Full Text of SB2185 97th General Assembly
SB2185enr 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning government.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 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 | 17 | | beneficiary, or otherwise exercise control over an account. | 18 | | "Donor", as used in this Section, means any person who makes
| 19 | | investments in the pool. "Designated beneficiary", as used in | 20 | | this Section,
means any person on whose behalf an account is | 21 | | established in the College
Savings Pool by a participant. Both | 22 | | in-state and out-of-state persons may be
participants, donors, | 23 | | and designated beneficiaries in the College Savings Pool. The |
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| 1 | | College Savings Pool must be available to any individual with a | 2 | | valid social security number or taxpayer identification number | 3 | | for the benefit of any individual with a valid social security | 4 | | number or taxpayer identification number, unless a contract in | 5 | | effect on the effective date of this amendatory Act of the 97th | 6 | | General Assembly does not allow for taxpayer identification | 7 | | numbers, in which case taxpayer identification numbers must be | 8 | | allowed upon the expiration of the contract.
| 9 | | New accounts in the College Savings Pool may be processed | 10 | | through
participating financial institutions. "Participating | 11 | | financial institution",
as used in this Section, means any | 12 | | financial institution insured by the Federal
Deposit Insurance | 13 | | Corporation and lawfully doing business in the State of
| 14 | | Illinois and any credit union approved by the State Treasurer | 15 | | and lawfully
doing business in the State of Illinois that | 16 | | agrees to process new accounts in
the College Savings Pool. | 17 | | Participating financial institutions may charge a
processing | 18 | | fee to participants to open an account in the pool that shall | 19 | | not
exceed $30 until the year 2001. Beginning in 2001 and every | 20 | | year thereafter,
the maximum fee limit shall be adjusted by the | 21 | | Treasurer based on the Consumer
Price Index for the North | 22 | | Central Region as published by the United States
Department of | 23 | | Labor, Bureau of Labor Statistics for the immediately preceding
| 24 | | calendar year. Every contribution received by a financial | 25 | | institution for
investment in the College Savings Pool shall be | 26 | | transferred from the financial
institution to a location |
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| 1 | | selected by the State Treasurer within one business
day | 2 | | following the day that the funds must be made available in | 3 | | accordance with
federal law. All communications from the State | 4 | | Treasurer to participants and donors shall
reference the | 5 | | participating financial institution at which the account was
| 6 | | processed.
| 7 | | The Treasurer may invest the moneys in the College Savings | 8 | | Pool in the same
manner and in the same types of investments
| 9 | | provided for the investment of moneys by the Illinois State | 10 | | Board of
Investment. To enhance the safety and liquidity of the | 11 | | College Savings Pool,
to ensure the diversification of the | 12 | | investment portfolio of the pool, and in
an effort to keep | 13 | | investment dollars in the State of Illinois, the State
| 14 | | Treasurer may make a percentage of each account available for | 15 | | investment in
participating financial institutions doing | 16 | | business in the State. The State
Treasurer may deposit with the | 17 | | participating financial institution at which
the account was | 18 | | processed the following percentage of each account at a
| 19 | | prevailing rate offered by the institution, provided that the | 20 | | deposit is
federally insured or fully collateralized and the | 21 | | institution accepts the
deposit: 10% of the total amount of | 22 | | each account for which the current age of
the beneficiary is | 23 | | less than 7 years of age, 20% of the total amount of each
| 24 | | account for which the beneficiary is at least 7 years of age | 25 | | and less than 12
years of age, and 50% of the total amount of | 26 | | each account for which the current
age of the beneficiary is at |
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| 1 | | least 12 years of age.
The Treasurer shall develop, publish, | 2 | | and implement an investment policy
covering the investment of | 3 | | the moneys in the College Savings Pool. The policy
shall be | 4 | | published (i) at least once each year in at least one newspaper | 5 | | of
general circulation in both Springfield and Chicago and (ii) | 6 | | each year as part
of the audit of the College Savings Pool by | 7 | | the Auditor General, which shall be
distributed to all | 8 | | participants. The Treasurer shall notify all participants
in | 9 | | writing, and the Treasurer shall publish in a newspaper of | 10 | | general
circulation in both Chicago and Springfield, any | 11 | | changes to the previously
published investment policy at least | 12 | | 30 calendar days before implementing the
policy. Any investment | 13 | | policy adopted by the Treasurer shall be reviewed and
updated | 14 | | if necessary within 90 days following the date that the State | 15 | | Treasurer
takes office.
| 16 | | Participants shall be required to use moneys distributed | 17 | | from the College
Savings Pool for qualified expenses at | 18 | | eligible educational institutions.
"Qualified expenses", as | 19 | | used in this Section, means the following: (i)
tuition, fees, | 20 | | and the costs of books, supplies, and equipment required for
| 21 | | enrollment or attendance at an eligible educational | 22 | | institution and (ii)
certain room and board expenses incurred | 23 | | while attending an eligible
educational institution at least | 24 | | half-time. "Eligible educational
institutions", as used in | 25 | | this Section, means public and private colleges,
junior | 26 | | colleges, graduate schools, and certain vocational |
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| 1 | | institutions that are
described in Section 481 of the Higher | 2 | | Education Act of 1965 (20 U.S.C. 1088)
and that are eligible to | 3 | | participate in Department of Education student aid
programs. A | 4 | | student shall be considered to be enrolled at
least half-time | 5 | | if the student is enrolled for at least half the full-time
| 6 | | academic work load for the course of study the student is | 7 | | pursuing as
determined under the standards of the institution | 8 | | at which the student is
enrolled. Distributions made from the | 9 | | pool for qualified expenses shall be
made directly to the | 10 | | eligible educational institution, directly to a vendor, or
in | 11 | | the form of a check payable to both the beneficiary and the | 12 | | institution or
vendor. Any moneys that are distributed in any | 13 | | other manner or that are used
for expenses other than qualified | 14 | | expenses at an eligible educational
institution shall be | 15 | | subject to a penalty of 10% of the earnings unless the
| 16 | | beneficiary dies, becomes disabled, or receives a scholarship | 17 | | that equals or
exceeds the distribution. Penalties shall be | 18 | | withheld at the time the
distribution is made.
