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| 1 | AN ACT concerning education.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Prepaid Tuition Act is amended by | ||||||
| 5 | changing Section 10 as follows:
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| 6 | (110 ILCS 979/10)
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| 7 | Sec. 10. Definitions. In this Act:
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| 8 | "Illinois public university" means the University of | ||||||
| 9 | Illinois, Illinois State
University, Chicago State University, | ||||||
| 10 | Governors State University, Southern
Illinois University, | ||||||
| 11 | Northern Illinois University, Eastern Illinois University,
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| 12 | Western Illinois University, or Northeastern Illinois | ||||||
| 13 | University.
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| 14 | "Illinois community college" means a public community | ||||||
| 15 | college as defined in
Section 1-2 of the Public Community | ||||||
| 16 | College Act.
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| 17 | "Eligible institution" means an eligible educational | ||||||
| 18 | institution as defined in Section 529 of the federal Internal | ||||||
| 19 | Revenue Code of 1986 and any regulations thereunder institution | ||||||
| 20 | of higher learning, as defined in Section 10 of the Higher | ||||||
| 21 | Education Student Assistance Act, whose students are eligible | ||||||
| 22 | to receive benefits under Section 529(a)
of the Internal | ||||||
| 23 | Revenue Code of 1986, as specified by the federal Small
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| 1 | Business Act of
1996 and subsequent amendments to this federal | ||||||
| 2 | law.
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| 3 | "Illinois prepaid tuition contract" or "contract" means a | ||||||
| 4 | contract entered
into between the State and a Purchaser under | ||||||
| 5 | Section 45 to provide for the
higher education of a qualified | ||||||
| 6 | beneficiary.
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| 7 | "Illinois prepaid tuition program" or "program" means the | ||||||
| 8 | program created in
Section 15.
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| 9 | "Purchaser" means a person who makes or has contracted to | ||||||
| 10 | make payments under
an Illinois prepaid tuition contract.
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| 11 | "Public institution of higher education" means an Illinois | ||||||
| 12 | public university
or Illinois community college.
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| 13 | "Nonpublic institution of higher education" means any | ||||||
| 14 | eligible institution, other than a public institution of higher | ||||||
| 15 | education.
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| 16 | "Qualified beneficiary" means (i) anyone who has been a | ||||||
| 17 | resident of this
State for at least 12 months prior to the date | ||||||
| 18 | of the contract, or (ii) a
nonresident, so long as the | ||||||
| 19 | purchaser has been a resident of the State for at
least 12 | ||||||
| 20 | months prior to the date of the contract, or (iii) any person | ||||||
| 21 | less
than one year of age whose parent or legal guardian has | ||||||
| 22 | been a resident of this
State for at least 12 months prior
to | ||||||
| 23 | the date of the contract.
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| 24 | "Tuition" means the quarter or semester charges imposed on | ||||||
| 25 | a qualified
beneficiary to attend an eligible institution.
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| 26 | "Mandatory Fees" means those quarter or semester fees | ||||||
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| 1 | imposed upon all
students enrolled at an eligible institution.
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| 2 | "Registration Fees" means the charges derived by combining | ||||||
| 3 | tuition and
mandatory fees.
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| 4 | "Contract Unit" means 15 credit hours of instruction at an | ||||||
| 5 | eligible
institution.
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| 6 | "Panel" means the investment advisory panel created under | ||||||
| 7 | Section 20.
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| 8 | "Commission" means the Illinois Student Assistance | ||||||
| 9 | Commission.
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| 10 | (Source: P.A. 96-1282, eff. 7-26-10.)
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| 11 | Section 99. Effective date. This Act takes effect upon | ||||||
| 12 | becoming law.
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