SB 2058

Abstract

Creates the Illinois Dollars for Scholars Program Act and amends the State Finance Act. Establishes the Illinois Dollars for Scholars Program, to be administered by the Illinois Student Assistance Commission, to encourage local communities to develop scholarship programs that assist their residents in obtaining a higher education. Requires the Commission to award a chapter $2,000 upon demonstration to the Commission that the chapter has raised $2,000 for scholarships or the creation of an endowment for scholarships. Limits the total number of chapters that may operate under the Act at any one time to 28. Sets forth the maximum number of chapters that may operate at any one time within certain cities and counties of the State. Sets forth procedures to be implemented by the Commission as they relate to the maximum numbers of chapters authorized to operate. Creates the Illinois Dollars for Scholars Fund as a special fund in the State treasury. Repeals the Act on June 30, 2008. Effective immediately.