| 19 | | The Treasurer shall limit the contributions that may be | 20 | | made on behalf of a
designated beneficiary based on the | 21 | | limitations established by the Internal Revenue Service. The | 22 | | contributions made on behalf of a
beneficiary who is also a | 23 | | beneficiary under the Illinois Prepaid Tuition
Program shall be | 24 | | further restricted to ensure that the contributions in both
| 25 | | programs combined do not exceed the limit established for the | 26 | | College Savings
Pool. The Treasurer shall provide the Illinois |
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| 1 | | Student Assistance Commission
each year at a time designated by | 2 | | the Commission, an electronic report of all
participant | 3 | | accounts in the Treasurer's College Savings Pool, listing total
| 4 | | contributions and disbursements from each individual account | 5 | | during the
previous calendar year. As soon thereafter as is | 6 | | possible following receipt of
the Treasurer's report, the | 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 Commission. The | 11 | | Commission shall be responsible
for filing any combined tax | 12 | | reports regarding State qualified savings programs
required by | 13 | | the United States Internal Revenue Service. The Treasurer shall
| 14 | | work with the Illinois Student Assistance Commission to | 15 | | coordinate the
marketing of the College Savings Pool and the | 16 | | Illinois Prepaid Tuition
Program when considered beneficial by | 17 | | the Treasurer and the Director of the
Illinois Student | 18 | | Assistance
Commission. The Treasurer's office shall not | 19 | | publicize or otherwise market the
College Savings Pool or | 20 | | accept any moneys into the College Savings Pool prior
to March | 21 | | 1, 2000. The Treasurer shall provide a separate accounting for | 22 | | each
designated beneficiary to each participant, the Illinois | 23 | | Student Assistance
Commission, and the participating financial | 24 | | institution at which the account
was processed. No interest in | 25 | | the program may be pledged as security for a
loan. Moneys held | 26 | | in an account invested in the Illinois College Savings Pool |
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| 1 | | shall be exempt from all claims of the creditors of the | 2 | | participant, donor, or designated beneficiary of that account, | 3 | | except for the non-exempt College Savings Pool transfers to or | 4 | | from the account as defined under subsection (j) of Section | 5 | | 12-1001 of the Code of Civil Procedure (735 ILCS 5/12-1001(j)).
| 6 | | The assets of the College Savings Pool and its income and | 7 | | operation shall
be exempt from all taxation by the State of | 8 | | Illinois and any of its
subdivisions. The accrued earnings on | 9 | | investments in the Pool once disbursed
on behalf of a | 10 | | designated beneficiary shall be similarly exempt from all
| 11 | | taxation by the State of Illinois and its subdivisions, so long | 12 | | as they are
used for qualified expenses. Contributions to a | 13 | | College Savings Pool account
during the taxable year may be | 14 | | deducted from adjusted gross income as provided
in Section 203 | 15 | | of the Illinois Income Tax Act. The provisions of this
| 16 | | paragraph are exempt from Section 250 of the Illinois Income | 17 | | Tax Act.
| 18 | | The Treasurer shall adopt rules he or she considers | 19 | | necessary for the
efficient administration of the College | 20 | | Savings Pool. The rules shall provide
whatever additional | 21 | | parameters and restrictions are necessary to ensure that
the | 22 | | College Savings Pool meets all of the requirements for a | 23 | | qualified state
tuition program under Section 529 of the | 24 | | Internal Revenue Code (26 U.S.C. 529).
The rules shall provide | 25 | | for the administration expenses of the pool to be paid
from its | 26 | | earnings and for the investment earnings in excess of the |
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| 1 | | expenses and
all moneys collected as penalties to be credited | 2 | | or paid monthly to the several
participants in the pool in a | 3 | | manner which equitably reflects the differing
amounts of their | 4 | | respective investments in the pool and the differing periods
of | 5 | | time for which those amounts were in the custody of the pool. | 6 | | Also, the
rules shall require the maintenance of records that | 7 | | enable the Treasurer's
office to produce a report for each | 8 | | account in the pool at least annually that
documents the | 9 | | account balance and investment earnings. Notice of any proposed
| 10 | | amendments to the rules and regulations shall be provided to | 11 | | all participants
prior to adoption. Amendments to rules and | 12 | | regulations shall apply only to
contributions made after the | 13 | | adoption of the amendment.
| 14 | | Upon creating the College Savings Pool, the State Treasurer | 15 | | shall give bond
with 2 or more sufficient sureties, payable to | 16 | | and for the benefit of the
participants in the College Savings | 17 | | Pool, in the penal sum of $1,000,000,
conditioned upon the | 18 | | faithful discharge of his or her duties in relation to
the | 19 | | College Savings Pool.
| 20 | | (Source: P.A. 95-23, eff. 8-3-07; 95-306, eff. 1-1-08; 95-521, | 21 | | eff. 8-28-07; 95-876, eff. 8-21-08.)
| 22 | | Section 3. The School Code is amended by changing Section | 23 | | 21-25 as follows:
| 24 | | (105 ILCS 5/21-25) (from Ch. 122, par. 21-25)
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| 1 | | Sec. 21-25. School service personnel certificate.
| 2 | | (a) For purposes of this Section, "school service | 3 | | personnel" means persons employed and performing appropriate | 4 | | services in an Illinois public or State-operated elementary | 5 | | school, secondary school, or cooperative or joint agreement | 6 | | with a governing body or board of control or a charter school | 7 | | operating in compliance with the Charter Schools Law in a | 8 | | position requiring a school service personnel certificate. | 9 | | Subject to the provisions of Section 21-1a, a school | 10 | | service
personnel certificate shall be issued to those | 11 | | applicants of good
character, good health, a citizen of the | 12 | | United States and at least 19
years of age who have a | 13 | | Bachelor's degree with not fewer than 120
semester hours from a | 14 | | regionally accredited institution of higher learning and
who | 15 | | meets the requirements established by the State Superintendent | 16 | | of
Education in consultation with the State Teacher | 17 | | Certification Board. A
school service personnel certificate | 18 | | with a school nurse endorsement may be
issued to a person who | 19 | | holds a bachelor of science degree from an institution
of | 20 | | higher learning accredited by the North Central Association or | 21 | | other
comparable regional accrediting association.
