110 ILCS 1010/5.5

(110 ILCS 1010/5.5)

Sec. 5.5. Disclosure of heightened monitoring of finances. Any institution approved by the Board under this Act shall make the following disclosures:

(a) If the United States Department of Education places the institution on either the Heightened Cash Monitoring 2 payment method or the reimbursement payment method, as authorized under 34 CFR 668.162, a clear and conspicuous disclosure that the United States Department of Education has heightened monitoring of the institution's finances and the reason for such monitoring. Such disclosure shall be made within 14 days of the action of the United States Department of Education both on the institution's website and to all students and prospective students on a form prescribed by the Board.

(b) Any other disclosure the Board requires by rule adopted pursuant to this Act.

(Source: P.A. 102-1046, eff. 6-7-22.)