Bill Status of SB3528 98th General Assembly
Short Description: PREPAID TUITION CONTRACTS-END
Sen. Jason A. Barickman
| 1/13/2015||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Treasurer Act and the Illinois Prepaid Tuition Act. With respect to the College Savings Pool, provides that for accounts opened on or after the effective date of the amendatory Act, the State Treasurer may receive moneys paid into the pool by the Illinois Neighborhood Recovery Initiative, which shall be permitted to match, dollar for dollar, with limitations, annual contributions made to an account. Provides that Illinois prepaid tuition contracts may not be entered into on or after the effective date of the amendatory Act. Provides that only annuities may be purchased under the Illinois prepaid tuition program. Provides that the purchaser of a contract entered into before the effective date of the amendatory Act may (i) retain funds under the contract, (ii) transfer the cash value of the contract to the College Savings Pool, (iii) cash out of the contract pursuant to the contract's terms, or (iv) transfer funds into an annuity. Effective immediately.