a); House Rule 18(b) Committee Assignment —
2025-02-18 House House Committee Amendment No. 1 Filed with Clerk byRep. Eva-Dina Delgado Amendment Actions —
2025-02-18 House House Committee Amendment No. 1 Referred toRules Committee Amendment Actions —
2025-02-25 House House Committee Amendment No. 1 Rules Refers toHigher Education Committee Amendment Actions —
2025-02-26 House Added Co-SponsorRep. Barbara Hernandez Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-02-26 House House Committee Amendment No. 1 Adopted inHigher Education Committee; by Voice Vote Amendment Actions —
2025-02-26 House Do Pass as Amended / Short DebateHigher Education Committee; 010-001-000 Rule 3-11(a)(1), Rule 3-12(a) Committee Action Positive
2025-02-27 House Placed on Calendar 2nd Reading - Short Debate Senate Rule 4-4(7-8)/5-2; House Rule 31(8-9)/38/52 Floor Process Positive
2025-03-12 House Added Chief Co-SponsorRep. Carol Ammons Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-03-18 House Second Reading - Short Debate Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)/52(a)(1) Floor Process Positive
2025-03-18 House Placed on Calendar Order of 3rd Reading - Short Debate Rule 4-4(8) Floor Process Positive
2025-04-01 House Added Co-SponsorRep. Angelica Guerrero-Cuellar Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-04-04 House Added Co-SponsorRep. Kevin John Olickal Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-04-04 House Added Co-SponsorRep. Kelly M. Cassidy Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-04-07 House Third Reading - Short Debate - Passed067-038-001 Senate Rule 5-1(f)/7-1/7-2; House Rule 37(f)/49/50 Floor Vote Positive
2025-04-07 House Added Co-SponsorRep. Jaime M. Andrade, Jr. Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-04-07 House Added Co-SponsorRep. Hoan Huynh Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-04-08 Senate Arrive in Senate Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12) Cross-Chamber Positive
2025-04-08 Senate Placed on Calendar Order of First Reading Senate Rule 4-4/7-4; House Rule 31/54 Procedural —
2025-04-08 Senate Chief Senate SponsorSen. Omar Aquino Senate Rule 5-1(d)/4-4(9-11); House Rule 37(d)/31(10-12) Cross-Chamber Positive
2025-04-08 Senate First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 Introduction & Filing —
2025-04-08 Senate Referred toAssignments Senate Rule 3-8(a); House Rule 18(a) Committee Assignment —
2025-04-23 Senate Assigned toFinancial Institutions Senate Rule 3-8(a); House Rule 18(b) Committee Assignment —
2025-04-25 Senate Added as Alternate Chief Co-SponsorSen. Mark L. Walker Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-04-30 Senate Postponed -Financial Institutions Senate Rule 3-11; House Rule 22 Committee Action —
2025-05-06 Senate Added as Alternate Chief Co-SponsorSen. Robert F. Martwick Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-05-06 Senate Added as Alternate Chief Co-SponsorSen. Robert Peters Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-05-07 Senate Do PassFinancial Institutions; 007-001-000 Rule 3-11(a)(1), Rule 3-12(a) Committee Action Positive
2025-05-07 Senate Placed on Calendar Order of 2nd Reading May 8, 2025 Rule 3-12(a), Rule 4-4(7) Floor Process Positive
2025-05-08 Senate Second Reading Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b) Floor Process Positive
2025-05-08 Senate Placed on Calendar Order of 3rd Reading May 13, 2025 Rule 4-4(8) Floor Process Positive
2025-05-14 Senate Added as Alternate Co-SponsorSen. Graciela Guzmán Senate Rule 5-1(a); House Rule 37(a) Co-Sponsorship Mild +
2025-05-22 Senate Third Reading - Passed;046-012-000 Rule 5-1(f) Floor Vote Positive
2025-05-22 House Passed Both Houses Rule 8-1, Rule 8-4 Concurrence Positive
2025-06-20 House Sent to the Governor Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82 Governor Action Positive
2025-08-15 House Governor Approved Senate Article IX/Rules 9-1 to 9-6; House Article IX/Rules 77-82 Governor Action Positive
2025-08-15 House Effective Date August 15, 2025 Article IX Enacted Into Law Law
2025-08-15 House Public Act . . . . . . . . .104-0180 Article IX Enacted Into Law Law