Full Text of SB1728 97th General Assembly
SB1728ham002 97TH GENERAL ASSEMBLY | Rep. Jim Durkin Filed: 5/19/2011
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| 1 | | AMENDMENT TO SENATE BILL 1728
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1728 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Treasurer Act is amended by changing | 5 | | Section 16.5 as follows:
| 6 | | (15 ILCS 505/16.5)
| 7 | | Sec. 16.5. College Savings Pool. The State Treasurer may | 8 | | establish and
administer a College Savings Pool to supplement | 9 | | and enhance the investment
opportunities otherwise available | 10 | | to persons seeking to finance the costs of
higher education. | 11 | | The State Treasurer, in administering the College Savings
Pool, | 12 | | may receive moneys paid into the pool by a participant and may | 13 | | serve as
the fiscal agent of that participant for the purpose | 14 | | of holding and investing
those moneys.
| 15 | | "Participant", as used in this Section, means any person | 16 | | who has authority to withdraw funds, change the designated |
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| 1 | | beneficiary, or otherwise exercise control over an account. | 2 | | "Donor", as used in this Section, means any person who makes
| 3 | | investments in the pool. "Designated beneficiary", as used in | 4 | | this Section,
means any person on whose behalf an account is | 5 | | established in the College
Savings Pool by a participant. Both | 6 | | in-state and out-of-state persons may be
participants, donors, | 7 | | and designated beneficiaries in the College Savings Pool.
| 8 | | New accounts in the College Savings Pool may be processed | 9 | | through
participating financial institutions. "Participating | 10 | | financial institution",
as used in this Section, means any | 11 | | financial institution insured by the Federal
Deposit Insurance | 12 | | Corporation and lawfully doing business in the State of
| 13 | | Illinois and any credit union approved by the State Treasurer | 14 | | and lawfully
doing business in the State of Illinois that | 15 | | agrees to process new accounts in
the College Savings Pool. | 16 | | Participating financial institutions may charge a
processing | 17 | | fee to participants to open an account in the pool that shall | 18 | | not
exceed $30 until the year 2001. Beginning in 2001 and every | 19 | | year thereafter,
the maximum fee limit shall be adjusted by the | 20 | | Treasurer based on the Consumer
Price Index for the North | 21 | | Central Region as published by the United States
Department of | 22 | | Labor, Bureau of Labor Statistics for the immediately preceding
| 23 | | calendar year. Every contribution received by a financial | 24 | | institution for
investment in the College Savings Pool shall be | 25 | | transferred from the financial
institution to a location | 26 | | selected by the State Treasurer within one business
day |
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| 1 | | following the day that the funds must be made available in | 2 | | accordance with
federal law. All communications from the State | 3 | | Treasurer to participants and donors shall
reference the | 4 | | participating financial institution at which the account was
| 5 | | processed.
| 6 | | The Treasurer may invest the moneys in the College Savings | 7 | | Pool in the same
manner and in the same types of investments
| 8 | | provided for the investment of moneys by the Illinois State | 9 | | Board of
Investment. To enhance the safety and liquidity of the | 10 | | College Savings Pool,
to ensure the diversification of the | 11 | | investment portfolio of the pool, and in
an effort to keep | 12 | | investment dollars in the State of Illinois, the State
| 13 | | Treasurer may make a percentage of each account available for | 14 | | investment in
participating financial institutions doing | 15 | | business in the State. The State
Treasurer may deposit with the | 16 | | participating financial institution at which
the account was | 17 | | processed the following percentage of each account at a
| 18 | | prevailing rate offered by the institution, provided that the | 19 | | deposit is
federally insured or fully collateralized and the | 20 | | institution accepts the
deposit: 10% of the total amount of | 21 | | each account for which the current age of
the beneficiary is | 22 | | less than 7 years of age, 20% of the total amount of each
| 23 | | account for which the beneficiary is at least 7 years of age | 24 | | and less than 12
years of age, and 50% of the total amount of | 25 | | each account for which the current
age of the beneficiary is at | 26 | | least 12 years of age.
The Treasurer shall develop, publish, |
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| 1 | | and implement an investment policy
covering the investment of | 2 | | the moneys in the College Savings Pool. The policy
shall be | 3 | | published (i) at least once each year in at least one newspaper | 4 | | of
general circulation in both Springfield and Chicago and (ii) | 5 | | each year as part
of the audit of the College Savings Pool by | 6 | | the Auditor General, which shall be
distributed to all | 7 | | participants. The Treasurer shall notify all participants
in | 8 | | writing, and the Treasurer shall publish in a newspaper of | 9 | | general
circulation in both Chicago and Springfield, any | 10 | | changes to the previously
published investment policy at least | 11 | | 30 calendar days before implementing the
policy. Any investment | 12 | | policy adopted by the Treasurer shall be reviewed and
updated | 13 | | if necessary within 90 days following the date that the State | 14 | | Treasurer
takes office.
| 15 | | Participants shall be required to use moneys distributed | 16 | | from the College
Savings Pool for qualified expenses at | 17 | | eligible educational institutions.
"Qualified expenses", as | 18 | | used in this Section, means the following: (i)
tuition, fees, | 19 | | and the costs of books, supplies, and equipment required for
| 20 | | enrollment or attendance at an eligible educational | 21 | | institution and (ii)
certain room and board expenses incurred | 22 | | while attending an eligible
educational institution at least | 23 | | half-time. "Eligible educational
institutions", as used in | 24 | | this Section, means public and private colleges,
junior | 25 | | colleges, graduate schools, and certain vocational | 26 | | institutions that are
described in Section 481 of the Higher |
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| 1 | | Education Act of 1965 (20 U.S.C. 1088)
and that are eligible to | 2 | | participate in Department of Education student aid
programs. A | 3 | | student shall be considered to be enrolled at
least half-time | 4 | | if the student is enrolled for at least half the full-time
| 5 | | academic work load for the course of study the student is | 6 | | pursuing as
determined under the standards of the institution | 7 | | at which the student is
enrolled. Distributions made from the | 8 | | pool for qualified expenses shall be
made directly to the | 9 | | eligible educational institution, directly to a vendor, or
in | 10 | | the form of a check payable to both the beneficiary and the | 11 | | institution or
vendor. Any moneys that are distributed in any | 12 | | other manner or that are used
for expenses other than qualified | 13 | | expenses at an eligible educational
institution shall be | 14 | | subject to a penalty of 10% of the earnings unless the
| 15 | | beneficiary dies, becomes disabled, or receives a scholarship | 16 | | that equals or
exceeds the distribution. Penalties shall be | 17 | | withheld at the time the
distribution is made.