Persons | 22 | | seeking any other endorsement on the school service personnel
| 23 | | certificate shall be recommended for the endorsement by a | 24 | | recognized teacher
education institution as having completed a | 25 | | program of preparation approved by
the State Superintendent of | 26 | | Education in consultation with the State Teacher
Certification |
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| 1 | | Board.
| 2 | | (b) Until August 30, 2002, a school service personnel | 3 | | certificate endorsed
for school social work may be issued to a | 4 | | student who has completed a school
social work program that has | 5 | | not been approved by the State Superintendent of
Education, | 6 | | provided that each of the following conditions is met:
| 7 | | (1) The program was offered by a recognized, public | 8 | | teacher education
institution that first enrolled students | 9 | | in its master's degree program in
social work in 1998;
| 10 | | (2) The student applying for the school service | 11 | | personnel certificate was
enrolled in the institution's | 12 | | master's degree program in social work on or
after May 11, | 13 | | 1998;
| 14 | | (3) The State Superintendent verifies that the student | 15 | | has completed
coursework that is substantially similar to | 16 | | that required in approved school
social work programs, | 17 | | including (i) not fewer than 600 clock hours of a
| 18 | | supervised internship in a school setting or (ii) if the | 19 | | student has completed
part of a supervised internship in a | 20 | | school setting prior to the effective date
of this | 21 | | amendatory Act of the 92nd General Assembly and receives | 22 | | the prior
approval of the State Superintendent, not fewer | 23 | | than 300 additional clock hours
of supervised work in a | 24 | | public school setting under the supervision of a
certified | 25 | | school social worker who certifies that the supervised work | 26 | | was
completed in a satisfactory manner; and
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| 1 | | (4) The student has passed a test of basic skills and | 2 | | the test of subject
matter knowledge required by Section | 3 | | 21-1a.
| 4 | | This subsection (b) does not apply after August 29, 2002.
| 5 | | (c) A school service personnel certificate shall be | 6 | | endorsed
with the area of Service as
determined by the State | 7 | | Superintendent of Education in consultation with
the State | 8 | | Teacher Certification Board.
| 9 | | The holder of such certificate shall be entitled to all of | 10 | | the rights
and privileges granted holders of a valid teaching | 11 | | certificate, including
teacher benefits, compensation and | 12 | | working conditions.
| 13 | | When the holder of such certificate has earned a master's | 14 | | degree,
including 8 semester hours of graduate professional | 15 | | education from a
recognized institution of higher learning, and | 16 | | has at least 2 years of
successful school experience while | 17 | | holding such certificate, the
certificate may be endorsed for | 18 | | supervision.
| 19 | | (d) Persons who have successfully achieved National Board | 20 | | certification through the National Board for Professional | 21 | | Teaching Standards shall be issued a Master School Service | 22 | | Personnel Certificate, valid for 10 years and renewable | 23 | | thereafter every 10 years through compliance with requirements | 24 | | set forth by the State Board of Education, in consultation with | 25 | | the State Teacher Certification Board. However, each holder of | 26 | | a Master School Service Personnel Certificate shall be eligible |
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| 1 | | for a corresponding position in this State in the areas for | 2 | | which he or she holds a Master Certificate without satisfying | 3 | | any other requirements of this Code, except for those | 4 | | requirements pertaining to criminal background checks.
| 5 | | (e) School service personnel certificates are renewable | 6 | | every 5 years and may be renewed as provided in this Section. | 7 | | Requests for renewals must be submitted, in a format prescribed | 8 | | by the State Board of Education, to the regional office of | 9 | | education responsible for the school where the holder is | 10 | | employed. | 11 | | Upon completion of at least 80 hours of continuing | 12 | | professional development as provided in this subsection (e), a | 13 | | person who holds a valid school service personnel certificate | 14 | | shall have his or her certificate renewed for a period of 5 | 15 | | years. A person who (i) holds an active license issued by the | 16 | | State as a clinical professional counselor, a professional | 17 | | counselor, a clinical social worker, a social worker, or a | 18 | | speech-language pathologist; (ii) holds national certification | 19 | | as a Nationally Certified School Psychologist from the National | 20 | | School Psychology Certification Board; (iii) is nationally | 21 | | certified as a National Certified School Nurse from the | 22 | | National Board for Certification of School Nurses; (iv) is | 23 | | nationally certified as a National Certified Counselor or | 24 | | National Certified School Counselor from the National Board for | 25 | | Certified Counselors; or (v) holds a Certificate of Clinical | 26 | | Competence from the American Speech-Language-Hearing |
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| 1 | | Association
shall be deemed to have satisfied the continuing | 2 | | professional development requirements established by the State | 3 | | Board of Education and the State Teacher Certification Board to | 4 | | renew a school service personnel certificate. | 5 | | School service personnel certificates may be renewed by the | 6 | | State Teacher Certification Board based upon proof of | 7 | | continuing professional development. The State Board of | 8 | | Education shall (i) establish a procedure for renewing school | 9 | | service personnel certificates, which shall include without | 10 | | limitation annual timelines for the renewal process and the | 11 | | components set forth in this Section; (ii) approve or | 12 | | disapprove the providers of continuing professional | 13 | | development activities; and (iii) provide, on a timely basis to | 14 | | all school service personnel certificate holders, regional | 15 | | superintendents of schools, school districts, and others with | 16 | | an interest in continuing professional development, | 17 | | information about the standards and requirements established | 18 | | pursuant to this subsection (e). | 19 | | Any school service personnel certificate held by an | 20 | | individual employed and performing services in an Illinois | 21 | | public or State-operated elementary school, secondary school, | 22 | | or cooperative or joint agreement with a governing body or | 23 | | board of control in a certificated school service personnel | 24 | | position or in a charter school in compliance with the Charter | 25 | | Schools Law must be maintained Valid and Active through | 26 | | certificate renewal activities specified in the certificate |
