Illinois Senate Bill 3528 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the State Treasurer Act and the Illinois Prepaid Tuition Act. With respect to the College Savings Pool, provides that for accounts opened on or after the effective date of the amendatory Act, the State Treasurer may receive moneys paid into the pool by the Illinois Neighborhood Recovery Initiative, which shall be permitted to match, dollar for dollar, with limitations, annual contributions made to an account. Provides that Illinois prepaid tuition contracts may not be entered into on or after the effective date of the amendatory Act. Provides that only annuities may be purchased under the Illinois prepaid tuition program. Provides that the purchaser of a contract entered into before the effective date of the amendatory Act may (i) retain funds under the contract, (ii) transfer the cash value of the contract to the College Savings Pool, (iii) cash out of the contract pursuant to the contract's terms, or (iv) transfer funds into an annuity. Effective immediately.

PREPAID TUITION CONTRACTS-END

Sen. Jason Barickman [R]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2014-03-05	Senate	Assigned to Higher Education
2014-02-14	Senate	Referred to Assignments
2014-02-14	Senate	First Reading
2014-02-14	Senate	Filed with Secretary by Sen. Jason A. Barickman

Chapter	Article	Section	Citation Type	Statute Text
110	979	15	Amended Code	Citation Text
110	979	45	Amended Code	Citation Text
15	505	16.5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3528&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB3528.htm