| 18 | | The Treasurer shall limit the contributions that may be | 19 | | made on behalf of a
designated beneficiary based on the | 20 | | limitations established by the Internal Revenue Service. The | 21 | | contributions made on behalf of a
beneficiary who is also a | 22 | | beneficiary under the Illinois Prepaid Tuition
Program shall be | 23 | | further restricted to ensure that the contributions in both
| 24 | | programs combined do not exceed the limit established for the | 25 | | College Savings
Pool. The Treasurer shall provide the | 26 | | Comptroller Illinois Student Assistance Commission
each year |
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| 1 | | at a time designated by the Comptroller Commission , an | 2 | | electronic report of all
participant accounts in the | 3 | | Treasurer's College Savings Pool, listing total
contributions | 4 | | and disbursements from each individual account during the
| 5 | | previous calendar year. As soon thereafter as is possible | 6 | | following receipt of
the Treasurer's report, the Comptroller | 7 | | Illinois Student Assistance Commission shall, in
turn, provide | 8 | | the Treasurer with an electronic report listing those College
| 9 | | Savings Pool participants who also participate in the State's | 10 | | prepaid tuition
program, administered by the Comptroller | 11 | | Commission . The Commission shall be responsible
for filing any | 12 | | combined tax reports regarding State qualified savings | 13 | | programs
required by the United States Internal Revenue | 14 | | Service. The Treasurer shall
work with the Illinois Student | 15 | | Assistance Commission and the Comptroller to coordinate the
| 16 | | marketing of the College Savings Pool and the Illinois Prepaid | 17 | | Tuition
Program when considered beneficial by the Treasurer and | 18 | | the Director of the
Illinois Student Assistance
Commission. The | 19 | | Treasurer's office shall not publicize or otherwise market the
| 20 | | College Savings Pool or accept any moneys into the College | 21 | | Savings Pool prior
to March 1, 2000. The Treasurer shall | 22 | | provide a separate accounting for each
designated beneficiary | 23 | | to each participant, the Illinois Student Assistance
| 24 | | Commission, Comptroller, and the participating financial | 25 | | institution at which the account
was processed. No interest in | 26 | | the program may be pledged as security for a
loan. Moneys held |
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| 1 | | in an account invested in the Illinois College Savings Pool | 2 | | shall be exempt from all claims of the creditors of the | 3 | | participant, donor, or designated beneficiary of that account, | 4 | | except for the non-exempt College Savings Pool transfers to or | 5 | | from the account as defined under subsection (j) of Section | 6 | | 12-1001 of the Code of Civil Procedure (735 ILCS 5/12-1001(j)).
| 7 | | The assets of the College Savings Pool and its income and | 8 | | operation shall
be exempt from all taxation by the State of | 9 | | Illinois and any of its
subdivisions. The accrued earnings on | 10 | | investments in the Pool once disbursed
on behalf of a | 11 | | designated beneficiary shall be similarly exempt from all
| 12 | | taxation by the State of Illinois and its subdivisions, so long | 13 | | as they are
used for qualified expenses. Contributions to a | 14 | | College Savings Pool account
during the taxable year may be | 15 | | deducted from adjusted gross income as provided
in Section 203 | 16 | | of the Illinois Income Tax Act. The provisions of this
| 17 | | paragraph are exempt from Section 250 of the Illinois Income | 18 | | Tax Act.
| 19 | | The Treasurer shall adopt rules he or she considers | 20 | | necessary for the
efficient administration of the College | 21 | | Savings Pool. The rules shall provide
whatever additional | 22 | | parameters and restrictions are necessary to ensure that
the | 23 | | College Savings Pool meets all of the requirements for a | 24 | | qualified state
tuition program under Section 529 of the | 25 | | Internal Revenue Code (26 U.S.C. 529).
The rules shall provide | 26 | | for the administration expenses of the pool to be paid
from its |
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| 1 | | earnings and for the investment earnings in excess of the | 2 | | expenses and
all moneys collected as penalties to be credited | 3 | | or paid monthly to the several
participants in the pool in a | 4 | | manner which equitably reflects the differing
amounts of their | 5 | | respective investments in the pool and the differing periods
of | 6 | | time for which those amounts were in the custody of the pool. | 7 | | Also, the
rules shall require the maintenance of records that | 8 | | enable the Treasurer's
office to produce a report for each | 9 | | account in the pool at least annually that
documents the | 10 | | account balance and investment earnings. Notice of any proposed
| 11 | | amendments to the rules and regulations shall be provided to | 12 | | all participants
prior to adoption. Amendments to rules and | 13 | | regulations shall apply only to
contributions made after the | 14 | | adoption of the amendment.
| 15 | | Upon creating the College Savings Pool, the State Treasurer | 16 | | shall give bond
with 2 or more sufficient sureties, payable to | 17 | | and for the benefit of the
participants in the College Savings | 18 | | Pool, in the penal sum of $1,000,000,
conditioned upon the | 19 | | faithful discharge of his or her duties in relation to
the | 20 | | College Savings Pool.
| 21 | | (Source: P.A. 95-23, eff. 8-3-07; 95-306, eff. 1-1-08; 95-521, | 22 | | eff. 8-28-07; 95-876, eff. 8-21-08.)
| 23 | | Section 10. The Illinois Prepaid Tuition Act is amended by | 24 | | changing Sections 10, 15, 20, 25, 30, 35, 45, 50, and 60 and by | 25 | | adding Section 75 as follows:
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| 1 | | (110 ILCS 979/10)
| 2 | | Sec. 10. Definitions. In this Act:
| 3 | | "Illinois public university" means the University of | 4 | | Illinois, Illinois State
University, Chicago State University, | 5 | | Governors State University, Southern
Illinois University, | 6 | | Northern Illinois University, Eastern Illinois University,
| 7 | | Western Illinois University, or Northeastern Illinois | 8 | | University.
| 9 | | "Illinois community college" means a public community | 10 | | college as defined in
Section 1-2 of the Public Community | 11 | | College Act.
| 12 | | "Eligible institution" means an institution of higher | 13 | | learning, as defined in Section 10 of the Higher Education | 14 | | Student Assistance Act, whose students are eligible to receive | 15 | | benefits under Section 529(a)
of the Internal Revenue Code of | 16 | | 1986, as specified by the federal Small
Business Act of
1996 | 17 | | and subsequent amendments to this federal law.
| 18 | | "Illinois prepaid tuition contract" or "contract" means a | 19 | | contract entered
into between the State and a Purchaser under | 20 | | Section 45 to provide for the
higher education of a qualified | 21 | | beneficiary.
| 22 | | "Illinois prepaid tuition program" or "program" means the | 23 | | program created in
Section 15.
| 24 | | "Purchaser" means a person who makes or has contracted to | 25 | | make payments under
an Illinois prepaid tuition contract.
