Bill Text: IL HB6302 | 2015-2016 | 99th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Prepaid Tuition Act. Changes the definition of "eligible institution" to mean an eligible educational institution as defined in Section 529 of the federal Internal Revenue Code of 1986 and any regulations thereunder (instead of an institution of higher learning, as defined in the Higher Education Student Assistance Act, whose students are eligible to receive benefits under Section 529(a) of the Internal Revenue Code of 1986, as specified by the federal Small Business Act of 1996 and subsequent amendments to this federal law). Effective immediately.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Passed) 2016-08-19 - Public Act . . . . . . . . . 99-0842 [HB6302 Detail]

Download: Illinois-2015-HB6302-Engrossed.html

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AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Prepaid Tuition Act is amended by
changing Section 10 as follows:
(110 ILCS 979/10)
Sec. 10. Definitions. In this Act:
"Illinois public university" means the University of
Illinois, Illinois State University, Chicago State University,
Governors State University, Southern Illinois University,
Northern Illinois University, Eastern Illinois University,
Western Illinois University, or Northeastern Illinois
University.
"Illinois community college" means a public community
college as defined in Section 1-2 of the Public Community
College Act.
"Eligible institution" means an eligible educational
institution as defined in Section 529 of the federal Internal
Revenue Code of 1986 and any regulations thereunder institution
of higher learning, as defined in Section 10 of the Higher
Education Student Assistance Act, whose students are eligible
to receive benefits under Section 529(a) of the Internal
Revenue Code of 1986, as specified by the federal Small

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Business Act of 1996 and subsequent amendments to this federal
law.
"Illinois prepaid tuition contract" or "contract" means a
contract entered into between the State and a Purchaser under
Section 45 to provide for the higher education of a qualified
beneficiary.
"Illinois prepaid tuition program" or "program" means the
program created in Section 15.
"Purchaser" means a person who makes or has contracted to
make payments under an Illinois prepaid tuition contract.
"Public institution of higher education" means an Illinois
public university or Illinois community college.
"Nonpublic institution of higher education" means any
eligible institution, other than a public institution of higher
education.
"Qualified beneficiary" means (i) anyone who has been a
resident of this State for at least 12 months prior to the date
of the contract, or (ii) a nonresident, so long as the
purchaser has been a resident of the State for at least 12
months prior to the date of the contract, or (iii) any person
less than one year of age whose parent or legal guardian has
been a resident of this State for at least 12 months prior to
the date of the contract.
"Tuition" means the quarter or semester charges imposed on
a qualified beneficiary to attend an eligible institution.
"Mandatory Fees" means those quarter or semester fees

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imposed upon all students enrolled at an eligible institution.
"Registration Fees" means the charges derived by combining
tuition and mandatory fees.
"Contract Unit" means 15 credit hours of instruction at an
eligible institution.
"Panel" means the investment advisory panel created under
Section 20.
"Commission" means the Illinois Student Assistance
Commission.
(Source: P.A. 96-1282, eff. 7-26-10.)
Section 99. Effective date. This Act takes effect upon
becoming law.