Full Text of sb2185 97th General Assembly
SB2185sam001 97TH GENERAL ASSEMBLY | Sen. John J. Cullerton Filed: 5/3/2011
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| 1 | | AMENDMENT TO SENATE BILL 2185
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2185 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 1. 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. The | 8 | | College Savings Pool must be available to any individual with a | 9 | | valid social security number or taxpayer identification number | 10 | | for the benefit of any individual with a valid social security | 11 | | number or taxpayer identification number, unless a contract in | 12 | | effect on the effective date of this amendatory Act of the 97th | 13 | | General Assembly does not allow for taxpayer identification | 14 | | numbers, in which case taxpayer identification numbers must be | 15 | | allowed upon the expiration of the contract.
| 16 | | New accounts in the College Savings Pool may be processed | 17 | | through
participating financial institutions. "Participating | 18 | | financial institution",
as used in this Section, means any | 19 | | financial institution insured by the Federal
Deposit Insurance | 20 | | Corporation and lawfully doing business in the State of
| 21 | | Illinois and any credit union approved by the State Treasurer | 22 | | and lawfully
doing business in the State of Illinois that | 23 | | agrees to process new accounts in
the College Savings Pool. | 24 | | Participating financial institutions may charge a
processing | 25 | | fee to participants to open an account in the pool that shall | 26 | | not
exceed $30 until the year 2001. Beginning in 2001 and every |
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| 1 | | year thereafter,
the maximum fee limit shall be adjusted by the | 2 | | Treasurer based on the Consumer
Price Index for the North | 3 | | Central Region as published by the United States
Department of | 4 | | Labor, Bureau of Labor Statistics for the immediately preceding
| 5 | | calendar year. Every contribution received by a financial | 6 | | institution for
investment in the College Savings Pool shall be | 7 | | transferred from the financial
institution to a location | 8 | | selected by the State Treasurer within one business
day | 9 | | following the day that the funds must be made available in | 10 | | accordance with
federal law. All communications from the State | 11 | | Treasurer to participants and donors shall
reference the | 12 | | participating financial institution at which the account was
| 13 | | processed.
| 14 | | The Treasurer may invest the moneys in the College Savings | 15 | | Pool in the same
manner and in the same types of investments
| 16 | | provided for the investment of moneys by the Illinois State | 17 | | Board of
Investment. To enhance the safety and liquidity of the | 18 | | College Savings Pool,
to ensure the diversification of the | 19 | | investment portfolio of the pool, and in
an effort to keep | 20 | | investment dollars in the State of Illinois, the State
| 21 | | Treasurer may make a percentage of each account available for | 22 | | investment in
participating financial institutions doing | 23 | | business in the State. The State
Treasurer may deposit with the | 24 | | participating financial institution at which
the account was | 25 | | processed the following percentage of each account at a
| 26 | | prevailing rate offered by the institution, provided that the |
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| 1 | | deposit is
federally insured or fully collateralized and the | 2 | | institution accepts the
deposit: 10% of the total amount of | 3 | | each account for which the current age of
the beneficiary is | 4 | | less than 7 years of age, 20% of the total amount of each
| 5 | | account for which the beneficiary is at least 7 years of age | 6 | | and less than 12
years of age, and 50% of the total amount of | 7 | | each account for which the current
age of the beneficiary is at | 8 | | least 12 years of age.
The Treasurer shall develop, publish, | 9 | | and implement an investment policy
covering the investment of | 10 | | the moneys in the College Savings Pool. The policy
shall be | 11 | | published (i) at least once each year in at least one newspaper | 12 | | of
general circulation in both Springfield and Chicago and (ii) | 13 | | each year as part
of the audit of the College Savings Pool by | 14 | | the Auditor General, which shall be
distributed to all | 15 | | participants. The Treasurer shall notify all participants
in | 16 | | writing, and the Treasurer shall publish in a newspaper of | 17 | | general
circulation in both Chicago and Springfield, any | 18 | | changes to the previously
published investment policy at least | 19 | | 30 calendar days before implementing the
policy. Any investment | 20 | | policy adopted by the Treasurer shall be reviewed and
updated | 21 | | if necessary within 90 days following the date that the State | 22 | | Treasurer
takes office.
| 23 | | Participants shall be required to use moneys distributed | 24 | | from the College
Savings Pool for qualified expenses at | 25 | | eligible educational institutions.
"Qualified expenses", as | 26 | | used in this Section, means the following: (i)
tuition, fees, |
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| 1 | | and the costs of books, supplies, and equipment required for
| 2 | | enrollment or attendance at an eligible educational | 3 | | institution and (ii)
certain room and board expenses incurred | 4 | | while attending an eligible
educational institution at least | 5 | | half-time. "Eligible educational
institutions", as used in | 6 | | this Section, means public and private colleges,
junior | 7 | | colleges, graduate schools, and certain vocational | 8 | | institutions that are
described in Section 481 of the Higher | 9 | | Education Act of 1965 (20 U.S.C. 1088)
and that are eligible to | 10 | | participate in Department of Education student aid
programs. A | 11 | | student shall be considered to be enrolled at
least half-time | 12 | | if the student is enrolled for at least half the full-time
| 13 | | academic work load for the course of study the student is | 14 | | pursuing as
determined under the standards of the institution | 15 | | at which the student is
enrolled. Distributions made from the | 16 | | pool for qualified expenses shall be
made directly to the | 17 | | eligible educational institution, directly to a vendor, or
in | 18 | | the form of a check payable to both the beneficiary and the | 19 | | institution or
vendor. Any moneys that are distributed in any | 20 | | other manner or that are used
for expenses other than qualified | 21 | | expenses at an eligible educational
institution shall be | 22 | | subject to a penalty of 10% of the earnings unless the
| 23 | | beneficiary dies, becomes disabled, or receives a scholarship | 24 | | that equals or
exceeds the distribution. Penalties shall be | 25 | | withheld at the time the
distribution is made.