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| 1 | | "Public institution of higher education" means an Illinois | 2 | | public university
or Illinois community college.
| 3 | | "Nonpublic institution of higher education" means any | 4 | | eligible institution, other than a public institution of higher | 5 | | education.
| 6 | | "Qualified beneficiary" means (i) anyone who has been a | 7 | | resident of this
State for at least 12 months prior to the date | 8 | | of the contract, or (ii) a
nonresident, so long as the | 9 | | purchaser has been a resident of the State for at
least 12 | 10 | | months prior to the date of the contract, or (iii) any person | 11 | | less
than one year of age whose parent or legal guardian has | 12 | | been a resident of this
State for at least 12 months prior
to | 13 | | the date of the contract.
| 14 | | "Tuition" means the quarter or semester charges imposed on | 15 | | a qualified
beneficiary to attend an eligible institution.
| 16 | | "Mandatory Fees" means those quarter or semester fees | 17 | | imposed upon all
students enrolled at an eligible institution.
| 18 | | "Registration Fees" means the charges derived by combining | 19 | | tuition and
mandatory fees.
| 20 | | "Contract Unit" means 15 credit hours of instruction at an | 21 | | eligible
institution.
| 22 | | "Panel" means the investment advisory panel created under | 23 | | Section 20.
| 24 | | "Commission" means the Illinois Student Assistance | 25 | | Commission.
| 26 | | (Source: P.A. 96-1282, eff. 7-26-10.)
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| 1 | | (110 ILCS 979/15)
| 2 | | Sec. 15. Creation of Illinois prepaid tuition program. | 3 | | There is created
the Illinois prepaid tuition program to be | 4 | | administered by the Comptroller Illinois Student
Assistance | 5 | | Commission .
This program is to be administered so that the full | 6 | | cost of tuition
and mandatory fees at Illinois public | 7 | | universities and Illinois community
colleges may be paid in | 8 | | advance of enrollment
through the prior purchase of an Illinois | 9 | | prepaid tuition contract. The Comptroller
Commission may enter | 10 | | into contracts as may be
necessary to provide for | 11 | | administration of the program and shall develop and
implement | 12 | | rules and regulations necessary for the efficient | 13 | | administration of
the program.
| 14 | | All reasonable charges incidental to the administration of | 15 | | the program by the Comptroller
Commission shall be paid in the | 16 | | initial start-up period for the program's
operation from
the | 17 | | General Revenue Fund, pursuant to appropriations made for that | 18 | | purpose by
the General Assembly. Those charges and expenses in | 19 | | subsequent years shall be
paid exclusively from the Illinois | 20 | | Prepaid Tuition Trust Fund established by
Section 35 of this | 21 | | Act.
| 22 | | (Source: P.A. 90-546, eff. 12-1-97.)
| 23 | | (110 ILCS 979/20)
| 24 | | Sec. 20. Investment Advisory Panel. The Illinois prepaid |
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| 1 | | tuition
program shall be
administered by the Comptroller | 2 | | Illinois Student Assistance Commission , with advice and
| 3 | | counsel from an investment advisory panel appointed by the | 4 | | Comptroller Commission . The
Illinois
prepaid tuition program | 5 | | shall be administratively housed within the Comptroller's | 6 | | office Commission ,
and the investment advisory panel shall have | 7 | | such duties as are specified
in this Act.
| 8 | | The investment advisory panel shall consist of 7 members | 9 | | who are
appointed by the Comptroller
Commission , including one | 10 | | recommended by the State Treasurer, one recommended
by the | 11 | | State Comptroller, one recommended by the Director of the
| 12 | | Governor's Office of Management and Budget, and one recommended | 13 | | by the Executive Director of the Board of Higher
Education. | 14 | | Each panel member shall possess knowledge, skill, and | 15 | | experience in
at least one of the following areas of expertise: | 16 | | accounting, actuarial
practice, risk management, or investment | 17 | | management. Members shall serve
3-year terms except that, in | 18 | | making the initial appointments, the Comptroller Commission
| 19 | | shall appoint 2 members to serve for 2 years, 2 members to | 20 | | serve for 3 years,
and 3 members to serve for 4 years. Any | 21 | | person appointed to fill a vacancy on
the panel shall be | 22 | | appointed in a like manner and shall serve for only the
| 23 | | unexpired term. Investment advisory panel members shall be | 24 | | eligible for
reappointment
and shall serve until a successor is | 25 | | appointed and confirmed. Panel members
shall serve without | 26 | | compensation but shall be reimbursed for expenses. Before
being |
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| 1 | | installed as a member of the investment advisory panel, each | 2 | | nominee
shall file
verified written statements of economic | 3 | | interest with the Secretary of State as
required by the | 4 | | Illinois Governmental Ethics Act and with the Board of Ethics
| 5 | | as required by Executive Order of the Governor.
| 6 | | The investment advisory panel shall meet at least twice | 7 | | annually. At
least once each
year the Comptroller Commission | 8 | | Chairman shall designate a time and place at which the
| 9 | | investment advisory panel shall meet publicly with the | 10 | | Comptroller Illinois Student
Assistance
Commission to discuss | 11 | | issues and concerns relating to the Illinois prepaid
tuition | 12 | | program.
| 13 | | (Source: P.A. 94-793, eff. 5-19-06.)
| 14 | | (110 ILCS 979/25)
| 15 | | Sec. 25. Additional powers of the Comptroller Commission . | 16 | | The Comptroller Commission has the
following specific powers | 17 | | relating to administration of the Illinois prepaid
tuition | 18 | | program:
| 19 | | (1) To direct funds to be invested, if not required for | 20 | | immediate
disbursement.
| 21 | | (2) To require a reasonable length of State residence | 22 | | for qualified
beneficiaries of Illinois prepaid tuition | 23 | | contracts.
| 24 | | (3) To annually restrict the number of participants in | 25 | | any prepaid tuition
plan authorized by the Comptroller |
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| 1 | | Commission , provided that any person denied
participation
| 2 | | solely on the basis of such restriction shall be given | 3 | | priority consideration
when opportunities to participate | 4 | | in the plan are offered during the subsequent
year.
