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1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Prepaid Tuition Act is amended by
5changing Section 10 as follows:
 
6    (110 ILCS 979/10)
7    Sec. 10. Definitions. In this Act:
8    "Illinois public university" means the University of
9Illinois, Illinois State University, Chicago State University,
10Governors State University, Southern Illinois University,
11Northern Illinois University, Eastern Illinois University,
12Western Illinois University, or Northeastern Illinois
13University.
14    "Illinois community college" means a public community
15college as defined in Section 1-2 of the Public Community
16College Act.
17    "Eligible institution" means an eligible educational
18institution as defined in Section 529 of the federal Internal
19Revenue Code of 1986 and any regulations thereunder institution
20of higher learning, as defined in Section 10 of the Higher
21Education Student Assistance Act, whose students are eligible
22to receive benefits under Section 529(a) of the Internal
23Revenue Code of 1986, as specified by the federal Small

 

 

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1Business Act of 1996 and subsequent amendments to this federal
2law.
3    "Illinois prepaid tuition contract" or "contract" means a
4contract entered into between the State and a Purchaser under
5Section 45 to provide for the higher education of a qualified
6beneficiary.
7    "Illinois prepaid tuition program" or "program" means the
8program created in Section 15.
9    "Purchaser" means a person who makes or has contracted to
10make payments under an Illinois prepaid tuition contract.
11    "Public institution of higher education" means an Illinois
12public university or Illinois community college.
13    "Nonpublic institution of higher education" means any
14eligible institution, other than a public institution of higher
15education.
16    "Qualified beneficiary" means (i) anyone who has been a
17resident of this State for at least 12 months prior to the date
18of the contract, or (ii) a nonresident, so long as the
19purchaser has been a resident of the State for at least 12
20months prior to the date of the contract, or (iii) any person
21less than one year of age whose parent or legal guardian has
22been a resident of this State for at least 12 months prior to
23the date of the contract.
24    "Tuition" means the quarter or semester charges imposed on
25a qualified beneficiary to attend an eligible institution.
26    "Mandatory Fees" means those quarter or semester fees

 

 

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1imposed upon all students enrolled at an eligible institution.
2    "Registration Fees" means the charges derived by combining
3tuition and mandatory fees.
4    "Contract Unit" means 15 credit hours of instruction at an
5eligible institution.
6    "Panel" means the investment advisory panel created under
7Section 20.
8    "Commission" means the Illinois Student Assistance
9Commission.
10(Source: P.A. 96-1282, eff. 7-26-10.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.