| 26 | | The Treasurer shall limit the contributions that may be |
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| 1 | | made on behalf of a
designated beneficiary based on the | 2 | | limitations established by the Internal Revenue Service. The | 3 | | contributions made on behalf of a
beneficiary who is also a | 4 | | beneficiary under the Illinois Prepaid Tuition
Program shall be | 5 | | further restricted to ensure that the contributions in both
| 6 | | programs combined do not exceed the limit established for the | 7 | | College Savings
Pool. The Treasurer shall provide the Illinois | 8 | | Student Assistance Commission
each year at a time designated by | 9 | | the Commission, an electronic report of all
participant | 10 | | accounts in the Treasurer's College Savings Pool, listing total
| 11 | | contributions and disbursements from each individual account | 12 | | during the
previous calendar year. As soon thereafter as is | 13 | | possible following receipt of
the Treasurer's report, the | 14 | | Illinois Student Assistance Commission shall, in
turn, provide | 15 | | the Treasurer with an electronic report listing those College
| 16 | | Savings Pool participants who also participate in the State's | 17 | | prepaid tuition
program, administered by the Commission. The | 18 | | Commission shall be responsible
for filing any combined tax | 19 | | reports regarding State qualified savings programs
required by | 20 | | the United States Internal Revenue Service. The Treasurer shall
| 21 | | work with the Illinois Student Assistance Commission to | 22 | | coordinate the
marketing of the College Savings Pool and the | 23 | | Illinois Prepaid Tuition
Program when considered beneficial by | 24 | | the Treasurer and the Director of the
Illinois Student | 25 | | Assistance
Commission. The Treasurer's office shall not | 26 | | publicize or otherwise market the
College Savings Pool or |
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| 1 | | accept any moneys into the College Savings Pool prior
to March | 2 | | 1, 2000. The Treasurer shall provide a separate accounting for | 3 | | each
designated beneficiary to each participant, the Illinois | 4 | | Student Assistance
Commission, and the participating financial | 5 | | institution at which the account
was processed. No interest in | 6 | | the program may be pledged as security for a
loan. Moneys held | 7 | | in an account invested in the Illinois College Savings Pool | 8 | | shall be exempt from all claims of the creditors of the | 9 | | participant, donor, or designated beneficiary of that account, | 10 | | except for the non-exempt College Savings Pool transfers to or | 11 | | from the account as defined under subsection (j) of Section | 12 | | 12-1001 of the Code of Civil Procedure (735 ILCS 5/12-1001(j)).
| 13 | | The assets of the College Savings Pool and its income and | 14 | | operation shall
be exempt from all taxation by the State of | 15 | | Illinois and any of its
subdivisions. The accrued earnings on | 16 | | investments in the Pool once disbursed
on behalf of a | 17 | | designated beneficiary shall be similarly exempt from all
| 18 | | taxation by the State of Illinois and its subdivisions, so long | 19 | | as they are
used for qualified expenses. Contributions to a | 20 | | College Savings Pool account
during the taxable year may be | 21 | | deducted from adjusted gross income as provided
in Section 203 | 22 | | of the Illinois Income Tax Act. The provisions of this
| 23 | | paragraph are exempt from Section 250 of the Illinois Income | 24 | | Tax Act.
| 25 | | The Treasurer shall adopt rules he or she considers | 26 | | necessary for the
efficient administration of the College |
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| 1 | | Savings Pool. The rules shall provide
whatever additional | 2 | | parameters and restrictions are necessary to ensure that
the | 3 | | College Savings Pool meets all of the requirements for a | 4 | | qualified state
tuition program under Section 529 of the | 5 | | Internal Revenue Code (26 U.S.C. 529).
The rules shall provide | 6 | | for the administration expenses of the pool to be paid
from its | 7 | | earnings and for the investment earnings in excess of the | 8 | | expenses and
all moneys collected as penalties to be credited | 9 | | or paid monthly to the several
participants in the pool in a | 10 | | manner which equitably reflects the differing
amounts of their | 11 | | respective investments in the pool and the differing periods
of | 12 | | time for which those amounts were in the custody of the pool. | 13 | | Also, the
rules shall require the maintenance of records that | 14 | | enable the Treasurer's
office to produce a report for each | 15 | | account in the pool at least annually that
documents the | 16 | | account balance and investment earnings. Notice of any proposed
| 17 | | amendments to the rules and regulations shall be provided to | 18 | | all participants
prior to adoption. Amendments to rules and | 19 | | regulations shall apply only to
contributions made after the | 20 | | adoption of the amendment.
| 21 | | Upon creating the College Savings Pool, the State Treasurer | 22 | | shall give bond
with 2 or more sufficient sureties, payable to | 23 | | and for the benefit of the
participants in the College Savings | 24 | | Pool, in the penal sum of $1,000,000,
conditioned upon the | 25 | | faithful discharge of his or her duties in relation to
the | 26 | | College Savings Pool.