| 5 | | (4) To appropriately segregate contributions and | 6 | | payments to the Illinois
prepaid tuition program into | 7 | | various accounts and funds.
| 8 | | (5) To solicit and accept gifts, grants, loans, and | 9 | | other financial
assistance from any appropriate source, | 10 | | and to participate in any other way in
any governmental | 11 | | program that will carry out the express purposes of this
| 12 | | Section.
| 13 | | (6) To require and collect administrative fees and | 14 | | charges in connection
with any transaction and to impose | 15 | | reasonable penalties, including default, for
delinquent | 16 | | payments or for entering into an Illinois prepaid tuition | 17 | | contract
on a fraudulent basis.
| 18 | | (7) To impose reasonable time limits on use of the | 19 | | Illinois prepaid
tuition benefits provided by the program, | 20 | | so long as those limitations are
specified within the | 21 | | Illinois prepaid tuition contract.
| 22 | | (8) To indicate the terms and conditions under which | 23 | | Illinois prepaid
tuition contracts may be terminated and to | 24 | | impose reasonable fees and charges
for such termination, so | 25 | | long as those terms and conditions are specified
within the | 26 | | Illinois prepaid tuition contract.
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| 1 | | (9) To provide for the receipt of contributions to the | 2 | | program in lump sum
or installment payments.
| 3 | | (10) To require that purchasers of Illinois prepaid | 4 | | tuition contracts
verify in writing or by any other method | 5 | | acceptable to the Comptroller Commission any
requests for | 6 | | contract conversions, substitutions,
transfers, | 7 | | cancellations, refund requests, or contract changes of any | 8 | | nature.
| 9 | | (Source: P.A. 90-546, eff. 12-1-97.)
| 10 | | (110 ILCS 979/30)
| 11 | | Sec. 30. Investment Advisory Panel duties and | 12 | | responsibilities.
| 13 | | (a) Advice and review. The panel shall offer advice and | 14 | | counseling
regarding
the
investments of the Illinois prepaid | 15 | | tuition program with the objective of
obtaining the best | 16 | | possible return on investments consistent with actuarial
| 17 | | soundness of the
program. The panel is required to annually | 18 | | review and advise the Comptroller Commission
on provisions of | 19 | | the strategic investment plan for the prepaid tuition program.
| 20 | | The panel is also charged with reviewing and advising the | 21 | | Comptroller Commission with
regard to the annual report that | 22 | | describes the current financial condition of
the program. The | 23 | | panel at its own discretion also may advise the Comptroller | 24 | | Commission on
other aspects of the program.
| 25 | | (b) Investment plan. The Comptroller Commission annually |
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| 1 | | shall adopt
a comprehensive investment plan for purposes of | 2 | | this Section. The
comprehensive investment plan shall specify | 3 | | the investment policies to be
utilized by the Comptroller | 4 | | Commission in its administration of the Illinois Prepaid
| 5 | | Tuition Trust
Fund created by Section 35. The Comptroller | 6 | | Commission may direct that assets of those
Funds be placed in
| 7 | | savings accounts or may use the same to purchase fixed or | 8 | | variable life
insurance or annuity contracts, securities, | 9 | | evidence of indebtedness, or other
investment products | 10 | | pursuant to the comprehensive investment plan and in such
| 11 | | proportions as may be designated or approved under that plan.
| 12 | | The Comptroller Commission shall invest such assets with the | 13 | | care, skill, prudence, and
diligence under the circumstances | 14 | | then prevailing that a prudent man acting in
a like capacity | 15 | | and familiar with such matters would use in the conduct of an
| 16 | | enterprise of a like character with like aims, and the | 17 | | Comptroller Commission shall
diversify the investments of such | 18 | | assets so as to minimize the risk of large
losses, unless under | 19 | | the circumstances it is clearly prudent not to do so.
Those | 20 | | insurance,
annuity, savings, and investment products shall be | 21 | | underwritten and offered in
compliance with applicable federal | 22 | | and State laws, rules, and regulations
by persons who are | 23 | | authorized thereunder to provide those services. The
| 24 | | Commission shall delegate responsibility for preparing the | 25 | | comprehensive
investment plan to the Executive Director of the | 26 | | Commission. Nothing in this
Section shall
preclude the |
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| 1 | | Comptroller Commission from contracting with a private | 2 | | corporation or
institution to provide such services as may be a | 3 | | part of the comprehensive
investment plan or as may be deemed | 4 | | necessary for implementation of the
comprehensive investment | 5 | | plan, including, but not limited to, providing
consolidated | 6 | | billing, individual and collective record keeping and | 7 | | accounting,
and asset purchase, control, and safekeeping.
| 8 | | (c) Program management. The Comptroller Commission may not | 9 | | delegate its
management functions, but may arrange to | 10 | | compensate for personalized investment
advisory services | 11 | | rendered with respect to any or all of the investments under
| 12 | | its control an investment advisor registered under Section 8 of | 13 | | the Illinois
Securities Law of 1953 or any bank or other entity | 14 | | authorized by law to provide
those services. Nothing contained | 15 | | herein shall preclude the Comptroller Commission from
| 16 | | subscribing to general investment research services available | 17 | | for
purchase or use by others. The Comptroller Commission also | 18 | | shall have authority to
compensate
for accounting, computing, | 19 | | and other necessary services.
| 20 | | (d) Annual report. The Comptroller Commission shall | 21 | | annually prepare or cause to be
prepared a report setting forth | 22 | | in appropriate
detail an accounting of all Illinois prepaid | 23 | | tuition program funds and a
description of the financial | 24 | | condition of the program at the close of each
fiscal year. | 25 | | Included in this report shall be an evaluation by at least one
| 26 | | nationally recognized
actuary of the financial viability of the |
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| 1 | | program. This report
shall be submitted to the Governor, the | 2 | | President of
the Senate, the Speaker of the House of | 3 | | Representatives, the Auditor General,
and the Board of Higher | 4 | | Education on or before March 1 of the subsequent fiscal
year. | 5 | | This report also shall be made available to purchasers of | 6 | | Illinois
prepaid tuition contracts and shall contain complete | 7 | | Illinois prepaid tuition
contract sales information,
| 8 | | including, but not limited to, projected postsecondary | 9 | | enrollment data for
qualified beneficiaries.
| 10 | | (e) Marketing plan. Selection of a marketing agent for the | 11 | | Illinois
prepaid tuition program must be approved by the | 12 | | Comptroller Commission . At least once
every 3
years, the | 13 | | Comptroller Commission shall solicit proposals
for marketing | 14 | | of the Illinois prepaid tuition program in accordance with the
| 15 | | Illinois Securities Law of 1953 and any applicable provisions | 16 | | of federal law.