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| 1 | | renewal procedure established pursuant to this Section, | 2 | | provided that a holder of a Valid and Active certificate who is | 3 | | only employed on either a part-time basis or day-to-day basis | 4 | | as a substitute shall pay only the required registration fee to | 5 | | renew his or her certificate and maintain it as Valid and | 6 | | Active. All other school service personnel certificates held | 7 | | may be maintained as Valid and Exempt through the registration | 8 | | process provided for in the certificate renewal procedure | 9 | | established pursuant to Section 21-14 of this Code. A Valid and | 10 | | Exempt certificate must be immediately activated, through | 11 | | procedures developed by the State Board of Education upon the | 12 | | certificate holder becoming employed and performing services | 13 | | in an Illinois public or State-operated elementary school, | 14 | | secondary school, or cooperative or joint agreement with a | 15 | | governing body or board of control in a certificated school | 16 | | service personnel position or in a charter school operating in | 17 | | compliance with the Charter Schools Law. A holder of a Valid | 18 | | and Exempt certificate may activate his or her certificate | 19 | | through procedures provided for in the certificate renewal | 20 | | procedure established pursuant to this Section. | 21 | | A school service personnel certificate that has been | 22 | | maintained as Valid and Active for the 5 years of the | 23 | | certificate's validity shall be renewed as Valid and Active | 24 | | upon the certificate holder (i) completing the National Board | 25 | | for Professional Teaching Standards process in an area of | 26 | | concentration comparable to the holder's school service |
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| 1 | | personnel certificate of endorsement or (ii) earning 80 | 2 | | continuing professional development units as described in this | 3 | | Section. If, however, the certificate holder has maintained the | 4 | | certificate as Valid and Exempt for a portion of the 5-year | 5 | | period of validity, the number of continuing professional | 6 | | development units needed to renew the certificate as Valid and | 7 | | Active must be proportionately reduced by the amount of time | 8 | | the certificate was Valid and Exempt. If a certificate holder | 9 | | is employed and performs services requiring the holder's school | 10 | | service personnel certificate on a part-time basis for all or a | 11 | | portion of the certificate's 5-year period of validity, the | 12 | | number of continuing professional development units needed to | 13 | | renew the certificate as Valid and Active shall be reduced by | 14 | | 50% for the amount of time the certificate holder has been | 15 | | employed and performing such services on a part-time basis. | 16 | | "Part-time" means less than 50% of the school day or school | 17 | | term. | 18 | | Beginning July 1, 2008, in order to satisfy the | 19 | | requirements for continuing professional development provided | 20 | | for in this Section, each Valid and Active school service | 21 | | personnel certificate holder shall complete professional | 22 | | development activities that address the certificate or those | 23 | | certificates that are required of his or her certificated | 24 | | position, if the certificate holder is employed and performing | 25 | | services in an Illinois public or State operated elementary | 26 | | school, secondary school, or cooperative or joint agreement |
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| 1 | | with a governing body or board of control, or that certificate | 2 | | or those certificates most closely related to his or her | 3 | | teaching position, if the certificate holder is employed in a | 4 | | charter school. Except as otherwise provided in this subsection | 5 | | (e), the certificate holder's activities must address and must | 6 | | reflect the following continuing professional development | 7 | | purposes: | 8 | | (1) Advance both the certificate holder's knowledge
| 9 | | and skills consistent with the Illinois Standards for the | 10 | | service area in which the certificate is endorsed in order | 11 | | to keep the certificate holder current in that area. | 12 | | (2) Develop the certificate holder's knowledge and | 13 | | skills in areas determined by the State Board of Education | 14 | | to be critical for all school service personnel. | 15 | | (3) Address the knowledge, skills, and goals of the | 16 | | certificate holder's local school improvement plan, if the | 17 | | certificate holder is employed in an Illinois public or | 18 | | State-operated elementary school, secondary school, or | 19 | | cooperative or joint agreement with a governing body or | 20 | | board of control. | 21 | | (4) Address the needs of serving students with | 22 | | disabilities, including adapting and modifying clinical or | 23 | | professional practices to meet the needs of students with | 24 | | disabilities and serving such students in the least | 25 | | restrictive environment. | 26 | | (5) Address the needs of serving students who are the |
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| 1 | | children of immigrants, including, if the certificate | 2 | | holder is employed as a counselor in an Illinois public or | 3 | | State-operated secondary school, opportunities for higher | 4 | | education for students who are undocumented immigrants. | 5 | | The coursework or continuing professional development | 6 | | units ("CPDU") required under this subsection (e) must total 80 | 7 | | CPDUs or the equivalent and must address 4 3 of the 5 4 | 8 | | purposes described in items (1) through (5) (4) of this | 9 | | subsection (e). Holders of school service personnel | 10 | | certificates may fulfill this obligation with any combination | 11 | | of semester hours or CPDUs as follows: | 12 | | (A) Collaboration and partnership activities related | 13 | | to improving the school service personnel certificate | 14 | | holder's knowledge and skills, including (i) participating | 15 | | on collaborative planning and professional improvement | 16 | | teams and committees; (ii) peer review and coaching; (iii) | 17 | | mentoring in a formal mentoring program, including service | 18 | | as a consulting teacher participating in a remediation | 19 | | process formulated under Section 24A-5 of this Code; (iv) | 20 | | participating in site-based management or decision-making | 21 | | teams, relevant committees, boards, or task forces | 22 | | directly related to school improvement plans; (v) | 23 | | coordinating community resources in schools, if the | 24 | | project is a specific goal of the school improvement plan; | 25 | | (vi) facilitating parent education programs for a school, | 26 | | school district, or regional office of education directly |
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| 1 | | related to student achievement or school improvement | 2 | | plans; (vii) participating in business, school, or | 3 | | community partnerships directly related to student | 4 | | achievement or school improvement plans; or (viii) | 5 | | supervising a student teacher (student services personnel) | 6 | | or teacher education candidate in clinical supervision, | 7 | | provided that the supervision may be counted only once | 8 | | during the course of 5 years. | 9 | | (B) Coursework from a regionally accredited | 10 | | institution of higher learning related to one of the | 11 | | purposes listed in items (1) through (4) of this subsection | 12 | | (e), which shall apply at the rate of 15 continuing | 13 | | professional development units per semester hour of credit | 14 | | earned during the previous 5-year period when the status of | 15 | | the holder's school service personnel certificate was | 16 | | Valid and Active. Proportionate reductions shall apply | 17 | | when the holder's status was Valid and Active for less than | 18 | | the 5-year period preceding the renewal. | 19 | | (C) Teaching college or university courses in areas | 20 | | relevant to the certificate area being renewed, provided | 21 | | that the teaching may be counted only once during the | 22 | | course of 5 years. | 23 | | (D) Conferences, workshops, institutes, seminars, or | 24 | | symposiums designed to improve the certificate holder's | 25 | | knowledge and skills in the service area and applicable to | 26 | | the purposes listed in items (1) through (5) (4) of this |