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| 1 | | (Source: P.A. 95-23, eff. 8-3-07; 95-306, eff. 1-1-08; 95-521, | 2 | | eff. 8-28-07; 95-876, eff. 8-21-08.)
| 3 | | Section 3. The School Code is amended by changing Section | 4 | | 21-25 as follows:
| 5 | | (105 ILCS 5/21-25) (from Ch. 122, par. 21-25)
| 6 | | Sec. 21-25. School service personnel certificate.
| 7 | | (a) For purposes of this Section, "school service | 8 | | personnel" means persons employed and performing appropriate | 9 | | services in an Illinois public or State-operated elementary | 10 | | school, secondary school, or cooperative or joint agreement | 11 | | with a governing body or board of control or a charter school | 12 | | operating in compliance with the Charter Schools Law in a | 13 | | position requiring a school service personnel certificate. | 14 | | Subject to the provisions of Section 21-1a, a school | 15 | | service
personnel certificate shall be issued to those | 16 | | applicants of good
character, good health, a citizen of the | 17 | | United States and at least 19
years of age who have a | 18 | | Bachelor's degree with not fewer than 120
semester hours from a | 19 | | regionally accredited institution of higher learning and
who | 20 | | meets the requirements established by the State Superintendent | 21 | | of
Education in consultation with the State Teacher | 22 | | Certification Board. A
school service personnel certificate | 23 | | with a school nurse endorsement may be
issued to a person who | 24 | | holds a bachelor of science degree from an institution
of |
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| 1 | | higher learning accredited by the North Central Association or | 2 | | other
comparable regional accrediting association.
Persons | 3 | | seeking any other endorsement on the school service personnel
| 4 | | certificate shall be recommended for the endorsement by a | 5 | | recognized teacher
education institution as having completed a | 6 | | program of preparation approved by
the State Superintendent of | 7 | | Education in consultation with the State Teacher
Certification | 8 | | Board.
| 9 | | (b) Until August 30, 2002, a school service personnel | 10 | | certificate endorsed
for school social work may be issued to a | 11 | | student who has completed a school
social work program that has | 12 | | not been approved by the State Superintendent of
Education, | 13 | | provided that each of the following conditions is met:
| 14 | | (1) The program was offered by a recognized, public | 15 | | teacher education
institution that first enrolled students | 16 | | in its master's degree program in
social work in 1998;
| 17 | | (2) The student applying for the school service | 18 | | personnel certificate was
enrolled in the institution's | 19 | | master's degree program in social work on or
after May 11, | 20 | | 1998;
| 21 | | (3) The State Superintendent verifies that the student | 22 | | has completed
coursework that is substantially similar to | 23 | | that required in approved school
social work programs, | 24 | | including (i) not fewer than 600 clock hours of a
| 25 | | supervised internship in a school setting or (ii) if the | 26 | | student has completed
part of a supervised internship in a |
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| 1 | | school setting prior to the effective date
of this | 2 | | amendatory Act of the 92nd General Assembly and receives | 3 | | the prior
approval of the State Superintendent, not fewer | 4 | | than 300 additional clock hours
of supervised work in a | 5 | | public school setting under the supervision of a
certified | 6 | | school social worker who certifies that the supervised work | 7 | | was
completed in a satisfactory manner; and
| 8 | | (4) The student has passed a test of basic skills and | 9 | | the test of subject
matter knowledge required by Section | 10 | | 21-1a.
| 11 | | This subsection (b) does not apply after August 29, 2002.
| 12 | | (c) A school service personnel certificate shall be | 13 | | endorsed
with the area of Service as
determined by the State | 14 | | Superintendent of Education in consultation with
the State | 15 | | Teacher Certification Board.
| 16 | | The holder of such certificate shall be entitled to all of | 17 | | the rights
and privileges granted holders of a valid teaching | 18 | | certificate, including
teacher benefits, compensation and | 19 | | working conditions.
| 20 | | When the holder of such certificate has earned a master's | 21 | | degree,
including 8 semester hours of graduate professional | 22 | | education from a
recognized institution of higher learning, and | 23 | | has at least 2 years of
successful school experience while | 24 | | holding such certificate, the
certificate may be endorsed for | 25 | | supervision.
| 26 | | (d) Persons who have successfully achieved National Board |
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| 1 | | certification through the National Board for Professional | 2 | | Teaching Standards shall be issued a Master School Service | 3 | | Personnel Certificate, valid for 10 years and renewable | 4 | | thereafter every 10 years through compliance with requirements | 5 | | set forth by the State Board of Education, in consultation with | 6 | | the State Teacher Certification Board. However, each holder of | 7 | | a Master School Service Personnel Certificate shall be eligible | 8 | | for a corresponding position in this State in the areas for | 9 | | which he or she holds a Master Certificate without satisfying | 10 | | any other requirements of this Code, except for those | 11 | | requirements pertaining to criminal background checks.
