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| Public Act 103-0536 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Finance Act is amended by adding | ||||
Section 5.990 as follows: | ||||
(30 ILCS 105/5.990 new) | ||||
Sec. 5.990. The MAP Refund Fund. | ||||
Section 10. The Private College Act is amended by adding | ||||
Section 14.15 as follows: | ||||
(110 ILCS 1005/14.15 new) | ||||
Sec. 14.15. Unfair, misleading, or deceptive practice | ||||
finding; refund; grant. | ||||
(a) In this Section, "unfair, misleading, or deceptive | ||||
practice" means an act or practice in which a representation, | ||||
omission, or practice misleads or is likely to mislead a | ||||
consumer, as determined by the Federal Trade Commission, the | ||||
United States Department of Education, or the United States | ||||
Bureau of Consumer Financial Protection in a court of | ||||
competent jurisdiction. | ||||
(b) This Section applies to a for-profit, post-secondary | ||||
educational institution that received monetary award program | ||||
funds under Section 35 of the Higher Education Student | ||
Assistance Act at a time the institution was found to have been | ||
using an unfair, misleading, or deceptive practice, as defined | ||
by the Federal Trade Commission, the United States Department | ||
of Education, or the United States Bureau of Consumer | ||
Financial Protection, and is required to reimburse students | ||
for loans taken to pay for the students' education in | ||
accordance with a final judgment against the institution | ||
issued by a court of competent jurisdiction, based on acts | ||
occurring at least 6 months after the effective date of this | ||
amendatory Act of the 103rd General Assembly. Any monetary | ||
award program funds paid to the for-profit, post-secondary | ||
educational institution for students who attended the | ||
institution during the period of judgment must be refunded to | ||
the Illinois Student Assistance Commission. | ||
(c) If a post-secondary educational institution is | ||
required to issue a refund to the Illinois Student Assistance | ||
Commission under this Section, the refund shall be deposited | ||
into the MAP Refund Fund. The Commission shall use funds | ||
appropriated from the MAP Refund Fund to award grants to | ||
students as provided in this Section. A post-secondary | ||
educational institution required to issue a refund to the | ||
Illinois Student Assistance Commission under this Section must | ||
notify the Illinois Student Assistance Commission within 30 | ||
days after a final judgment issued by a court of competent | ||
jurisdiction, and issue the refund within 6 months. A | ||
for-profit, post-secondary educational institution with a | ||
judgment against it must notify students who attended the | ||
post-secondary educational institution during the period of | ||
judgment and received monetary award program funds, | ||
electronically and by certified mail, within 6 months after | ||
issuance of the refund to the Illinois Student Assistance | ||
Commission. | ||
(d) The Commission shall make applications for grants | ||
under subsection (c) available in the next academic year after | ||
the deposit of funds into the MAP Refund Fund or as soon as is | ||
practicable. The application process shall be administered by | ||
the Commission and shall remain open until no funds remain in | ||
the MAP Refund Fund, subject to the other provisions of this | ||
Section. | ||
(e) The Commission shall determine the maximum amount of a | ||
grant that may be provided under this Section in an academic | ||
year. A grant under this Section may be awarded to a student in | ||
addition to a monetary award program grant. However, the | ||
combined amounts of those grants may not exceed the total cost | ||
of tuition and fees for the academic year at the | ||
post-secondary educational institution at which the student is | ||
enrolled. | ||
(f) Beginning in the third academic year following the | ||
issuance of refunds under subsection (b), the remaining | ||
balance in the MAP Refund Fund shall be appropriated to the | ||
Commission for the Commission's operating budget for the | ||
monetary award program. | ||
(g) The MAP Refund Fund is created as a special fund in the | ||
State treasury. All money in the Fund shall be used, subject to | ||
appropriation, by the Commission for the purposes set forth in | ||
this Section.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||