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| 1 | | subsection (e). One CPDU shall be awarded for each hour of | 2 | | attendance. No one shall receive credit for conferences, | 3 | | workshops, institutes, seminars, or symposiums that are | 4 | | designed for entertainment, promotional, or commercial | 5 | | purposes or that are solely inspirational or motivational. | 6 | | The State Superintendent of Education and regional | 7 | | superintendents of schools are authorized to review the | 8 | | activities and events provided or to be provided under this | 9 | | subdivision (D) and to investigate complaints regarding | 10 | | those activities and events. Either the State | 11 | | Superintendent of Education or a regional superintendent | 12 | | of schools may recommend that the State Board of Education | 13 | | disapprove those activities and events considered to be | 14 | | inconsistent with this subdivision (D). | 15 | | (E) Completing non-university credit directly related | 16 | | to student achievement, school improvement plans, or State | 17 | | priorities. | 18 | | (F) Participating in or presenting at workshops, | 19 | | seminars, conferences, institutes, or symposiums. | 20 | | (G) Training as external reviewers for quality | 21 | | assurance. | 22 | | (H) Training as reviewers of university teacher | 23 | | preparation programs. | 24 | | (I) Other educational experiences related to improving | 25 | | the school service personnel's knowledge and skills as a | 26 | | teacher, including (i) participating in action research |
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| 1 | | and inquiry projects; (ii) traveling related to one's | 2 | | assignment and directly related to school service | 3 | | personnel achievement or school improvement plans and | 4 | | approved by the regional superintendent of schools or his | 5 | | or her designee at least 30 days prior to the travel | 6 | | experience, provided that the traveling shall not include | 7 | | time spent commuting to destinations where the learning | 8 | | experience will occur; (iii) participating in study groups | 9 | | related to student achievement or school improvement | 10 | | plans; (iv) serving on a statewide education-related | 11 | | committee, including without limitation the State Teacher | 12 | | Certification Board, State Board of Education strategic | 13 | | agenda teams, or the State Advisory Council on Education of | 14 | | Children with Disabilities; (v) participating in | 15 | | work/learn programs or internships; or (vi) developing a | 16 | | portfolio of student and teacher work. | 17 | | (J) Professional leadership experiences related to | 18 | | improving the teacher's knowledge and skills as a teacher, | 19 | | including (i) participating in curriculum development or | 20 | | assessment activities at the school, school district, | 21 | | regional office of education, State, or national level; | 22 | | (ii) participating in team or department leadership in a | 23 | | school or school district; (iii) participating on external | 24 | | or internal school or school district review teams; (iv) | 25 | | publishing educational articles, columns, or books | 26 | | relevant to the certificate area being renewed; or (v) |
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| 1 | | participating in non-strike-related professional | 2 | | association or labor organization service or activities | 3 | | related to professional development.
| 4 | | (Source: P.A. 94-105, eff. 7-1-05; 95-592, eff. 7-1-08 .)
| 5 | | Section 5. The Higher Education Student Assistance Act is | 6 | | amended by adding Section 67 and by changing Section 75 as | 7 | | follows: | 8 | | (110 ILCS 947/67 new) | 9 | | Sec. 67. Illinois DREAM Fund Commission. | 10 | | (a) The Illinois Student Assistance Commission shall | 11 | | establish an Illinois DREAM Fund Commission. The Governor shall | 12 | | appoint, with the advice and consent of the Senate, members to | 13 | | the Illinois DREAM Fund Commission, which shall be comprised of | 14 | | 9 members representing the geographic and ethnic diversity of | 15 | | this State, including students, college and university | 16 | | administrators and faculty, and other individuals committed to | 17 | | advancing the educational opportunities of the children of | 18 | | immigrants. | 19 | | (b) The Illinois DREAM Fund Commission is charged with all | 20 | | of the following responsibilities: | 21 | | (1) Administering this Section and raising funds for | 22 | | the Illinois DREAM Fund. | 23 | | (2) Establishing a not-for-profit entity charged with | 24 | | raising funds for the administration of this Section, any |
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| 1 | | educational or training programs the Commission is tasked | 2 | | with administering, and funding scholarships to students | 3 | | who are the children of immigrants to the United States. | 4 | | (3) Publicizing the availability of scholarships from | 5 | | the Illinois DREAM Fund. | 6 | | (4) Selecting the recipients of scholarships funded | 7 | | through the Illinois DREAM Fund. | 8 | | (5) Researching issues pertaining to the availability | 9 | | of assistance with the costs of higher education for the | 10 | | children of immigrants and other issues regarding access | 11 | | for and the performance of the children of immigrants | 12 | | within higher education. | 13 | | (6) Overseeing implementation of the other provisions | 14 | | of this amendatory Act of the 97th General Assembly. | 15 | | (7) Establishing and administering training programs | 16 | | for high school counselors and counselors, admissions | 17 | | officers, and financial aid officers of public | 18 | | institutions of higher education. The training programs | 19 | | shall instruct participants on the educational | 20 | | opportunities available to college-bound students who are | 21 | | the children of immigrants, including, but not limited to, | 22 | | in-state tuition and scholarship programs. The Illinois | 23 | | DREAM Fund Commission may also establish a public awareness | 24 | | campaign regarding educational opportunities available to | 25 | | college bound students who are the children of immigrants. | 26 | | The Illinois DREAM Fund Commission shall establish, by |
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| 1 | | rule, procedures for accepting and evaluating applications for | 2 | | scholarships from the children of immigrants and issuing | 3 | | scholarships to selected student applicants. | 4 | | (c) To receive a scholarship under this Section, a student | 5 | | must meet all of the following qualifications: | 6 | | (1) Have resided with his or her parents or guardian | 7 | | while attending a public or private high school in this | 8 | | State. | 9 | | (2) Have graduated from a public or private high school | 10 | | or received the equivalent of a high school diploma in this | 11 | | State. | 12 | | (3) Have attended school in this State for at least 3 | 13 | | years as of the date he or she graduated from high school | 14 | | or received the equivalent of a high school diploma. | 15 | | (4) Have at least one parent who immigrated to the | 16 | | United States. | 17 | | (d) The Illinois Student Assistance Commission shall | 18 | | establish an Illinois DREAM Fund to provide scholarships under | 19 | | this Section. The Illinois DREAM Fund shall be funded entirely | 20 | | from private contributions.
| 21 | | (110 ILCS 947/75)
| 22 | | Sec. 75. College savings programs.
| 23 | | (a) Purpose. The General Assembly finds and hereby declares | 24 | | that for
the benefit of the people of the State of Illinois, | 25 | | the conduct and
increase of their commerce, the protection and |
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| 1 | | enhancement of their welfare,
the development of continued | 2 | | prosperity and the improvement of their health
and living | 3 | | conditions, it is essential that all citizens with the
| 4 | | intellectual ability and motivation be able to obtain a higher | 5 | | education.