| 12 | | (e) School service personnel certificates are renewable | 13 | | every 5 years and may be renewed as provided in this Section. | 14 | | Requests for renewals must be submitted, in a format prescribed | 15 | | by the State Board of Education, to the regional office of | 16 | | education responsible for the school where the holder is | 17 | | employed. | 18 | | Upon completion of at least 80 hours of continuing | 19 | | professional development as provided in this subsection (e), a | 20 | | person who holds a valid school service personnel certificate | 21 | | shall have his or her certificate renewed for a period of 5 | 22 | | years. A person who (i) holds an active license issued by the | 23 | | State as a clinical professional counselor, a professional | 24 | | counselor, a clinical social worker, a social worker, or a | 25 | | speech-language pathologist; (ii) holds national certification | 26 | | as a Nationally Certified School Psychologist from the National |
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| 1 | | School Psychology Certification Board; (iii) is nationally | 2 | | certified as a National Certified School Nurse from the | 3 | | National Board for Certification of School Nurses; (iv) is | 4 | | nationally certified as a National Certified Counselor or | 5 | | National Certified School Counselor from the National Board for | 6 | | Certified Counselors; or (v) holds a Certificate of Clinical | 7 | | Competence from the American Speech-Language-Hearing | 8 | | Association
shall be deemed to have satisfied the continuing | 9 | | professional development requirements established by the State | 10 | | Board of Education and the State Teacher Certification Board to | 11 | | renew a school service personnel certificate. | 12 | | School service personnel certificates may be renewed by the | 13 | | State Teacher Certification Board based upon proof of | 14 | | continuing professional development. The State Board of | 15 | | Education shall (i) establish a procedure for renewing school | 16 | | service personnel certificates, which shall include without | 17 | | limitation annual timelines for the renewal process and the | 18 | | components set forth in this Section; (ii) approve or | 19 | | disapprove the providers of continuing professional | 20 | | development activities; and (iii) provide, on a timely basis to | 21 | | all school service personnel certificate holders, regional | 22 | | superintendents of schools, school districts, and others with | 23 | | an interest in continuing professional development, | 24 | | information about the standards and requirements established | 25 | | pursuant to this subsection (e). | 26 | | Any school service personnel certificate held by an |
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| 1 | | individual employed and performing services in an Illinois | 2 | | public or State-operated elementary school, secondary school, | 3 | | or cooperative or joint agreement with a governing body or | 4 | | board of control in a certificated school service personnel | 5 | | position or in a charter school in compliance with the Charter | 6 | | Schools Law must be maintained Valid and Active through | 7 | | certificate renewal activities specified in the certificate | 8 | | renewal procedure established pursuant to this Section, | 9 | | provided that a holder of a Valid and Active certificate who is | 10 | | only employed on either a part-time basis or day-to-day basis | 11 | | as a substitute shall pay only the required registration fee to | 12 | | renew his or her certificate and maintain it as Valid and | 13 | | Active. All other school service personnel certificates held | 14 | | may be maintained as Valid and Exempt through the registration | 15 | | process provided for in the certificate renewal procedure | 16 | | established pursuant to Section 21-14 of this Code. A Valid and | 17 | | Exempt certificate must be immediately activated, through | 18 | | procedures developed by the State Board of Education upon the | 19 | | certificate holder becoming employed and performing services | 20 | | in an Illinois public or State-operated elementary school, | 21 | | secondary school, or cooperative or joint agreement with a | 22 | | governing body or board of control in a certificated school | 23 | | service personnel position or in a charter school operating in | 24 | | compliance with the Charter Schools Law. A holder of a Valid | 25 | | and Exempt certificate may activate his or her certificate | 26 | | through procedures provided for in the certificate renewal |
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| 1 | | procedure established pursuant to this Section. | 2 | | A school service personnel certificate that has been | 3 | | maintained as Valid and Active for the 5 years of the | 4 | | certificate's validity shall be renewed as Valid and Active | 5 | | upon the certificate holder (i) completing the National Board | 6 | | for Professional Teaching Standards process in an area of | 7 | | concentration comparable to the holder's school service | 8 | | personnel certificate of endorsement or (ii) earning 80 | 9 | | continuing professional development units as described in this | 10 | | Section. If, however, the certificate holder has maintained the | 11 | | certificate as Valid and Exempt for a portion of the 5-year | 12 | | period of validity, the number of continuing professional | 13 | | development units needed to renew the certificate as Valid and | 14 | | Active must be proportionately reduced by the amount of time | 15 | | the certificate was Valid and Exempt. If a certificate holder | 16 | | is employed and performs services requiring the holder's school | 17 | | service personnel certificate on a part-time basis for all or a | 18 | | portion of the certificate's 5-year period of validity, the | 19 | | number of continuing professional development units needed to | 20 | | renew the certificate as Valid and Active shall be reduced by | 21 | | 50% for the amount of time the certificate holder has been | 22 | | employed and performing such services on a part-time basis. | 23 | | "Part-time" means less than 50% of the school day or school | 24 | | term. | 25 | | Beginning July 1, 2008, in order to satisfy the | 26 | | requirements for continuing professional development provided |
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| 1 | | for in this Section, each Valid and Active school service | 2 | | personnel certificate holder shall complete professional | 3 | | development activities that address the certificate or those | 4 | | certificates that are required of his or her certificated | 5 | | position, if the certificate holder is employed and performing | 6 | | services in an Illinois public or State operated elementary | 7 | | school, secondary school, or cooperative or joint agreement | 8 | | with a governing body or board of control, or that certificate | 9 | | or those certificates most closely related to his or her | 10 | | teaching position, if the certificate holder is employed in a | 11 | | charter school. Except as otherwise provided in this subsection | 12 | | (e), the certificate holder's activities must address and must | 13 | | reflect the following continuing professional development | 14 | | purposes: | 15 | | (1) Advance both the certificate holder's knowledge