The entity designated pursuant to this | 17 | | paragraph shall serve as a centralized
marketing agent for the | 18 | | program and shall have exclusive responsibility for
marketing | 19 | | the program. No contract for marketing the Illinois prepaid | 20 | | tuition
program shall extend for longer than 3 years. Any | 21 | | materials produced for the
purpose of marketing the program | 22 | | shall be submitted to the Comptroller Executive Director
of the | 23 | | Commission for approval before they are made public. Any | 24 | | eligible
institution may distribute marketing materials | 25 | | produced for the program, so
long as the Comptroller Executive | 26 | | Director of the Commission approves the distribution in
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| 1 | | advance. Neither
the State nor the Comptroller Commission shall | 2 | | be liable for
misrepresentation of the program by a marketing | 3 | | agent.
| 4 | | (f) Accounting and audit. The Comptroller Commission shall | 5 | | annually cause to be
prepared an accounting of the trust and | 6 | | shall transmit a copy of the accounting
to the Governor, the | 7 | | President of the Senate, the Speaker of the
House, and the | 8 | | minority leaders of the Senate and House of
Representatives. | 9 | | The Comptroller Commission shall also make available this | 10 | | accounting of
the trust to any purchaser of an Illinois prepaid | 11 | | tuition contract, upon
request. The accounts of the Illinois | 12 | | prepaid tuition program shall be subject
to annual audits by | 13 | | the Auditor General or a certified public accountant
appointed | 14 | | by the Auditor General.
| 15 | | (Source: P.A. 96-1282, eff. 7-26-10.)
| 16 | | (110 ILCS 979/35)
| 17 | | Sec. 35. Illinois Prepaid Tuition Trust Fund.
| 18 | | (a) The Illinois Prepaid Tuition Trust Fund is created as | 19 | | the repository
of all moneys received by the Comptroller | 20 | | Commission in conjunction with the Illinois
prepaid
tuition | 21 | | program. The Illinois Prepaid Tuition Trust Fund also shall be | 22 | | the
official repository of all contributions, appropriations, | 23 | | interest and dividend
payments, gifts, or other financial | 24 | | assets received by the Comptroller Commission in
connection | 25 | | with operation of the Illinois prepaid tuition program. All |
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| 1 | | such
moneys shall be deposited in the Illinois Prepaid Tuition | 2 | | Trust Fund
and held by the State Treasurer as ex-officio | 3 | | custodian thereof, outside of the
State Treasury, separate and | 4 | | apart from all public moneys or funds of this
State.
| 5 | | All interest or other earnings accruing or received on | 6 | | amounts in the
Illinois Prepaid
Tuition Trust Fund shall be | 7 | | credited to and retained by the Fund. Moneys,
interest, or | 8 | | other earnings paid into the Fund shall not be transferred or
| 9 | | allocated by the Commission, the State Treasurer , or the State
| 10 | | Comptroller
to any other fund, nor shall the Governor authorize | 11 | | any such transfer or
allocation,
while any contracts are | 12 | | outstanding. The State Comptroller shall not offset
moneys paid | 13 | | to institutions from the Illinois Prepaid Tuition Trust Fund
| 14 | | (unless the Trust Fund
moneys are used for child support).
In
| 15 | | addition, no
moneys,
interest, or
other earnings paid into the | 16 | | Fund shall be used, temporarily or otherwise, for
interfund | 17 | | borrowing or be
otherwise used or appropriated except as | 18 | | expressly authorized in this Act.
| 19 | | The Illinois Prepaid Tuition Trust Fund and each individual | 20 | | participant
account that
may be created in that Fund in | 21 | | conjunction with the Illinois prepaid tuition
program shall be | 22 | | subject to audit in the same manner as funds and accounts
| 23 | | belonging to
the State of Illinois and shall be protected by | 24 | | the official bond given by the
State Treasurer.
| 25 | | (b) The Comptroller Commission from time to time shall | 26 | | direct the State Treasurer to
invest moneys in the Illinois |
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| 1 | | Prepaid Tuition Trust Fund that are not needed
for immediate | 2 | | disbursement, in accordance with provisions of the investment
| 3 | | plan approved by the Comptroller Commission .
| 4 | | (c) The Comptroller Executive Director of the Commission | 5 | | shall, at such times and in
such amounts as shall
be necessary, | 6 | | prepare and send to the State Comptroller vouchers requesting
| 7 | | payment from the Illinois Prepaid Tuition Trust Fund for: (i) | 8 | | registration fee
payments to eligible institutions on behalf of | 9 | | qualified beneficiaries of
Illinois
prepaid tuition contracts, | 10 | | and (ii) payments associated with administration of
the | 11 | | Illinois prepaid tuition program.
| 12 | | (d) The Governor shall indicate in a separate document | 13 | | submitted concurrent
with each annual State budget the | 14 | | estimated
amount of moneys in the Illinois Prepaid Tuition | 15 | | Trust Fund which shall be
necessary and sufficient, during that | 16 | | State fiscal year, to discharge all
obligations anticipated | 17 | | under Illinois prepaid tuition contracts. The Governor
also | 18 | | shall indicate in a separate document submitted concurrent with | 19 | | each
annual State budget the amount of moneys from the
Illinois | 20 | | Prepaid Tuition Trust Fund necessary to cover anticipated | 21 | | expenses
associated with administration of the program.
The | 22 | | Comptroller Commission shall obtain concurrence from a | 23 | | nationally recognized actuary
as to all amounts necessary for | 24 | | the program to meet its obligations. These
amounts shall be | 25 | | certified annually to the Governor by the Comptroller | 26 | | Commission no later
than January 30.
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| 1 | | During the first 18 months of operation of the Illinois | 2 | | prepaid tuition
program,
the Governor shall request an | 3 | | appropriation to the Comptroller Commission from general
funds | 4 | | sufficient to pay for start-up costs associated with | 5 | | establishment of the
program.
This appropriation constitutes a | 6 | | loan that shall be repaid to the General
Revenue Fund within 5 | 7 | | years by the Comptroller Commission from prepaid tuition | 8 | | program
contributions.
