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Public Act 103-0536
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| HB2898 Enrolled | LRB103 05261 RJT 50279 b |
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Finance Act is amended by adding |
Section 5.990 as follows:
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(30 ILCS 105/5.990 new) |
Sec. 5.990. The MAP Refund Fund.
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Section 10. The Private College Act is amended by adding |
Section 14.15 as follows:
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(110 ILCS 1005/14.15 new) |
Sec. 14.15. Unfair, misleading, or deceptive practice |
finding; refund; grant. |
(a) In this Section, "unfair, misleading, or deceptive |
practice" means an act or practice in which a representation, |
omission, or practice misleads or is likely to mislead a |
consumer, as determined by the Federal Trade Commission, the |
United States Department of Education, or the United States |
Bureau of Consumer Financial Protection in a court of |
competent jurisdiction. |
(b) This Section applies to a for-profit, post-secondary |
educational institution that received monetary award program |
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funds under Section 35 of the Higher Education Student |
Assistance Act at a time the institution was found to have been |
using an unfair, misleading, or deceptive practice, as defined |
by the Federal Trade Commission, the United States Department |
of Education, or the United States Bureau of Consumer |
Financial Protection, and is required to reimburse students |
for loans taken to pay for the students' education in |
accordance with a final judgment against the institution |
issued by a court of competent jurisdiction, based on acts |
occurring at least 6 months after the effective date of this |
amendatory Act of the 103rd General Assembly. Any monetary |
award program funds paid to the for-profit, post-secondary |
educational institution for students who attended the |
institution during the period of judgment must be refunded to |
the Illinois Student Assistance Commission. |
(c) If a post-secondary educational institution is |
required to issue a refund to the Illinois Student Assistance |
Commission under this Section, the refund shall be deposited |
into the MAP Refund Fund. The Commission shall use funds |
appropriated from the MAP Refund Fund to award grants to |
students as provided in this Section. A post-secondary |
educational institution required to issue a refund to the |
Illinois Student Assistance Commission under this Section must |
notify the Illinois Student Assistance Commission within 30 |
days after a final judgment issued by a court of competent |
jurisdiction, and issue the refund within 6 months. A |
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for-profit, post-secondary educational institution with a |
judgment against it must notify students who attended the |
post-secondary educational institution during the period of |
judgment and received monetary award program funds, |
electronically and by certified mail, within 6 months after |
issuance of the refund to the Illinois Student Assistance |
Commission. |
(d) The Commission shall make applications for grants |
under subsection (c) available in the next academic year after |
the deposit of funds into the MAP Refund Fund or as soon as is |
practicable. The application process shall be administered by |
the Commission and shall remain open until no funds remain in |
the MAP Refund Fund, subject to the other provisions of this |
Section. |
(e) The Commission shall determine the maximum amount of a |
grant that may be provided under this Section in an academic |
year. A grant under this Section may be awarded to a student in |
addition to a monetary award program grant. However, the |
combined amounts of those grants may not exceed the total cost |
of tuition and fees for the academic year at the |
post-secondary educational institution at which the student is |
enrolled. |
(f) Beginning in the third academic year following the |
issuance of refunds under subsection (b), the remaining |
balance in the MAP Refund Fund shall be appropriated to the |
Commission for the Commission's operating budget for the |