| 16 | | and skills consistent with the Illinois Standards for the | 17 | | service area in which the certificate is endorsed in order | 18 | | to keep the certificate holder current in that area. | 19 | | (2) Develop the certificate holder's knowledge and | 20 | | skills in areas determined by the State Board of Education | 21 | | to be critical for all school service personnel. | 22 | | (3) Address the knowledge, skills, and goals of the | 23 | | certificate holder's local school improvement plan, if the | 24 | | certificate holder is employed in an Illinois public or | 25 | | State-operated elementary school, secondary school, or | 26 | | cooperative or joint agreement with a governing body or |
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| 1 | | board of control. | 2 | | (4) Address the needs of serving students with | 3 | | disabilities, including adapting and modifying clinical or | 4 | | professional practices to meet the needs of students with | 5 | | disabilities and serving such students in the least | 6 | | restrictive environment. | 7 | | (5) Address the needs of serving students who are the | 8 | | children of immigrants, including, if the certificate | 9 | | holder is employed as a counselor in an Illinois public or | 10 | | State-operated secondary school, opportunities for higher | 11 | | education for students who are undocumented immigrants. | 12 | | The coursework or continuing professional development | 13 | | units ("CPDU") required under this subsection (e) must total 80 | 14 | | CPDUs or the equivalent and must address 4 3 of the 5 4 | 15 | | purposes described in items (1) through (5) (4) of this | 16 | | subsection (e). Holders of school service personnel | 17 | | certificates may fulfill this obligation with any combination | 18 | | of semester hours or CPDUs as follows: | 19 | | (A) Collaboration and partnership activities related | 20 | | to improving the school service personnel certificate | 21 | | holder's knowledge and skills, including (i) participating | 22 | | on collaborative planning and professional improvement | 23 | | teams and committees; (ii) peer review and coaching; (iii) | 24 | | mentoring in a formal mentoring program, including service | 25 | | as a consulting teacher participating in a remediation | 26 | | process formulated under Section 24A-5 of this Code; (iv) |
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| 1 | | participating in site-based management or decision-making | 2 | | teams, relevant committees, boards, or task forces | 3 | | directly related to school improvement plans; (v) | 4 | | coordinating community resources in schools, if the | 5 | | project is a specific goal of the school improvement plan; | 6 | | (vi) facilitating parent education programs for a school, | 7 | | school district, or regional office of education directly | 8 | | related to student achievement or school improvement | 9 | | plans; (vii) participating in business, school, or | 10 | | community partnerships directly related to student | 11 | | achievement or school improvement plans; or (viii) | 12 | | supervising a student teacher (student services personnel) | 13 | | or teacher education candidate in clinical supervision, | 14 | | provided that the supervision may be counted only once | 15 | | during the course of 5 years. | 16 | | (B) Coursework from a regionally accredited | 17 | | institution of higher learning related to one of the | 18 | | purposes listed in items (1) through (4) of this subsection | 19 | | (e), which shall apply at the rate of 15 continuing | 20 | | professional development units per semester hour of credit | 21 | | earned during the previous 5-year period when the status of | 22 | | the holder's school service personnel certificate was | 23 | | Valid and Active. Proportionate reductions shall apply | 24 | | when the holder's status was Valid and Active for less than | 25 | | the 5-year period preceding the renewal. | 26 | | (C) Teaching college or university courses in areas |
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| 1 | | relevant to the certificate area being renewed, provided | 2 | | that the teaching may be counted only once during the | 3 | | course of 5 years. | 4 | | (D) Conferences, workshops, institutes, seminars, or | 5 | | symposiums designed to improve the certificate holder's | 6 | | knowledge and skills in the service area and applicable to | 7 | | the purposes listed in items (1) through (5) (4) of this | 8 | | subsection (e). One CPDU shall be awarded for each hour of | 9 | | attendance. No one shall receive credit for conferences, | 10 | | workshops, institutes, seminars, or symposiums that are | 11 | | designed for entertainment, promotional, or commercial | 12 | | purposes or that are solely inspirational or motivational. | 13 | | The State Superintendent of Education and regional | 14 | | superintendents of schools are authorized to review the | 15 | | activities and events provided or to be provided under this | 16 | | subdivision (D) and to investigate complaints regarding | 17 | | those activities and events. Either the State | 18 | | Superintendent of Education or a regional superintendent | 19 | | of schools may recommend that the State Board of Education | 20 | | disapprove those activities and events considered to be | 21 | | inconsistent with this subdivision (D). | 22 | | (E) Completing non-university credit directly related | 23 | | to student achievement, school improvement plans, or State | 24 | | priorities. | 25 | | (F) Participating in or presenting at workshops, | 26 | | seminars, conferences, institutes, or symposiums. |
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| 1 | | (G) Training as external reviewers for quality | 2 | | assurance. | 3 | | (H) Training as reviewers of university teacher | 4 | | preparation programs. | 5 | | (I) Other educational experiences related to improving | 6 | | the school service personnel's knowledge and skills as a | 7 | | teacher, including (i) participating in action research | 8 | | and inquiry projects; (ii) traveling related to one's | 9 | | assignment and directly related to school service | 10 | | personnel achievement or school improvement plans and | 11 | | approved by the regional superintendent of schools or his | 12 | | or her designee at least 30 days prior to the travel | 13 | | experience, provided that the traveling shall not include | 14 | | time spent commuting to destinations where the learning | 15 | | experience will occur; (iii) participating in study groups | 16 | | related to student achievement or school improvement | 17 | | plans; (iv) serving on a statewide education-related | 18 | | committee, including without limitation the State Teacher | 19 | | Certification Board, State Board of Education strategic | 20 | | agenda teams, or the State Advisory Council on Education of | 21 | | Children with Disabilities; (v) participating in | 22 | | work/learn programs or internships; or (vi) developing a | 23 | | portfolio of student and teacher work. | 24 | | (J) Professional leadership experiences related to | 25 | | improving the teacher's knowledge and skills as a teacher, | 26 | | including (i) participating in curriculum development or |
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| 1 | | assessment activities at the school, school district, | 2 | | regional office of education, State, or national level; | 3 | | (ii) participating in team or department leadership in a | 4 | | school or school district; (iii) participating on external | 5 | | or internal school or school district review teams; (iv) | 6 | | publishing educational articles, columns, or books | 7 | | relevant to the certificate area being renewed; or (v) | 8 | | participating in non-strike-related professional | 9 | | association or labor organization service or activities | 10 | | related to professional development.
| 11 | | (Source: P.A. 94-105, eff. 7-1-05; 95-592, eff. 7-1-08 .)
