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Illinois enacts law to finance earnings share agreements; distinguishes them from loans

Illinois enacts law to finance earnings share agreements; distinguishes them from loans

Illinois’ Democratic legislature recently passed, and its own progressive Democratic Governor, J.B. Pritzker, recently finalized into legislation, the scholar Investment Account Act, which establishes a Student Investment Account to be maintained because of the state’s Treasurer. Pursuant towards the Act, the Treasurer can allocate as much as 5% associated with the state’s Investment Portfolio to that particular Account, a sum that will seem to be more or less $1.5 billion in line with the state’s 2018 annual report. The Account may then be utilised by the Treasurer for assorted activities, including to “originate, guarantee, get, and solution training loans and enhance such arrangements between borrowers and eligible loan providers” and individually to “enter into earnings share agreements with individuals and enhance such arrangements between individuals and qualified earnings share contract providers.”

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