Bill Amendment: IL HB2898 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: HIGHER ED-MONETARY AWARD PROG
Status: 2023-08-11 - Public Act . . . . . . . . . 103-0536 [HB2898 Detail]
Download: Illinois-2023-HB2898-House_Amendment_001.html
Bill Title: HIGHER ED-MONETARY AWARD PROG
Status: 2023-08-11 - Public Act . . . . . . . . . 103-0536 [HB2898 Detail]
Download: Illinois-2023-HB2898-House_Amendment_001.html
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1 | AMENDMENT TO HOUSE BILL 2898
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2 | AMENDMENT NO. ______. Amend House Bill 2898 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The State Finance Act is amended by adding | ||||||
5 | Section 5.990 as follows:
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6 | (30 ILCS 105/5.990 new) | ||||||
7 | Sec. 5.990. The MAP Refund Fund.
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8 | Section 10. The Private College Act is amended by adding | ||||||
9 | Section 14.15 as follows:
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10 | (110 ILCS 1005/14.15 new) | ||||||
11 | Sec. 14.15. Unfair, misleading, or deceptive practice | ||||||
12 | finding; refund; grant. | ||||||
13 | (a) In this Section, "unfair, misleading, or deceptive | ||||||
14 | practice" means an act or practice in which a representation, |
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1 | omission, or practice misleads or is likely to mislead a | ||||||
2 | consumer, as determined by the Federal Trade Commission, the | ||||||
3 | United States Department of Education, or the United States | ||||||
4 | Bureau of Consumer Financial Protection in a court of | ||||||
5 | competent jurisdiction. | ||||||
6 | (b) This Section applies to a for-profit, post-secondary | ||||||
7 | educational institution that received monetary award program | ||||||
8 | funds under Section 35 of the Higher Education Student | ||||||
9 | Assistance Act at a time the institution was found to have been | ||||||
10 | using an unfair, misleading, or deceptive practice, as defined | ||||||
11 | by the Federal Trade Commission, the United States Department | ||||||
12 | of Education, or the United States Bureau of Consumer | ||||||
13 | Financial Protection, and is required to reimburse students | ||||||
14 | for loans taken to pay for the students' education in | ||||||
15 | accordance with a final judgment against the institution | ||||||
16 | issued by a court of competent jurisdiction, based on acts | ||||||
17 | occurring at least 6 months after the effective date of this | ||||||
18 | amendatory Act of the 103rd General Assembly. Any monetary | ||||||
19 | award program funds paid to the for-profit, post-secondary | ||||||
20 | educational institution for students who attended the | ||||||
21 | institution during the period of judgment must be refunded to | ||||||
22 | the Illinois Student Assistance Commission. | ||||||
23 | (c) If a post-secondary educational institution is | ||||||
24 | required to issue a refund to the Illinois Student Assistance | ||||||
25 | Commission under this Section, the refund shall be deposited | ||||||
26 | into the MAP Refund Fund. The Commission shall use funds |
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1 | appropriated from the MAP Refund Fund to award grants to | ||||||
2 | students as provided in this Section. A post-secondary | ||||||
3 | educational institution required to issue a refund to the | ||||||
4 | Illinois Student Assistance Commission under this Section must | ||||||
5 | notify the Illinois Student Assistance Commission within 30 | ||||||
6 | days after a final judgment issued by a court of competent | ||||||
7 | jurisdiction, and issue the refund within 6 months. A | ||||||
8 | for-profit, post-secondary educational institution with a | ||||||
9 | judgment against it must notify students who attended the | ||||||
10 | post-secondary educational institution during the period of | ||||||
11 | judgment and received monetary award program funds, | ||||||
12 | electronically and by certified mail, within 6 months after | ||||||
13 | issuance of the refund to the Illinois Student Assistance | ||||||
14 | Commission. | ||||||
15 | (d) The Commission shall make applications for grants | ||||||
16 | under subsection (c) available in the next academic year after | ||||||
17 | the deposit of funds into the MAP Refund Fund or as soon as is | ||||||
18 | practicable. The application process shall be administered by | ||||||
19 | the Commission and shall remain open until no funds remain in | ||||||
20 | the MAP Refund Fund, subject to the other provisions of this | ||||||
21 | Section. | ||||||
22 | (e) The Commission shall determine the maximum amount of a | ||||||
23 | grant that may be provided under this Section in an academic | ||||||
24 | year. A grant under this Section may be awarded to a student in | ||||||
25 | addition to a monetary award program grant. However, the | ||||||
26 | combined amounts of those grants may not exceed the total cost |
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1 | of tuition and fees for the academic year at the | ||||||
2 | post-secondary educational institution at which the student is | ||||||
3 | enrolled. | ||||||
4 | (f) Beginning in the third academic year following the | ||||||
5 | issuance of refunds under subsection (b), the remaining | ||||||
6 | balance in the MAP Refund Fund shall be appropriated to the | ||||||
7 | Commission for the Commission's operating budget for the | ||||||
8 | monetary award program. | ||||||
9 | (g) The MAP Refund Fund is created as a special fund in the | ||||||
10 | State treasury. All money in the Fund shall be used, subject to | ||||||
11 | appropriation, by the Commission for the purposes set forth in | ||||||
12 | this Section.
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13 | Section 99. Effective date. This Act takes effect upon | ||||||
14 | becoming law.".
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