| 12 | | Section 5. The Higher Education Student Assistance Act is | 13 | | amended by adding Section 67 and by changing Section 75 as | 14 | | follows: | 15 | | (110 ILCS 947/67 new) | 16 | | Sec. 67. Illinois DREAM Fund Commission. | 17 | | (a) The Illinois Student Assistance Commission shall | 18 | | establish an Illinois DREAM Fund Commission. The Governor shall | 19 | | appoint, with the advice and consent of the Senate, members to | 20 | | the Illinois DREAM Fund Commission, which shall be comprised of | 21 | | 9 members representing the geographic and ethnic diversity of | 22 | | this State, including students, college and university | 23 | | administrators and faculty, and other individuals committed to | 24 | | advancing the educational opportunities of the children of |
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| 1 | | immigrants. | 2 | | (b) The Illinois DREAM Fund Commission is charged with all | 3 | | of the following responsibilities: | 4 | | (1) Administering this Section and raising funds for | 5 | | the Illinois DREAM Fund. | 6 | | (2) Establishing a not-for-profit entity charged with | 7 | | raising funds for the administration of this Section, any | 8 | | educational or training programs the Commission is tasked | 9 | | with administering, and funding scholarships to students | 10 | | who are the children of immigrants to the United States. | 11 | | (3) Publicizing the availability of scholarships from | 12 | | the Illinois DREAM Fund. | 13 | | (4) Selecting the recipients of scholarships funded | 14 | | through the Illinois DREAM Fund. | 15 | | (5) Researching issues pertaining to the availability | 16 | | of assistance with the costs of higher education for the | 17 | | children of immigrants and other issues regarding access | 18 | | for and the performance of the children of immigrants | 19 | | within higher education. | 20 | | (6) Overseeing implementation of the other provisions | 21 | | of this amendatory Act of the 97th General Assembly. | 22 | | (7) Establishing and administering training programs | 23 | | for high school counselors and counselors, admissions | 24 | | officers, and financial aid officers of public | 25 | | institutions of higher education. The training programs | 26 | | shall instruct participants on the educational |
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| 1 | | opportunities available to college-bound students who are | 2 | | the children of immigrants, including, but not limited to, | 3 | | in-state tuition and scholarship programs. The Illinois | 4 | | DREAM Fund Commission may also establish a public awareness | 5 | | campaign regarding educational opportunities available to | 6 | | college bound students who are the children of immigrants. | 7 | | The Illinois DREAM Fund Commission shall establish, by | 8 | | rule, procedures for accepting and evaluating applications for | 9 | | scholarships from the children of immigrants and issuing | 10 | | scholarships to selected student applicants. | 11 | | (c) To receive a scholarship under this Section, a student | 12 | | must meet all of the following qualifications: | 13 | | (1) Have resided with his or her parents or guardian | 14 | | while attending a public or private high school in this | 15 | | State. | 16 | | (2) Have graduated from a public or private high school | 17 | | or received the equivalent of a high school diploma in this | 18 | | State. | 19 | | (3) Have attended school in this State for at least 3 | 20 | | years as of the date he or she graduated from high school | 21 | | or received the equivalent of a high school diploma. | 22 | | (4) Have at least one parent who immigrated to the | 23 | | United States. | 24 | | (d) The Illinois Student Assistance Commission shall | 25 | | establish an Illinois DREAM Fund to provide scholarships under | 26 | | this Section. The Illinois DREAM Fund shall be funded entirely |
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| 1 | | from private contributions.
| 2 | | (110 ILCS 947/75)
| 3 | | Sec. 75. College savings programs.
| 4 | | (a) Purpose. The General Assembly finds and hereby declares | 5 | | that for
the benefit of the people of the State of Illinois, | 6 | | the conduct and
increase of their commerce, the protection and | 7 | | enhancement of their welfare,
the development of continued | 8 | | prosperity and the improvement of their health
and living | 9 | | conditions, it is essential that all citizens with the
| 10 | | intellectual ability and motivation be able to obtain a higher | 11 | | education.
The General Assembly further finds that rising | 12 | | tuition costs, increasingly
restrictive eligibility criteria | 13 | | for existing federal and State student aid
programs and other | 14 | | trends in higher education finance have impeded access
to a | 15 | | higher education for many middle-income families; and that to | 16 | | remedy
these concerns, it is of utmost importance that families | 17 | | be provided with
investment alternatives to enhance their | 18 | | financial access to institutions of
higher education. It is the | 19 | | intent of this Section to establish College
Savings Programs | 20 | | appropriate for families from various income groups, to
| 21 | | encourage Illinois families to save and invest in anticipation | 22 | | of their
children's education, and to encourage enrollment in | 23 | | institutions of higher
education, all in execution of the | 24 | | public policy set forth above and
elsewhere in this Act. | 25 | | College Savings Programs established under this Section must be |
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| 1 | | available to any individual with a valid social security number | 2 | | or taxpayer identification number for the benefit of any | 3 | | individual with a valid social security number or taxpayer | 4 | | identification number.
| 5 | | (b) The Commission is authorized to develop and provide a | 6 | | program of
college savings instruments to qualifying Illinois | 7 | | residents citizens . The program shall be
structured to | 8 | | encourage parents to plan ahead for the college education of
| 9 | | their children and to permit the long-term accumulation of | 10 | | savings which
can be used to finance the family's share of the | 11 | | cost of a higher education.