The General Assembly further finds that rising | 6 | | tuition costs, increasingly
restrictive eligibility criteria | 7 | | for existing federal and State student aid
programs and other | 8 | | trends in higher education finance have impeded access
to a | 9 | | higher education for many middle-income families; and that to | 10 | | remedy
these concerns, it is of utmost importance that families | 11 | | be provided with
investment alternatives to enhance their | 12 | | financial access to institutions of
higher education. It is the | 13 | | intent of this Section to establish College
Savings Programs | 14 | | appropriate for families from various income groups, to
| 15 | | encourage Illinois families to save and invest in anticipation | 16 | | of their
children's education, and to encourage enrollment in | 17 | | institutions of higher
education, all in execution of the | 18 | | public policy set forth above and
elsewhere in this Act. | 19 | | College Savings Programs established under this Section must be | 20 | | available to any individual with a valid social security number | 21 | | or taxpayer identification number for the benefit of any | 22 | | individual with a valid social security number or taxpayer | 23 | | identification number.
| 24 | | (b) The Commission is authorized to develop and provide a | 25 | | program of
college savings instruments to qualifying Illinois | 26 | | residents citizens . The program shall be
structured to |
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| 1 | | encourage parents to plan ahead for the college education of
| 2 | | their children and to permit the long-term accumulation of | 3 | | savings which
can be used to finance the family's share of the | 4 | | cost of a higher education.
Income, up to $2,000 annually per | 5 | | account, which is derived by
individuals from investments made | 6 | | in accordance with College Savings Programs
established under | 7 | | this Section shall be free from all taxation by the State and
| 8 | | its political subdivisions, except for estate, transfer, and | 9 | | inheritance taxes.
| 10 | | (c) The Commission is authorized to contract with private | 11 | | financial
institutions and other businesses, individuals, and | 12 | | other appropriate
parties to establish and operate the College | 13 | | Savings Programs. The
Commission may negotiate contracts with | 14 | | private financial and investment
companies, establish College | 15 | | Savings Programs, and monitor the vendors
administering the | 16 | | programs in whichever manner the Commission determines is
best | 17 | | suited to accomplish the purposes of this Section. The Auditor | 18 | | General
shall periodically review the operation of the College | 19 | | Savings Programs and
shall advise the Commission and the | 20 | | General Assembly of his findings.
| 21 | | (d) In determining the type of instruments to be offered, | 22 | | the Commission
shall consult with, and receive the assistance | 23 | | of, the Illinois Board of
Higher Education, the
Governor's | 24 | | Office of Management and Budget, the State Board of | 25 | | Investments,
the Governor, and other appropriate State | 26 | | agencies and private parties.
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| 1 | | (e) The Commission shall market and promote the College | 2 | | Savings Programs
to the citizens of Illinois.
| 3 | | (f) The Commission shall assist the State Comptroller and | 4 | | State
Treasurer in establishing a payroll deduction plan | 5 | | through which State
employees may participate in the College | 6 | | Savings Programs. The Department of
Labor, Department of | 7 | | Employment Security, Department of Revenue, and other
| 8 | | appropriate agencies shall assist the Commission in educating | 9 | | Illinois
employers about the College Savings Programs, and | 10 | | shall assist the Commission
in securing employers' | 11 | | participation in a payroll deduction plan and other
initiatives | 12 | | which maximize participation in the College Savings Programs.
| 13 | | (g) The Commission shall examine means by which the State, | 14 | | through a
series of matching contributions or other incentives, | 15 | | may most
effectively encourage Illinois families to | 16 | | participate in the College
Savings Programs. The Commission | 17 | | shall report its conclusions and
recommendations to the | 18 | | Governor and General Assembly no later than
February 15, 1990.
| 19 | | (h) The College Savings Programs established pursuant to | 20 | | this Section
shall not be subject to the provisions of the | 21 | | Illinois Administrative
Procedure Act. The Commission shall | 22 | | provide that appropriate disclosures
are provided to all | 23 | | citizens who participate in the College Savings Programs.
| 24 | | (Source: P.A. 94-793, eff. 5-19-06.)
| 25 | | Section 10. The Illinois Prepaid Tuition Act is amended by |
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| 1 | | changing Section 45 as follows:
| 2 | | (110 ILCS 979/45)
| 3 | | Sec. 45. Illinois prepaid tuition contracts.
| 4 | | (a) The Commission may enter into an Illinois prepaid | 5 | | tuition contract with
a purchaser under which the Commission | 6 | | contracts on behalf of the State to pay
full tuition and | 7 | | mandatory fees at an Illinois public university or Illinois
| 8 | | community college for a qualified beneficiary to attend the | 9 | | eligible
institution to which the qualified beneficiary is | 10 | | admitted. Each
contract shall contain terms, conditions, and | 11 | | provisions that the Commission
determines to be necessary for | 12 | | ensuring the educational objectives and
sustainable financial | 13 | | viability of the Illinois prepaid tuition program.
| 14 | | (b) Each contract shall have one designated purchaser and | 15 | | one designated
qualified beneficiary. Unless otherwise | 16 | | specified in the contract, the
purchaser
owns the contract and | 17 | | retains any tax liability for its assets only until the
first | 18 | | distribution of benefits. Contracts shall be purchased in units | 19 | | of 15 credit
hours.
| 20 | | (c) Without exception, benefits may be received by a | 21 | | qualified beneficiary
of an Illinois prepaid tuition contract | 22 | | no earlier than 3 years from the date
the contract is | 23 | | purchased.
| 24 | | (d) A prepaid tuition contract shall contain, but is not | 25 | | limited to,
provisions for (i) refunds or withdrawals in |
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| 1 | | certain circumstances, with or
without interest or penalties;
| 2 | | (ii) conversion of the contract at the time of distribution | 3 | | from accrued
prepayment value at one type of eligible | 4 | | institution to the accrued
prepayment value at a different type | 5 | | of eligible institution; (iii)
portability of the accrued value | 6 | | of the prepayment value for use at an eligible institution | 7 | | located outside this State; (iv) transferability of the | 8 | | contract
benefits within the qualified beneficiary's immediate | 9 | | family; and (v) a
specified benefit period during which the | 10 | | contract may be redeemed.
| 11 | | (e) Each Illinois prepaid tuition contract also shall | 12 | | contain, at minimum,
all of
the following:
| 13 | | (1) The amount of payment or payments and the number of | 14 | | payments required
from a purchaser on behalf of a qualified | 15 | | beneficiary.
