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(ii) on or after the
effective date of this amendatory Act |
of the 93rd General Assembly enrolls
students in one or |
more bachelor-level programs,
enrolls a majority of its |
students in degree
programs,
and is accredited by a
|
national accrediting agency that is recognized by the U.S. |
Department of
Education and (B) which is regulated by the |
Illinois Board of Higher
Education under
the Private |
College Act or the Academic Degree Act, or which is exempt |
from
such regulation under either of the foregoing Acts |
solely for the reason that
such educational institution was |
in operation on the effective date of either
such Act.
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(6) Any institution and the franchisees of such |
institution which offer
exclusively a course of |
instruction in income tax theory or return preparation
at a |
total contract price of no more than $400, provided that |
the total annual
enrollment of such institution for all |
such courses of instruction exceeds 500
students, and |
further provided that the total contract price for all
|
instruction offered to a student in any one calendar year |
does not exceed $400.
For each calendar year after 1990, |
the total contract price shall be adjusted,
rounded off to |
the nearest dollar, by the same percentage as the increase |
or
decrease in the general price level as measured by the |
consumer price index for
all urban consumers for the United |
States, or its successor index, as defined
and officially |
reported by the United States Department of Labor, or its
|
|
successor agency. The change in the index shall be that as |
first published by
the Department of Labor for the calendar |
year immediately preceding the year in
which the total |
contract price is calculated.
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(b) An institution exempted under subsection (a) of this |
Section must file
with the Superintendent an annual financial |
report to demonstrate continued
compliance by the institution |
with the requirements on which the exemption is
based.
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(Source: P.A. 92-62, eff. 1-1-02; 93-919, eff. 8-12-04.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
|