Income, up to $2,000 annually per | 12 | | account, which is derived by
individuals from investments made | 13 | | in accordance with College Savings Programs
established under | 14 | | this Section shall be free from all taxation by the State and
| 15 | | its political subdivisions, except for estate, transfer, and | 16 | | inheritance taxes.
| 17 | | (c) The Commission is authorized to contract with private | 18 | | financial
institutions and other businesses, individuals, and | 19 | | other appropriate
parties to establish and operate the College | 20 | | Savings Programs. The
Commission may negotiate contracts with | 21 | | private financial and investment
companies, establish College | 22 | | Savings Programs, and monitor the vendors
administering the | 23 | | programs in whichever manner the Commission determines is
best | 24 | | suited to accomplish the purposes of this Section. The Auditor | 25 | | General
shall periodically review the operation of the College | 26 | | Savings Programs and
shall advise the Commission and the |
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| 1 | | General Assembly of his findings.
| 2 | | (d) In determining the type of instruments to be offered, | 3 | | the Commission
shall consult with, and receive the assistance | 4 | | of, the Illinois Board of
Higher Education, the
Governor's | 5 | | Office of Management and Budget, the State Board of | 6 | | Investments,
the Governor, and other appropriate State | 7 | | agencies and private parties.
| 8 | | (e) The Commission shall market and promote the College | 9 | | Savings Programs
to the citizens of Illinois.
| 10 | | (f) The Commission shall assist the State Comptroller and | 11 | | State
Treasurer in establishing a payroll deduction plan | 12 | | through which State
employees may participate in the College | 13 | | Savings Programs. The Department of
Labor, Department of | 14 | | Employment Security, Department of Revenue, and other
| 15 | | appropriate agencies shall assist the Commission in educating | 16 | | Illinois
employers about the College Savings Programs, and | 17 | | shall assist the Commission
in securing employers' | 18 | | participation in a payroll deduction plan and other
initiatives | 19 | | which maximize participation in the College Savings Programs.
| 20 | | (g) The Commission shall examine means by which the State, | 21 | | through a
series of matching contributions or other incentives, | 22 | | may most
effectively encourage Illinois families to | 23 | | participate in the College
Savings Programs. The Commission | 24 | | shall report its conclusions and
recommendations to the | 25 | | Governor and General Assembly no later than
February 15, 1990.
| 26 | | (h) The College Savings Programs established pursuant to |
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| 1 | | this Section
shall not be subject to the provisions of the | 2 | | Illinois Administrative
Procedure Act. The Commission shall | 3 | | provide that appropriate disclosures
are provided to all | 4 | | citizens who participate in the College Savings Programs.
| 5 | | (Source: P.A. 94-793, eff. 5-19-06.)
| 6 | | Section 10. The Illinois Prepaid Tuition Act is amended by | 7 | | changing Section 45 as follows:
| 8 | | (110 ILCS 979/45)
| 9 | | Sec. 45. Illinois prepaid tuition contracts.
| 10 | | (a) The Commission may enter into an Illinois prepaid | 11 | | tuition contract with
a purchaser under which the Commission | 12 | | contracts on behalf of the State to pay
full tuition and | 13 | | mandatory fees at an Illinois public university or Illinois
| 14 | | community college for a qualified beneficiary to attend the | 15 | | eligible
institution to which the qualified beneficiary is | 16 | | admitted. Each
contract shall contain terms, conditions, and | 17 | | provisions that the Commission
determines to be necessary for | 18 | | ensuring the educational objectives and
sustainable financial | 19 | | viability of 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 |
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| 1 | | of 15 credit
hours.
| 2 | | (c) Without exception, benefits may be received by a | 3 | | qualified beneficiary
of an Illinois prepaid tuition contract | 4 | | no earlier than 3 years from the date
the contract is | 5 | | purchased.
| 6 | | (d) A prepaid tuition contract shall contain, but is not | 7 | | limited to,
provisions for (i) refunds or withdrawals in | 8 | | certain circumstances, with or
without interest or penalties;
| 9 | | (ii) conversion of the contract at the time of distribution | 10 | | from accrued
prepayment value at one type of eligible | 11 | | institution to the accrued
prepayment value at a different type | 12 | | of eligible institution; (iii)
portability of the accrued value | 13 | | of the prepayment value for use at an eligible institution | 14 | | located outside this State; (iv) transferability of the | 15 | | contract
benefits within the qualified beneficiary's immediate | 16 | | family; and (v) a
specified benefit period during which the | 17 | | contract may be redeemed.
| 18 | | (e) Each Illinois prepaid tuition contract also shall | 19 | | contain, at minimum,
all of
the following:
| 20 | | (1) The amount of payment or payments and the number of | 21 | | payments required
from a purchaser on behalf of a qualified | 22 | | beneficiary.
| 23 | | (2) The terms and conditions under which purchasers | 24 | | shall remit payments,
including, but not limited to, the | 25 | | date or dates upon which each payment shall
be due.
| 26 | | (3) Provisions for late payment charges and for |
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| 1 | | default.
| 2 | | (4) Provisions for penalty fees payable incident to an | 3 | | authorized
withdrawal.
| 4 | | (5) The name, date of birth, and social security number | 5 | | or taxpayer identification number of the qualified
| 6 | | beneficiary on whose behalf the contract is drawn and the | 7 | | terms and conditions
under which the contract may be | 8 | | transferred to another qualified beneficiary.
| 9 | | (6) The name and social security number or taxpayer | 10 | | identification number of any person who may
terminate the | 11 | | contract, together with terms that specify whether the | 12 | | contract
may be terminated by the
purchaser, the qualified | 13 | | beneficiary, a specific designated person, or any
| 14 | | combination of these persons.
| 15 | | (7) The terms and conditions under which a contract may | 16 | | be terminated, the
name and social security number or | 17 | | taxpayer identification number of the person entitled to | 18 | | any refund due as a
result of the termination of the | 19 | | contract pursuant to those terms and
conditions,
and the | 20 | | method for determining the amount of a refund.
| 21 | | (8) The time limitations, if any, within which the | 22 | | qualified beneficiary
must claim his or her benefits | 23 | | through the program.
| 24 | | (9) Other terms and conditions determined by the | 25 | | Commission to be
appropriate.
| 26 | | (f) In addition to the contract provisions set forth in |
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| 1 | | subsection (e), each
Illinois prepaid tuition contract shall | 2 | | include:
| 3 | | (1) The number of credit hours contracted by the | 4 | | purchaser.
| 5 | | (2) The type of eligible institution and the prepaid | 6 | | tuition plan
toward which the credit hours shall be | 7 | | applied.