| 16 | | (2) The terms and conditions under which purchasers | 17 | | shall remit payments,
including, but not limited to, the | 18 | | date or dates upon which each payment shall
be due.
| 19 | | (3) Provisions for late payment charges and for | 20 | | default.
| 21 | | (4) Provisions for penalty fees payable incident to an | 22 | | authorized
withdrawal.
| 23 | | (5) The name, date of birth, and social security number | 24 | | or taxpayer identification number of the qualified
| 25 | | beneficiary on whose behalf the contract is drawn and the | 26 | | terms and conditions
under which the contract may be |
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| 1 | | transferred to another qualified beneficiary.
| 2 | | (6) The name and social security number or taxpayer | 3 | | identification number of any person who may
terminate the | 4 | | contract, together with terms that specify whether the | 5 | | contract
may be terminated by the
purchaser, the qualified | 6 | | beneficiary, a specific designated person, or any
| 7 | | combination of these persons.
| 8 | | (7) The terms and conditions under which a contract may | 9 | | be terminated, the
name and social security number or | 10 | | taxpayer identification number of the person entitled to | 11 | | any refund due as a
result of the termination of the | 12 | | contract pursuant to those terms and
conditions,
and the | 13 | | method for determining the amount of a refund.
| 14 | | (8) The time limitations, if any, within which the | 15 | | qualified beneficiary
must claim his or her benefits | 16 | | through the program.
| 17 | | (9) Other terms and conditions determined by the | 18 | | Commission to be
appropriate.
| 19 | | (f) In addition to the contract provisions set forth in | 20 | | subsection (e), each
Illinois prepaid tuition contract shall | 21 | | include:
| 22 | | (1) The number of credit hours contracted by the | 23 | | purchaser.
| 24 | | (2) The type of eligible institution and the prepaid | 25 | | tuition plan
toward which the credit hours shall be | 26 | | applied.
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| 1 | | (3) The explicit contractual obligation of the | 2 | | Commission to the qualified
beneficiary to provide a | 3 | | specific number of credit hours of undergraduate
| 4 | | instruction at an eligible institution, not to exceed the | 5 | | maximum number of
credit hours required for the conference | 6 | | of a degree that corresponds to the
plan purchased on | 7 | | behalf of the qualified beneficiary.
| 8 | | (g) The Commission shall indicate by rule the conditions | 9 | | under which refunds
are payable to a contract purchaser. | 10 | | Generally, no refund shall exceed the
amount paid into the | 11 | | Illinois Prepaid Tuition Trust Fund by the purchaser. In
the | 12 | | event that a contract is converted from a Public University | 13 | | Plan described
in subsection (j) of this Section to a Community | 14 | | College Plan described in
subsection (k) of this Section, the | 15 | | refund amount shall be reduced
by the amount transferred to the | 16 | | Illinois community college on behalf of the
qualified | 17 | | beneficiary. Except where the Commission may otherwise rule, | 18 | | refunds
may exceed the amount paid into the Illinois Prepaid | 19 | | Tuition Trust Fund only
under the following circumstances:
| 20 | | (1) If the qualified beneficiary is awarded a grant or | 21 | | scholarship at a
public institution of higher education, | 22 | | the
terms of
which duplicate the benefits included in the | 23 | | Illinois prepaid tuition contract,
then moneys paid for the | 24 | | purchase of the contract shall be returned to the
| 25 | | purchaser, upon request, in semester installments that | 26 | | coincide with the
matriculation by the
qualified |
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| 1 | | beneficiary, in an amount equal to the current cost
of | 2 | | tuition
and mandatory fees at the public institution of | 3 | | higher education where the qualified
beneficiary is | 4 | | enrolled.
| 5 | | (1.5) If the qualified beneficiary is awarded a grant | 6 | | or scholarship
while enrolled at either an eligible | 7 | | nonpublic institution of higher
education or an eligible | 8 | | public or private out-of-state higher education
| 9 | | institution, the terms of which duplicate the benefits | 10 | | included in the
Illinois prepaid tuition contract, then | 11 | | money paid for the purchase of the
contract shall be | 12 | | returned to the purchaser, upon request, in semester
| 13 | | installments that coincide with the matriculation by the | 14 | | qualified
beneficiary. The amount paid shall not exceed the | 15 | | current average
mean-weighted credit hour value of the | 16 | | registration fees purchased
under the contract.
| 17 | | (2) In the event of the death or total disability of | 18 | | the qualified
beneficiary, moneys paid for the purchase of | 19 | | the Illinois prepaid tuition
contract shall be returned to | 20 | | the purchaser together with all accrued earnings.
| 21 | | (3) If an Illinois prepaid tuition contract is | 22 | | converted from a Public
University Plan to a Community | 23 | | College Plan, then the amount refunded shall be
the value | 24 | | of the original Illinois prepaid tuition contract minus the | 25 | | value of
the contract after conversion.
| 26 | | No refund shall be authorized under an Illinois prepaid |
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| 1 | | tuition contract for
any semester partially attended but not | 2 | | completed.
| 3 | | The Commission, by rule, shall set forth specific | 4 | | procedures for
making contract payments in conjunction with | 5 | | grants and scholarships awarded to
contract beneficiaries.
| 6 | | Moneys paid into or out of the Illinois Prepaid Tuition | 7 | | Trust Fund by or on
behalf of the purchaser or the qualified | 8 | | beneficiary of an Illinois prepaid
tuition contract are exempt | 9 | | from all claims of creditors of the purchaser or
beneficiary, | 10 | | so long as the contract has not been terminated.
| 11 | | The State or any State agency, county, municipality, or | 12 | | other political
subdivision, by contract or collective | 13 | | bargaining agreement, may agree with any
employee to remit | 14 | | payments toward the purchase of Illinois
prepaid tuition | 15 | | contracts through payroll deductions made by the appropriate
| 16 | | officer or officers of the entity making the payments. Such | 17 | | payments shall be
held and administered in accordance with this | 18 | | Act.
| 19 | | (h) Nothing in this Act shall be construed as a promise or | 20 | | guarantee that a
qualified beneficiary will be admitted to an | 21 | | eligible institution or to a
particular eligible institution, | 22 | | will be allowed to continue enrollment at an eligible
| 23 | | institution after admission, or will be graduated from an | 24 | | eligible institution.
| 25 | | (i) The Commission shall develop and make prepaid tuition | 26 | | contracts
available under a minimum of at least 2 independent |
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| 1 | | plans to be known as the
Public University Plan and the | 2 | | Community College Plan.
| 3 | | Contracts shall be purchased in units of 15 credit hours at | 4 | | either an
Illinois public university or an Illinois community | 5 | | college.
