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IL HB3749
Bill
Status
Failed
12/3/2014
Primary Sponsor
Jack Franks
Click for details
AI Summary
- Establishes the Higher Education Employee Loan Act to regulate loans made by not-for-profit higher education institutions and their foundations to employees and contractors
- Requires loans to employees or contractors carry an annual interest rate equal to the prevailing loan interest rate announced by the largest commercial banking institution in Illinois at the time of loan approval
- Prohibits institutions and their foundations from making loans to employees or contractors for the purpose of purchasing a non-primary residence
- Prohibits institutions and their foundations from forgiving loans made to employees or contractors
- Directs the Board of Higher Education to adopt rules for enforcement, including authority to impose civil penalties
Legislative Description
HIGHER ED-EMPLOYEE LOANS
Last Action
Session Sine Die
12/3/2014
Committee Referrals
Assignments2/25/2014
Higher Education1/28/2014
Rules11/7/2013
Full Bill Text
No bill text available