TCCommitteeAprilVILLA PARK- Villa Park Democrat, Tom Cullerton vows to fight the Illinois Policy Institute’s budget plan to raid the Local Government Distributive Fund (LGDF).

As the former Village President of Villa Park, Cullerton knows the importance of this vital local government fund.

“Local money belongs in local hands,” Cullerton said. "My interest as a former mayor is to make sure our local governments have what they need to keep our communities safe and services running.”

IPI’s proposal would effectively eliminate the LGDF. That’s $1.3 billion in the current fiscal year that goes out to local governments. IPI’s proposal calls for the state to keep the money and spend it.

In addition to funding everyday core services to Illinois citizens, LGDF distributions play a role in keeping the local tax burden low.

“This idea is ridiculous,” Mayor Frank Saverino, Village of Carol Stream said. “Municipalities like Carol Stream rely on the Local Government Distributive Fund to repair potholes, plow our roads in the winter and provide area residents with basic services. We wouldn’t be able to serve the people of Carol Stream without this essential fund.”

Cullerton vows to adamantly oppose any proposal that would eliminate the LGDF.

Category: Press Releases

tcullerton 053116VILLA PARK- The number of seniors, generally age 60 and older, with student loan debt has quadrupled over the last decade to 6.4 percent, and the average amount they owed has also increased to $23,500 from $12,100 a decade ago, according to a new report from the federal Consumer Financial Protection Bureau.

State Senator Tom Cullerton (D-Villa Park), a new member of the Senate’s Committee on Higher Education, is disgusted with the risky and deceptive lending practices by the nation’s student loan providers and money lending companies.

“It’s important we hold these lending companies accountable for loading Illinois residents with mountains of debt,” Cullerton said. “As a father of three sons, I know what parents are going through. Like any other parent, I want my children to graduate college full of opportunities, not burdened with unmanageable amounts of debt.”

Recently, the Illinois Attorney General’s office filed a lawsuit against Navient Solutions, Inc. and Sallie Mae. Navient, was part of Sallie Mae before the company was divided into two separate entities.

The lawsuit alleges the two entities offered “designed to fail” subprime loans over several decades to students across the nation, according to a statement from the Illinois Attorney General’s office. The loans allegedly carried high interest rates and fees and were mostly given to students at “poorly accredited” for-profit schools.

“No student should be discouraged from attending college due to financial need,” Cullerton said. “I look forward to finding ways to make college more affordable by eliminating waste, fraud and abuse at our state and community colleges and protecting Illinois families from outrageous lending schemes.”

Cullerton looks forward to the committee’s first meeting of the 100th General Assembly.

Category: Press Releases

PHOTO Cullerton and Frerichs work to protect Illinois familiesITASCA- The Illinois State Treasurer’s office has found about $500 million in unpaid life insurance benefits.  Soon insurance companies will be required to return this money to Illinois families.

House Bill 302 will require life insurance companies to review their records going back to 1996 to find life insurance customers who died and no benefits were claimed.

State Senator Tom Cullerton (D-Villa Park) sat down with state Treasurer Michael Frerichs and Representative Deb Conroy (D-Villa Park) and local advocates from the AARP, NAACP and the Illinois Funeral Directors Association to share information on finding ways to return unclaimed life insurance policies to deceased policy owners’ families.

“Insurance companies have a responsibility to pay death benefits,” Cullerton said.  “When your loved ones buy a life insurance policy, they are trying to protect you from financial burdens and hardship. It’s important that we honor their wishes and guarantee that those benefits are given to the family they left behind.”

This new life insurance legislation will protect consumers and put money back in the hands of families, instead of the insurance companies’ bank accounts.  

“I’ve never met a man or woman who purchased life insurance with the expectation that the death benefits would be kept by the insurance company rather than paid to their family,” Frerichs said.

This initiative is the next logical step to bring commonsense change to the life insurance industry.  Insurance companies have acknowledged not paying out death benefits when they knew or should have known a customer died. It has been found that unpaid benefits are often built into the profit plans.

House Bill 302 is currently in committee in the House. Cullerton looks forward to sponsoring this measure in the Senate.

Category: Press Releases

052214 js 0399VILLA PARK- Illinois crowdfunding is up and running thanks to a law passed by Villa Park Democrat Tom Cullerton.

Cullerton is excited to announce Illinois crowdfunding is coming out strong in 2017 with the start of three local businesses now conducting intrastate crowdfunding through Illinois’s first crowdfunding portal, VestLo.

“Small businesses are essential to growing our economy and creating new jobs in Illinois,” Cullerton said.  “This is a new opportunity for Illinois businesses to grow and stimulate our economy.”

In 2015, Cullerton passed legislation to encourage local investment and would create new jobs in Illinois. House Bill 3429 creates an Illinois intrastate exemption allowing Illinois residents to directly invest in Illinois small businesses online.  

Crowdfunding is funding a project or venture by raising many small amounts of money from a large number of people. In exchange for funding, investors receive a small ownership interest in the enterprise.

It took 10 months to work through administrative rules. HB 3429 allows Illinois businesses to raise up to $4 million per year from Illinois investors through debt or equity offerings. Illinois’ law is one of the highest intrastate crowdfunding standards in the nation and well above the federal $1 million cap.

Cullerton states this is a new way of doing business in Illinois.

“The only way to grow our economy is to promote business friendly policies,” Cullerton said. “This new model will not only benefit Illinois, but local communities as well.”

Cullerton encourages local residents and businesses to look into crowdfunding as an option to expand existing businesses and starting new ones.

Vestlo is a leader in investment crowdfunding in Illinois, investing in three Illinois businesses so far Native Sons, CrossTown Fitness and Cardfrenzy.

 

Category: Press Releases

Petition: Do Not Tax Retirement Income

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CONTACT SENATOR CULLERTON

Welcome to the official website of Senator Tom Cullerton. Please fill out our contact form to contact Senator Cullerton directly or you may call either of our offices. We look forward to hearing from you.

District Office
338 S. Ardmore Ave.
Villa Park, IL 60181
P: (630) 903-6662
F: (630) 903-6643

Springfield Office
122 Capitol Building
Springfield, IL 62706
P: (217) 782-9463