The minimum purchase amount per qualified beneficiary | 6 | | shall be one unit or 15
credit hours. The maximum purchase | 7 | | amount shall be 9 units (or 135 credit
hours) for the Public | 8 | | University Plan and 4 units (or 60 credit hours) for the
| 9 | | Community College Plan.
| 10 | | (j) Public University Plan. Through the Public University | 11 | | Plan, the
Illinois prepaid tuition contract shall provide | 12 | | prepaid registration fees,
which include full tuition costs as | 13 | | well as mandatory fees, for a specified
number of undergraduate | 14 | | credit hours, not to exceed the maximum number of
credit hours | 15 | | required for the conference of a baccalaureate degree. In
| 16 | | determining the cost of participation in the Public University | 17 | | Plan, the
Commission shall reference the combined | 18 | | mean-weighted current registration fees
from Illinois public | 19 | | universities.
| 20 | | In the event that a qualified beneficiary for whatever | 21 | | reason chooses to
attend an Illinois community college, the | 22 | | qualified beneficiary may convert the
average number of credit | 23 | | hours required for the conference of an associate
degree from | 24 | | the Public University Plan to the Community College
Plan and | 25 | | may retain the remaining Public University Plan credit hours or | 26 | | may
request a refund for prepaid credit hours in excess of |
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| 1 | | those required for
conference of an associate degree. In | 2 | | determining the amount of any refund,
the Commission also shall | 3 | | recognize the current relative credit hour cost of
the 2 plans | 4 | | when making any conversion.
| 5 | | Qualified beneficiaries shall bear the cost of any | 6 | | laboratory or other
non-mandatory fees associated with | 7 | | enrollment in specific courses. Qualified
beneficiaries who | 8 | | are not Illinois residents shall bear the difference in
cost | 9 | | between in-state registration fees guaranteed by the prepaid | 10 | | tuition
contract and tuition and other charges assessed upon | 11 | | out-of-state students by
the eligible institution.
| 12 | | (k) Community College Plan. Through the Community College | 13 | | Plan, the
Illinois prepaid tuition contract shall provide | 14 | | prepaid registration fees,
which include full tuition costs as | 15 | | well as mandatory fees, for a specified
number of undergraduate | 16 | | credit hours, not to exceed the maximum number of
credit hours | 17 | | required for the conference of an associate degree. In
| 18 | | determining the cost of participation in the Community College | 19 | | Plan, the
Commission shall reference the combined | 20 | | mean-weighted current registration fees
from all Illinois | 21 | | community colleges.
| 22 | | In the event that a qualified beneficiary for whatever | 23 | | reason chooses to
attend an Illinois public university, the | 24 | | qualified beneficiary's prepaid
tuition contract shall be | 25 | | converted for use at that Illinois public university
by | 26 | | referencing the current average mean-weighted credit hour |
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| 1 | | value of
registration fees at Illinois community colleges | 2 | | relative to the corresponding
value of registration fees at | 3 | | Illinois public universities.
| 4 | | Qualified beneficiaries shall bear the cost of any | 5 | | laboratory or other
non-mandatory fees associated with | 6 | | enrollment in specific courses. Qualified
beneficiaries who | 7 | | are not Illinois residents shall bear the difference in
cost | 8 | | between in-state registration fees guaranteed by the prepaid | 9 | | tuition
contract and tuition and other charges assessed upon | 10 | | out-of-state students by
the eligible institution.
| 11 | | (l) A qualified beneficiary may apply the benefits of any | 12 | | Illinois prepaid
tuition contract toward a nonpublic | 13 | | institution of higher education. In the
event that a qualified | 14 | | beneficiary for whatever reason chooses to attend a
nonpublic | 15 | | institution of higher education, the qualified beneficiary's | 16 | | prepaid
tuition contract shall be converted for use at that | 17 | | nonpublic institution of
higher education by referencing the | 18 | | current average mean-weighted credit hour
value of | 19 | | registration fees purchased under the
contract. The Commission | 20 | | shall
transfer, or cause to have transferred, this amount, less | 21 | | a transfer fee, to
the nonpublic institution on behalf of the | 22 | | beneficiary. In the event that the
cost of registration charged | 23 | | to the beneficiary at the nonpublic institution of
higher | 24 | | education is less than the aggregate value of the Illinois | 25 | | prepaid
tuition contract, any remaining amount shall be | 26 | | transferred in subsequent
semesters until the transfer value is |
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| 1 | | fully depleted.
| 2 | | (m) A qualified beneficiary may apply the benefits of any | 3 | | Illinois prepaid
tuition contract toward an eligible | 4 | | out-of-state college or university.
Institutional eligibility | 5 | | for out-of-state colleges and universities shall be
determined | 6 | | by the Commission according to standards substantially | 7 | | equivalent to those for an eligible institution located in this | 8 | | State, as described in the definition of "institution of higher | 9 | | learning" in Section 10 of the Higher Education Student | 10 | | Assistance Act.
In the
event that a qualified beneficiary for | 11 | | whatever reason chooses to attend an
eligible out-of-state | 12 | | college or university, the qualified beneficiary's
prepaid | 13 | | tuition contract shall be converted for use at that college or
| 14 | | university by referencing the current average mean-weighted | 15 | | credit hour value
of registration fees purchased under the | 16 | | contract. The Commission shall
transfer, or cause to have
| 17 | | transferred, this amount, less a transfer fee, to the college | 18 | | or university on
behalf of the beneficiary. In the event that | 19 | | the cost of registration charged
to the beneficiary at the | 20 | | eligible out-of-state college or university is less
than the | 21 | | aggregate value of the Illinois prepaid tuition contract, any
| 22 | | remaining amount shall be transferred in subsequent semesters | 23 | | until the
transfer value is fully depleted.
| 24 | | (n) Illinois prepaid tuition contracts may be purchased | 25 | | either by lump sum
or by installments. No penalty shall be | 26 | | assessed for early
payment of installment contracts.
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| 1 | | (o) The Commission shall annually adjust the price of new | 2 | | contracts, in
accordance with the annual changes in | 3 | | registration fees at Illinois public
universities and | 4 | | community colleges.
| 5 | | (Source: P.A. 95-217, eff. 8-16-07; 96-1282, eff. 7-26-10.)
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.
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