Subsequent program administrative costs | 9 | | shall be provided from
reasonable fees and charges equitably | 10 | | assessed to purchasers of prepaid tuition
contracts.
| 11 | | (e) If the Comptroller Commission determines that there are | 12 | | insufficient moneys in
the Illinois Prepaid Tuition Trust Fund | 13 | | to pay contractual obligations in the
next succeeding fiscal | 14 | | year, the Comptroller Commission shall certify the amount | 15 | | necessary
to meet these obligations to the Board of Higher | 16 | | Education, the Governor, the
President of the Senate, and the
| 17 | | Speaker of the House of
Representatives. The Governor shall | 18 | | submit the amount so certified to the
General Assembly as soon | 19 | | as practicable, but no later than the end of the
current State | 20 | | fiscal year.
| 21 | | (f) In the event the Comptroller Commission , with the | 22 | | concurrence of the
Governor, determines the program to be | 23 | | financially infeasible, the Comptroller Commission
may | 24 | | discontinue, prospectively, the operation of the program. Any | 25 | | qualified
beneficiary who has been accepted by and is enrolled | 26 | | or will within 5 years
enroll at an eligible institution shall |
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| 1 | | be entitled to
exercise the complete benefits specified in the | 2 | | Illinois prepaid tuition
contract. All other contract holders | 3 | | shall receive an appropriate refund of
all contributions and | 4 | | accrued interest up to the time that the program is
| 5 | | discontinued.
| 6 | | (Source: P.A. 96-1282, eff. 7-26-10.)
| 7 | | (110 ILCS 979/45)
| 8 | | Sec. 45. Illinois prepaid tuition contracts.
| 9 | | (a) The Comptroller Commission may enter into an Illinois | 10 | | prepaid tuition contract with
a purchaser under which the | 11 | | Comptroller Commission contracts on behalf of the State to pay
| 12 | | full tuition and mandatory fees at an Illinois public | 13 | | university or Illinois
community college for a qualified | 14 | | beneficiary to attend the eligible
institution to which the | 15 | | qualified beneficiary is admitted. Each
contract shall contain | 16 | | terms, conditions, and provisions that the Comptroller | 17 | | Commission
determines to be necessary for ensuring the | 18 | | educational objectives and
sustainable financial viability of | 19 | | the Illinois prepaid tuition program.
| 20 | | (b) Each contract shall have one designated purchaser and | 21 | | one designated
qualified beneficiary. Unless otherwise | 22 | | specified in the contract, the
purchaser
owns the contract and | 23 | | retains any tax liability for its assets only until the
first | 24 | | distribution of benefits. Contracts shall be purchased in units | 25 | | of 15 credit
hours.
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| 1 | | (c) Without exception, benefits may be received by a | 2 | | qualified beneficiary
of an Illinois prepaid tuition contract | 3 | | no earlier than 3 years from the date
the contract is | 4 | | purchased.
| 5 | | (d) A prepaid tuition contract shall contain, but is not | 6 | | limited to,
provisions for (i) refunds or withdrawals in | 7 | | certain circumstances, with or
without interest or penalties;
| 8 | | (ii) conversion of the contract at the time of distribution | 9 | | from accrued
prepayment value at one type of eligible | 10 | | institution to the accrued
prepayment value at a different type | 11 | | of eligible institution; (iii)
portability of the accrued value | 12 | | of the prepayment value for use at an eligible institution | 13 | | located outside this State
; (iv) transferability of the | 14 | | contract
benefits within the qualified beneficiary's immediate | 15 | | family; and (v) a
specified benefit period during which the | 16 | | contract may be redeemed.
| 17 | | (e) Each Illinois prepaid tuition contract also shall | 18 | | contain, at minimum,
all of
the following:
| 19 | | (1) The amount of payment or payments and the number of | 20 | | payments required
from a purchaser on behalf of a qualified | 21 | | beneficiary.
| 22 | | (2) The terms and conditions under which purchasers | 23 | | shall remit payments,
including, but not limited to, the | 24 | | date or dates upon which each payment shall
be due.
| 25 | | (3) Provisions for late payment charges and for | 26 | | default.
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| 1 | | (4) Provisions for penalty fees payable incident to an | 2 | | authorized
withdrawal.
| 3 | | (5) The name, date of birth, and social security number | 4 | | of the qualified
beneficiary on whose behalf the contract | 5 | | is drawn and the terms and conditions
under which the | 6 | | contract may be transferred to another qualified | 7 | | beneficiary.
| 8 | | (6) The name and social security number of any person | 9 | | who may
terminate the contract, together with terms that | 10 | | specify whether the contract
may be terminated by the
| 11 | | purchaser, the qualified beneficiary, a specific | 12 | | designated person, or any
combination of these persons.
| 13 | | (7) The terms and conditions under which a contract may | 14 | | be terminated, the
name and social security number of the | 15 | | person entitled to any refund due as a
result of the | 16 | | termination of the contract pursuant to those terms and
| 17 | | conditions,
and the method for determining the amount of a | 18 | | refund.
| 19 | | (8) The time limitations, if any, within which the | 20 | | qualified beneficiary
must claim his or her benefits | 21 | | through the program.
| 22 | | (9) Other terms and conditions determined by the | 23 | | Comptroller Commission to be
appropriate.
| 24 | | (f) In addition to the contract provisions set forth in | 25 | | subsection (e), each
Illinois prepaid tuition contract shall | 26 | | include:
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| 1 | | (1) The number of credit hours contracted by the | 2 | | purchaser.
| 3 | | (2) The type of eligible institution and the prepaid | 4 | | tuition plan
toward which the credit hours shall be | 5 | | applied.
| 6 | | (3) The explicit contractual obligation of the | 7 | | Comptroller Commission to the qualified
beneficiary to | 8 | | provide a specific number of credit hours of undergraduate
| 9 | | instruction at an eligible institution, not to exceed the | 10 | | maximum number of
credit hours required for the conference | 11 | | of a degree that corresponds to the
plan purchased on | 12 | | behalf of the qualified beneficiary.
