110 ILCS 979/1
Short title
Short title. This Act may be cited as the Illinois Prepaid Tuition Act. (Source: P.A. 90-546, eff. 12-1-97.)
Illinois Compiled Statutes 110 ILCS 979 — Illinois Prepaid Tuition Act.
Illinois · statute · 110 ILCS 979 · 16 active provisions
Provisions
110 ILCS 979/5
Purpose
Purpose. The General Assembly finds and declares that the general welfare and security of the State are enhanced by access to higher education for all residents of the State who desire that education and who demonstrate the qualifications necessary to pursue that education. Furthermore, it is desirable that residents o…
110 ILCS 979/10
Definitions
Definitions. In this Act: "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, Western Illinois University, or Northeastern Illinois Univers…
110 ILCS 979/15
Creation of Illinois prepaid tuition program
Creation of Illinois prepaid tuition program. There is created the Illinois prepaid tuition program to be administered by the Illinois Student Assistance Commission. This program is to be administered so that the full cost of tuition and mandatory fees at Illinois public universities and Illinois community colleges may…
110 ILCS 979/20
Investment Advisory Panel
Investment Advisory Panel. The Illinois prepaid tuition program shall be administered by the Illinois Student Assistance Commission, with advice and counsel from an investment advisory panel appointed by the Commission. The Illinois prepaid tuition program shall be administratively housed within the Commission, and the…
110 ILCS 979/25
Additional powers of the Commission
Additional powers of the Commission. The Commission has the following specific powers relating to administration of the Illinois prepaid tuition program: (1) To direct funds to be invested, if not required for immediate disbursement. (2) To require a reasonable length of State residence for qualified beneficiaries of I…
110 ILCS 979/30
Investment Advisory Panel duties and responsibilities
Investment Advisory Panel duties and responsibilities. (a) Advice and review. The panel shall offer advice and counseling regarding the investments of the Illinois prepaid tuition program with the objective of obtaining the best possible return on investments consistent with actuarial soundness of the program. The pane…
110 ILCS 979/35
Illinois Prepaid Tuition Trust Fund
Illinois Prepaid Tuition Trust Fund. (a) The Illinois Prepaid Tuition Trust Fund is created as the repository of all moneys received by the Commission in conjunction with the Illinois prepaid tuition program. The Illinois Prepaid Tuition Trust Fund also shall be the official repository of all contributions, appropriati…
110 ILCS 979/45
Illinois prepaid tuition contracts
Illinois prepaid tuition contracts. (a) The Commission may enter into an Illinois prepaid tuition contract with a purchaser under which the Commission contracts on behalf of the State to pay full tuition and mandatory fees at an Illinois public university or Illinois community college for a qualified beneficiary to att…
110 ILCS 979/50
Confidentiality and disclosure
Confidentiality and disclosure. Information that (i) identifies the purchasers or qualified beneficiaries of any Illinois prepaid tuition contract or any terms or provisions of any such contract as those terms and provisions relate to a particular purchaser or qualified beneficiary, or (ii) discloses any other matter r…
110 ILCS 979/55
Tax exemption
Tax exemption. The assets of the Illinois Prepaid Tuition Trust Fund and its income and operation shall be exempt from all taxation by the State of Illinois and any of its subdivisions. The accrued earnings of Illinois prepaid tuition contracts once disbursed on behalf of an eligible beneficiary shall be similarly exem…
110 ILCS 979/60
Securities Registration Exemption
Securities Registration Exemption. Illinois prepaid tuition contracts shall be exempt from registration under the Illinois Securities Law of 1953. However no contract may be sold or otherwise transferred by the purchaser or qualified beneficiary without the prior approval of the Commission, except in accordance with th…
110 ILCS 979/62
Investment of ward's money in contract
Investment of ward's money in contract. A contract shall be considered an investment for the purpose of investing a ward's money under Section 21-2 of the Probate Act of 1975. (Source: P.A. 91-867, eff. 6-22-00.)
110 ILCS 979/65
Construction
Construction. Nothing in this Act or in an Illinois prepaid tuition contract shall be construed as a promise or guarantee by the Program or the State that a person will be admitted to any eligible institution or to a particular eligible institution, will be allowed to continue to attend an eligible institution after ha…
110 ILCS 979/90
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 90-546, eff. 12-1-97; text omitted.)
110 ILCS 979/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 90-546, eff. 12-1-97.)