| 8 | | (3) The explicit contractual obligation of the | 9 | | Commission to the qualified
beneficiary to provide a | 10 | | specific number of credit hours of undergraduate
| 11 | | instruction at an eligible institution, not to exceed the | 12 | | maximum number of
credit hours required for the conference | 13 | | of a degree that corresponds to the
plan purchased on | 14 | | behalf of the qualified beneficiary.
| 15 | | (g) The Commission shall indicate by rule the conditions | 16 | | under which refunds
are payable to a contract purchaser. | 17 | | Generally, no refund shall exceed the
amount paid into the | 18 | | Illinois Prepaid Tuition Trust Fund by the purchaser. In
the | 19 | | event that a contract is converted from a Public University | 20 | | Plan described
in subsection (j) of this Section to a Community | 21 | | College Plan described in
subsection (k) of this Section, the | 22 | | refund amount shall be reduced
by the amount transferred to the | 23 | | Illinois community college on behalf of the
qualified | 24 | | beneficiary. Except where the Commission may otherwise rule, | 25 | | refunds
may exceed the amount paid into the Illinois Prepaid | 26 | | Tuition Trust Fund only
under the following circumstances:
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| 1 | | (1) If the qualified beneficiary is awarded a grant or | 2 | | scholarship at a
public institution of higher education, | 3 | | the
terms of
which duplicate the benefits included in the | 4 | | Illinois prepaid tuition contract,
then moneys paid for the | 5 | | purchase of the contract shall be returned to the
| 6 | | purchaser, upon request, in semester installments that | 7 | | coincide with the
matriculation by the
qualified | 8 | | beneficiary, in an amount equal to the current cost
of | 9 | | tuition
and mandatory fees at the public institution of | 10 | | higher education where the qualified
beneficiary is | 11 | | enrolled.
| 12 | | (1.5) If the qualified beneficiary is awarded a grant | 13 | | or scholarship
while enrolled at either an eligible | 14 | | nonpublic institution of higher
education or an eligible | 15 | | public or private out-of-state higher education
| 16 | | institution, the terms of which duplicate the benefits | 17 | | included in the
Illinois prepaid tuition contract, then | 18 | | money paid for the purchase of the
contract shall be | 19 | | returned to the purchaser, upon request, in semester
| 20 | | installments that coincide with the matriculation by the | 21 | | qualified
beneficiary. The amount paid shall not exceed the | 22 | | current average
mean-weighted credit hour value of the | 23 | | registration fees purchased
under the contract.
| 24 | | (2) In the event of the death or total disability of | 25 | | the qualified
beneficiary, moneys paid for the purchase of | 26 | | the Illinois prepaid tuition
contract shall be returned to |
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| 1 | | the purchaser together with all accrued earnings.
| 2 | | (3) If an Illinois prepaid tuition contract is | 3 | | converted from a Public
University Plan to a Community | 4 | | College Plan, then the amount refunded shall be
the value | 5 | | of the original Illinois prepaid tuition contract minus the | 6 | | value of
the contract after conversion.
| 7 | | No refund shall be authorized under an Illinois prepaid | 8 | | tuition contract for
any semester partially attended but not | 9 | | completed.
| 10 | | The Commission, by rule, shall set forth specific | 11 | | procedures for
making contract payments in conjunction with | 12 | | grants and scholarships awarded to
contract 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 Commission shall develop and make prepaid tuition | 7 | | contracts
available under a minimum of at least 2 independent | 8 | | plans to be known as the
Public University Plan and the | 9 | | 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
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 Commission also shall | 10 | | recognize the current relative credit hour cost of
the 2 plans | 11 | | 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
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 Commission |
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| 1 | | shall
transfer, or cause to have transferred, this amount, less | 2 | | a transfer fee, to
the nonpublic institution on behalf of the | 3 | | beneficiary. In the event that the
cost of registration charged | 4 | | to the beneficiary at the nonpublic institution of
higher | 5 | | education is less than the aggregate value of the Illinois | 6 | | prepaid
tuition contract, any remaining amount shall be | 7 | | transferred in subsequent
semesters until the transfer value is | 8 | | 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 Commission according to standards substantially | 14 | | equivalent to those for an eligible institution located in this | 15 | | State, as described in the definition of "institution of higher | 16 | | learning" in Section 10 of the Higher Education Student | 17 | | Assistance Act.
In the
event that a qualified beneficiary for | 18 | | whatever reason chooses to attend an
eligible out-of-state | 19 | | college or university, the qualified beneficiary's
prepaid | 20 | | tuition contract shall be converted for use at that college or
| 21 | | university by referencing the current average mean-weighted | 22 | | credit hour value
of registration fees purchased under the | 23 | | contract. The Commission shall
transfer, or cause to have
| 24 | | transferred, this amount, less a transfer fee, to the college | 25 | | or university on
behalf of the beneficiary. In the event that | 26 | | the cost of registration charged
to the beneficiary at the |
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| 1 | | eligible out-of-state college or university is less
than the | 2 | | aggregate value of the Illinois prepaid tuition contract, any
| 3 | | remaining amount shall be transferred in subsequent semesters | 4 | | until the
transfer value is fully depleted.
| 5 | | (n) Illinois prepaid tuition contracts may be purchased | 6 | | either by lump sum
or by installments. No penalty shall be | 7 | | assessed for early
payment of installment contracts.
| 8 | | (o) The Commission shall annually adjust the price of new | 9 | | contracts, in
accordance with the annual changes in | 10 | | registration fees at Illinois public
universities and | 11 | | community colleges.
| 12 | | (Source: P.A. 95-217, eff. 8-16-07; 96-1282, eff. 7-26-10.)
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law.".
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