| 13 | | (g) The Comptroller Commission shall indicate by rule the | 14 | | conditions under which refunds
are payable to a contract | 15 | | purchaser. Generally, no refund shall exceed the
amount paid | 16 | | into the Illinois Prepaid Tuition Trust Fund by the purchaser. | 17 | | In
the event that a contract is converted from a Public | 18 | | University Plan described
in subsection (j) of this Section to | 19 | | a Community College Plan described in
subsection (k) of this | 20 | | Section, the refund amount shall be reduced
by the amount | 21 | | transferred to the Illinois community college on behalf of the
| 22 | | qualified beneficiary. Except where the Comptroller Commission | 23 | | may otherwise rule, refunds
may exceed the amount paid into the | 24 | | Illinois Prepaid Tuition Trust Fund only
under the following | 25 | | circumstances:
| 26 | | (1) If the qualified beneficiary is awarded a grant or |
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| 1 | | scholarship at a
public institution of higher education, | 2 | | the
terms of
which duplicate the benefits included in the | 3 | | Illinois prepaid tuition contract,
then moneys paid for the | 4 | | purchase of the contract shall be returned to the
| 5 | | purchaser, upon request, in semester installments that | 6 | | coincide with the
matriculation by the
qualified | 7 | | beneficiary, in an amount equal to the current cost
of | 8 | | tuition
and mandatory fees at the public institution of | 9 | | higher education where the qualified
beneficiary is | 10 | | enrolled.
| 11 | | (1.5) If the qualified beneficiary is awarded a grant | 12 | | or scholarship
while enrolled at either an eligible | 13 | | nonpublic institution of higher
education or an eligible | 14 | | public or private out-of-state higher education
| 15 | | institution, the terms of which duplicate the benefits | 16 | | included in the
Illinois prepaid tuition contract, then | 17 | | money paid for the purchase of the
contract shall be | 18 | | returned to the purchaser, upon request, in semester
| 19 | | installments that coincide with the matriculation by the | 20 | | qualified
beneficiary. The amount paid shall not exceed the | 21 | | current average
mean-weighted credit hour value of the | 22 | | registration fees purchased
under the contract.
| 23 | | (2) In the event of the death or total disability of | 24 | | the qualified
beneficiary, moneys paid for the purchase of | 25 | | the Illinois prepaid tuition
contract shall be returned to | 26 | | the purchaser together with all accrued earnings.
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| 1 | | (3) If an Illinois prepaid tuition contract is | 2 | | converted from a Public
University Plan to a Community | 3 | | College Plan, then the amount refunded shall be
the value | 4 | | of the original Illinois prepaid tuition contract minus the | 5 | | value of
the contract after conversion.
| 6 | | No refund shall be authorized under an Illinois prepaid | 7 | | tuition contract for
any semester partially attended but not | 8 | | completed.
| 9 | | The Comptroller Commission , by rule, shall set forth | 10 | | specific procedures for
making contract payments in | 11 | | conjunction with grants and scholarships awarded to
contract | 12 | | beneficiaries.
| 13 | | Moneys paid into or out of the Illinois Prepaid Tuition | 14 | | Trust Fund by or on
behalf of the purchaser or the qualified | 15 | | beneficiary of an Illinois prepaid
tuition contract are exempt | 16 | | from all claims of creditors of the purchaser or
beneficiary, | 17 | | so long as the contract has not been terminated.
| 18 | | The State or any State agency, county, municipality, or | 19 | | other political
subdivision, by contract or collective | 20 | | bargaining agreement, may agree with any
employee to remit | 21 | | payments toward the purchase of Illinois
prepaid tuition | 22 | | contracts through payroll deductions made by the appropriate
| 23 | | officer or officers of the entity making the payments. Such | 24 | | payments shall be
held and administered in accordance with this | 25 | | Act.
| 26 | | (h) Nothing in this Act shall be construed as a promise or |
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| 1 | | guarantee that a
qualified beneficiary will be admitted to an | 2 | | eligible institution or to a
particular eligible institution, | 3 | | will be allowed to continue enrollment at an eligible
| 4 | | institution after admission, or will be graduated from an | 5 | | eligible institution.
| 6 | | (i) The Comptroller Commission shall develop and make | 7 | | prepaid tuition contracts
available under a minimum of at least | 8 | | 2 independent plans to be known as the
Public University Plan | 9 | | and the Community College Plan.
| 10 | | Contracts shall be purchased in units of 15 credit hours at | 11 | | either an
Illinois public university or an Illinois community | 12 | | college.
The minimum purchase amount per qualified beneficiary | 13 | | shall be one unit or 15
credit hours. The maximum purchase | 14 | | amount shall be 9 units (or 135 credit
hours) for the Public | 15 | | University Plan and 4 units (or 60 credit hours) for the
| 16 | | Community College Plan.
| 17 | | (j) Public University Plan. Through the Public University | 18 | | Plan, the
Illinois prepaid tuition contract shall provide | 19 | | prepaid registration fees,
which include full tuition costs as | 20 | | well as mandatory fees, for a specified
number of undergraduate | 21 | | credit hours, not to exceed the maximum number of
credit hours | 22 | | required for the conference of a baccalaureate degree. In
| 23 | | determining the cost of participation in the Public University | 24 | | Plan, the Comptroller
Commission shall reference the combined | 25 | | mean-weighted current registration fees
from Illinois public | 26 | | universities.
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| 1 | | In the event that a qualified beneficiary for whatever | 2 | | reason chooses to
attend an Illinois community college, the | 3 | | qualified beneficiary may convert the
average number of credit | 4 | | hours required for the conference of an associate
degree from | 5 | | the Public University Plan to the Community College
Plan and | 6 | | may retain the remaining Public University Plan credit hours or | 7 | | may
request a refund for prepaid credit hours in excess of | 8 | | those required for
conference of an associate degree. In | 9 | | determining the amount of any refund,
the Comptroller | 10 | | Commission also shall recognize the current relative credit | 11 | | hour cost of
the 2 plans when making any conversion.
| 12 | | Qualified beneficiaries shall bear the cost of any | 13 | | laboratory or other
non-mandatory fees associated with | 14 | | enrollment in specific courses. Qualified
beneficiaries who | 15 | | are not Illinois residents shall bear the difference in
cost | 16 | | between in-state registration fees guaranteed by the prepaid | 17 | | tuition
contract and tuition and other charges assessed upon | 18 | | out-of-state students by
the eligible institution.
| 19 | | (k) Community College Plan. Through the Community College | 20 | | Plan, the
Illinois prepaid tuition contract shall provide | 21 | | prepaid registration fees,
which include full tuition costs as | 22 | | well as mandatory fees, for a specified
number of undergraduate | 23 | | credit hours, not to exceed the maximum number of
credit hours | 24 | | required for the conference of an associate degree. In
| 25 | | determining the cost of participation in the Community College | 26 | | Plan, the Comptroller
Commission shall reference the combined |
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| 1 | | mean-weighted current registration fees
from all Illinois | 2 | | community colleges.
