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90_HB0190sam001
LRB9001135THpkam02
1 AMENDMENT TO HOUSE BILL 190
2 AMENDMENT NO. . Amend House Bill 190 on page 2, line
3 20, by inserting immediately before the period the following:
4 "and whose students also are eligible to receive benefits
5 under Section 529(a) of the Internal Revenue Code of 1986, as
6 specified by the federal Small Business Act of 1996 and
7 subsequent amendments to this federal law"; and
8 on page 3, by deleting lines 27 and 28 and inserting in lieu
9 thereof the following:
10 ""Panel" means the advisory panel created under Section
11 20."; and
12 on page 4, by replacing line 1 with "Commission."; and
13 on page 4, line 2, by deleting "Board."; and
14 on page 4, line 13, by replacing "year of" with "start-up
15 period for"; and
16 on page 4, by deleting lines 18 through 33; and
17 on page 5, by deleting lines 1 through 26 and inserting in
18 lieu thereof the following:
19 "Section 20. Advisory Panel. The Illinois prepaid
20 tuition program shall be administered by the Illinois Student
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1 Assistance Commission, with advice and counsel from an
2 advisory panel appointed by the Commission. The Illinois
3 prepaid tuition program shall be administratively housed
4 within the Commission, and the advisory panel shall have such
5 duties as are specified in this Act.
6 The advisory panel shall consist of 7 members who are
7 appointed by the Commission, including one recommended by the
8 State Treasurer, one recommended by the State Comptroller,
9 one recommended by the Director of the Bureau of the Budget,
10 and one recommended by the Executive Director of the Board of
11 Higher Education. Each panel member shall possess knowledge,
12 skill, and experience in at least one of the following areas
13 of expertise: accounting, actuarial practice, risk
14 management, or investment management. Members shall serve
15 3-year terms except that, in making the initial appointments,
16 the Commission shall appoint 2 members to serve for 2 years,
17 2 members to serve for 3 years, and 3 members to serve for 4
18 years. Any person appointed to fill a vacancy on the panel
19 shall be appointed in a like manner and shall serve for only
20 the unexpired term. Advisory panel members shall be eligible
21 for reappointment and shall serve until a successor is
22 appointed and confirmed. Panel members shall serve without
23 compensation but shall be reimbursed for expenses. Before
24 being installed as a member of the advisory panel, each
25 nominee shall file verified written statements of economic
26 interest with the Secretary of State as required by the
27 Illinois Governmental Ethics Act and with the Board of Ethics
28 as required by Executive Order of the Governor.
29 The advisory panel shall meet at least twice annually.
30 At least once each year the Commission Chairman shall
31 designate a time and place at which the advisory panel shall
32 meet publicly with the Illinois Student Assistance Commission
33 to discuss issues and concerns relating to the Illinois
34 prepaid tuition program."; and
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1 on page 6, line 3, by replacing "Board" with "Commission";
2 and
3 on page 7, by replacing lines 5 and 6 with the following:
4 "Section 30. Advisory Panel duties and responsibilities.
5 (a) Advice and review. The panel shall offer advice and
6 counseling regarding"; and
7 on page 7, by deleting lines 10 through 15 and inserting in
8 lieu thereof the following:
9 "program. The panel is required to annually review and
10 advise the Commission on provisions of the strategic
11 investment plan for the prepaid tuition program. The panel
12 is also charged with reviewing and advising the Commission
13 with regard to the annual report that describes the current
14 financial condition of the program. The panel at its own
15 discretion also may advise the Commission on other aspects of
16 the program."; and
17 on page 7, by deleting lines 16 through 29; and
18 on page 7, by replacing lines 30 and 31 with the following:
19 "(b) Investment plan. The Commission annually shall
20 adopt a comprehensive investment plan"; and
21 on page 8, line 14, by inserting "of the Commission" before
22 the period; and
23 on page 8, by replacing line 23 with the following:
24 "(c) Program management. The Commission"; and
25 on page 8, lines 24 and 27, by replacing "their" each time it
26 appears with "its"; and
27 on page 8, by replacing line 30 with the following:
28 "contained herein shall preclude the Commission"; and
29 on page 8, line 31, by deleting "Board"; and
-4- LRB9001135THpkam02
1 on page 8, line 32, by replacing "Board" with "Commission";
2 and
3 on page 9, line 1, by replacing "(4)" with "(d)"; and
4 on page 9, line 2, by deleting ", for approval by the
5 Board,"; and
6 on page 9, line 8, by deleting ", after"; and
7 on page 9, line 9, by deleting "receiving Board approval,";
8 and
9 on page 9, line 18, by replacing "(5)" with "(e)"; and
10 on page 9, line 20, by replacing "Board" with "Commission";
11 and
12 on page 9, line 21, by deleting ", for submission to the
13 Board,"; and
14 on page 9, lines 30 and 33, by replacing "Director" each time
15 it appears with "Director of the Commission"; and
16 on page 10, line 1, by deleting "the Board nor"; and
17 on page 10, line 3, by replacing "(6)" with "(f)"; and
18 on page 10, line 5, by deleting "the Board,"; and
19 on page 10, line 16, by replacing "Board" with "Commission";
20 and
21 on page 10, line 31, by deleting "the Board,"; and
22 on page 11, by replacing lines 12 through 16 with the
23 following:
24 "(b) The Commission from time to time shall direct the
25 State Treasurer to invest moneys in the Illinois Prepaid
26 Tuition Trust Fund that are not needed for immediate
27 disbursement, in accordance with provisions of the investment
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1 plan approved by the Commission."; and
2 on page 11, line 17, by replacing "Director" with "Director
3 of the Commission"; and
4 on page 11, by replacing line 28 with the following:
5 "Commission, the Executive Director of the Commission, and
6 the State"; and
7 on page 11, line 31, by replacing "in" with "in a separate
8 document submitted concurrent with"; and
9 on page 12, line 2, by replacing "in" with "in a separate
10 document submitted concurrent with"; and
11 on page 12, by replacing line 10 with the following:
12 "During the first 18 months of operation of the
13 Illinois"; and
14 on page 12, line 14, by inserting after the period the
15 following:
16 "This appropriation constitutes a loan that shall be repaid
17 to the General Revenue Fund within 5 years by the Commission
18 from prepaid tuition program contributions."; and
19 on page 13, line 6, by deleting "Board and the"; and
20 on page 13, line 7, by replacing "determine" with
21 "determines"; and
22 on page 16, line 14, by replacing "a" with "a grant or"; and
23 on page 18, by deleting lines 21 through 29; and
24 on page 20, line 2, by replacing "contract" with "contract.";
25 and
26 on page 20, by deleting lines 3 and 4; and
27 on page 20, line 5, by deleting "the beneficiary is
28 enrolled."; and
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1 on page 20, line 16, by inserting after the period the
2 following:
3 "Institutional eligibility for out-of-state colleges and
4 universities shall be determined by the Commission, but in
5 making those determinations the Commission shall recognize
6 that the benefits of an Illinois prepaid tuition contract may
7 not be used at any postsecondary educational institution that
8 is both operated for-profit and located outside of
9 Illinois."; and
10 on page 20, by replacing lines 22 through 24 with the
11 following:
12 "purchased under the contract. The Commission"; and
13 on page 21, line 22, by replacing "enrolled" with "enrolled
14 or to another state or federal agency, for purposes that the
15 Commission deems appropriate, in accordance with applicable
16 state and federal law"; and
17 on page 21, line 23, by replacing "institution" with
18 "institution or agency"; and
19 on page 22, line 9, by replacing "Board" with "Commission".