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| Public Act 099-0842 | ||||
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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 Illinois Prepaid Tuition Act is amended by | ||||
changing Section 10 as follows:
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(110 ILCS 979/10)
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Sec. 10. Definitions. In this Act:
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"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,
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Western Illinois University, or Northeastern Illinois | ||||
University.
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"Illinois community college" means a public community | ||||
college as defined in
Section 1-2 of the Public Community | ||||
College Act.
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"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.
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"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.
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"Illinois prepaid tuition program" or "program" means the | ||
program created in
Section 15.
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"Purchaser" means a person who makes or has contracted to | ||
make payments under
an Illinois prepaid tuition contract.
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"Public institution of higher education" means an Illinois | ||
public university
or Illinois community college.
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"Nonpublic institution of higher education" means any | ||
eligible institution, other than a public institution of higher | ||
education.
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"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.
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"Tuition" means the quarter or semester charges imposed on | ||
a qualified
beneficiary to attend an eligible institution.
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"Mandatory Fees" means those quarter or semester fees | ||
imposed upon all
students enrolled at an eligible institution.
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"Registration Fees" means the charges derived by combining | ||
tuition and
mandatory fees.
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"Contract Unit" means 15 credit hours of instruction at an | ||
eligible
institution.
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"Panel" means the investment advisory panel created under | ||
Section 20.
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"Commission" means the Illinois Student Assistance | ||
Commission.
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(Source: P.A. 96-1282, eff. 7-26-10.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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