| 3 | | In the event that a qualified beneficiary for whatever | 4 | | reason chooses to
attend an Illinois public university, the | 5 | | qualified beneficiary's prepaid
tuition contract shall be | 6 | | converted for use at that Illinois public university
by | 7 | | referencing the current average mean-weighted credit hour | 8 | | value of
registration fees at Illinois community colleges | 9 | | relative to the corresponding
value of registration fees at | 10 | | Illinois public universities.
| 11 | | Qualified beneficiaries shall bear the cost of any | 12 | | laboratory or other
non-mandatory fees associated with | 13 | | enrollment in specific courses. Qualified
beneficiaries who | 14 | | are not Illinois residents shall bear the difference in
cost | 15 | | between in-state registration fees guaranteed by the prepaid | 16 | | tuition
contract and tuition and other charges assessed upon | 17 | | out-of-state students by
the eligible institution.
| 18 | | (l) A qualified beneficiary may apply the benefits of any | 19 | | Illinois prepaid
tuition contract toward a nonpublic | 20 | | institution of higher education. In the
event that a qualified | 21 | | beneficiary for whatever reason chooses to attend a
nonpublic | 22 | | institution of higher education, the qualified beneficiary's | 23 | | prepaid
tuition contract shall be converted for use at that | 24 | | nonpublic institution of
higher education by referencing the | 25 | | current average mean-weighted credit hour
value of | 26 | | registration fees purchased under the
contract. The |
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| 1 | | Comptroller Commission shall
transfer, or cause to have | 2 | | transferred, this amount, less a transfer fee, to
the nonpublic | 3 | | institution on behalf of the beneficiary. In the event that the
| 4 | | cost of registration charged to the beneficiary at the | 5 | | nonpublic institution of
higher education is less than the | 6 | | aggregate value of the Illinois prepaid
tuition contract, any | 7 | | remaining amount shall be transferred in subsequent
semesters | 8 | | until the transfer value is fully depleted.
| 9 | | (m) A qualified beneficiary may apply the benefits of any | 10 | | Illinois prepaid
tuition contract toward an eligible | 11 | | out-of-state college or university.
Institutional eligibility | 12 | | for out-of-state colleges and universities shall be
determined | 13 | | by the Comptroller Commission according to standards | 14 | | substantially equivalent to those for an eligible institution | 15 | | located in this State, as described in the definition of | 16 | | "institution of higher learning" in Section 10 of the Higher | 17 | | Education Student Assistance Act.
In the
event that a qualified | 18 | | beneficiary for whatever reason chooses to attend an
eligible | 19 | | out-of-state college or university, the qualified | 20 | | beneficiary's
prepaid tuition contract shall be converted for | 21 | | use at that college or
university by referencing the current | 22 | | average mean-weighted credit hour value
of registration fees | 23 | | purchased under the contract. The Comptroller Commission shall
| 24 | | transfer, or cause to have
transferred, this amount, less a | 25 | | transfer fee, to the college or university on
behalf of the | 26 | | beneficiary. In the event that the cost of registration charged
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| 1 | | to the beneficiary at the eligible out-of-state college or | 2 | | university is less
than the aggregate value of the Illinois | 3 | | prepaid tuition contract, any
remaining amount shall be | 4 | | transferred in subsequent semesters until the
transfer value is | 5 | | fully depleted.
| 6 | | (n) Illinois prepaid tuition contracts may be purchased | 7 | | either by lump sum
or by installments. No penalty shall be | 8 | | assessed for early
payment of installment contracts.
| 9 | | (o) The Comptroller Commission shall annually adjust the | 10 | | price of new contracts, in
accordance with the annual changes | 11 | | in registration fees at Illinois public
universities and | 12 | | community colleges.
| 13 | | (Source: P.A. 95-217, eff. 8-16-07; 96-1282, eff. 7-26-10.)
| 14 | | (110 ILCS 979/50)
| 15 | | Sec. 50. Confidentiality and disclosure. Information that | 16 | | (i) identifies
the purchasers or qualified beneficiaries of any | 17 | | Illinois prepaid tuition
contract or any terms or provisions of | 18 | | any such contract as those terms and
provisions relate to a | 19 | | particular purchaser or qualified beneficiary, or (ii)
| 20 | | discloses any other matter relating to the participation of any | 21 | | such purchaser
or qualified beneficiary in the Illinois prepaid | 22 | | tuition program or in any
independent plan under which that | 23 | | program is administered, is exempt from
inspection, copying, or | 24 | | disclosure under the Freedom of Information Act.
The | 25 | | Comptroller Commission may authorize the program's records |
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| 1 | | administrator to release
such information to appropriate | 2 | | personnel at the eligible institution at
which the beneficiary | 3 | | may enroll or is enrolled
or to another state
or federal | 4 | | agency, for purposes that the Comptroller Commission deems | 5 | | appropriate, in
accordance with applicable state and federal | 6 | | law.
However, any such institution
or agency to which that | 7 | | information is released shall ensure the continued
| 8 | | confidentiality of the information.
| 9 | | (Source: P.A. 96-1282, eff. 7-26-10.)
| 10 | | (110 ILCS 979/60)
| 11 | | Sec. 60. Securities Registration Exemption. Illinois | 12 | | prepaid tuition
contracts shall be exempt from registration | 13 | | under the Illinois Securities Law
of 1953. However no contract | 14 | | may be sold or otherwise transferred by the
purchaser or | 15 | | qualified beneficiary without the prior approval of the | 16 | | Comptroller
Commission ,
except in accordance with the terms | 17 | | explicitly set forth in the contract.
| 18 | | (Source: P.A. 90-546, eff. 12-1-97.)
| 19 | | (110 ILCS 979/75 new) | 20 | | Sec. 75. Successor agency. For purposes of the Successor | 21 | | Agency Act and Section 9b of the State Finance Act, the office | 22 | | of the Comptroller is the successor to the Illinois Student | 23 | | Assistance Commission for purposes of this Act. The office of | 24 | | the Comptroller succeeds to and assumes all powers,
duties,
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| 1 | | rights, responsibilities, personnel, assets, liabilities, and | 2 | | indebtedness of
the Illinois Student Assistance Commission | 3 | | under this Act.
Any reference in any law, rule, form,
or other | 4 | | document to the Illinois Student Assistance Commission with | 5 | | respect to this Act is deemed to be a reference to
the office | 6 | | of the Comptroller.
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.".
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