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 Illinois prepaid tuition contracts. (3) To annually restrict the number of participants in any prepaid tuition plan authorized by the Commission, provided that any person denied participation solely on the basis of such restriction shall be given priority consideration when opportunities to participate in the plan are offered during the subsequent year. (4) To appropriately segregate contributions and payments to the Illinois prepaid tuition program into various accounts and funds. (5) To solicit and accept gifts, grants, loans, and other financial assistance from any appropriate source, and to participate in any other way in any governmental program that will carry out the express purposes of this Section. (6) To require and collect administrative fees and charges in connection with any transaction and to impose reasonable penalties, including default, for delinquent payments or for entering into an Illinois prepaid tuition contract on a fraudulent basis. (7) To impose reasonable time limits on use of the Illinois prepaid tuition benefits provided by the program, so long as those limitations are specified within the Illinois prepaid tuition contract. (8) To indicate the terms and conditions under which Illinois prepaid tuition contracts may be terminated and to impose reasonable fees and charges for such termination, so long as those terms and conditions are specified within the Illinois prepaid tuition contract. (9) To provide for the receipt of contributions to the program in lump sum or installment payments. (10) To require that purchasers of Illinois prepaid tuition contracts verify in writing or by any other method acceptable to the Commission any requests for contract conversions, substitutions, transfers, cancellations, refund requests, or contract changes of any nature. (Source: P.A. 90-546, eff. 12-1-97.)