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91_HB1722sam002
LRB9104093NTsbam01
1 AMENDMENT TO HOUSE BILL 1722
2 AMENDMENT NO. . Amend House Bill 1722, AS AMENDED,
3 by replacing the title with the following:
4 "AN ACT to amend the Illinois Prepaid Tuition Act by
5 changing Section 25."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Prepaid Tuition Act is amended
9 by changing Section 25 as follows:
10 (110 ILCS 979/25)
11 Sec. 25. Additional powers of the Commission. The
12 Commission has the following specific powers relating to
13 administration of the Illinois prepaid tuition program:
14 (1) To direct funds to be invested, if not required
15 for immediate disbursement.
16 (2) To require a reasonable length of State
17 residence for qualified beneficiaries of Illinois prepaid
18 tuition contracts.
19 (3) To annually restrict the number of participants
20 in any prepaid tuition plan authorized by the Commission,
21 provided that any person denied participation solely on
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1 the basis of such restriction shall be given priority
2 consideration when opportunities to participate in the
3 plan are offered during the subsequent year.
4 (4) To appropriately segregate contributions and
5 payments to the Illinois prepaid tuition program into
6 various accounts and funds.
7 (5) To solicit and accept gifts, grants, loans, and
8 other financial assistance from any appropriate source,
9 and to participate in any other way in any governmental
10 program that will carry out the express purposes of this
11 Section.
12 (6) To require and collect administrative fees and
13 charges in connection with any transaction and to impose
14 reasonable penalties, including default, for delinquent
15 payments or for entering into an Illinois prepaid tuition
16 contract on a fraudulent basis.
17 (7) To impose reasonable time limits on use of the
18 Illinois prepaid tuition benefits provided by the
19 program, so long as those limitations are specified
20 within the Illinois prepaid tuition contract.
21 (8) To indicate the terms and conditions under
22 which Illinois prepaid tuition contracts may be
23 terminated and to impose reasonable fees and charges for
24 such termination, so long as those terms and conditions
25 are specified within the Illinois prepaid tuition
26 contract.
27 (9) To provide for the receipt of contributions to
28 the program in lump sum or installment payments.
29 (10) To require that purchasers of Illinois prepaid
30 tuition contracts verify in writing or by any other
31 method acceptable to the Commission any requests for
32 contract conversions, substitutions, transfers,
33 cancellations, refund requests, or contract changes of
34 any nature.
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1 (11) To enter into contracts for the purchase of
2 private insurance that insures full payment for prepaid
3 tuition contracts that have been authorized under this
4 Act.
5 (Source: P.A. 90-546, eff. 12-1-97.)
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.".