Illinois Compiled Statutes - Full Text

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Illinois Compiled Statutes - Full Text

Illinois Compiled Statutes (ILCS)

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110 ILCS 1005/4.5

    (110 ILCS 1005/4.5)
    Sec. 4.5. Disclosure of heightened monitoring of finances. Any institution with a certificate of approval under this Act is required to make the following disclosures:
        (1) If the United States Department of Education
    
places the institution on either the Heightened Cash Monitoring 2 payment method or the reimbursement payment method, as authorized under 34 CFR 668.162, a clear and conspicuous disclosure that the United States Department of Education has heightened monitoring of the institution's finances and the reason for such monitoring. Such disclosure shall be made by the institution within 14 days of the action of the United States Department of Education by (i) notice on the institution's website, (ii) notice to all students and prospective students on a form prescribed by the Board, and (iii) written notice to the Board.
        (2) Any other disclosure the Board requires by rule
    
adopted pursuant to this Act.
(Source: P.A. 104-292, eff. 8-15-25.)