HB 6206

Abstract

Amends the Illinois Prepaid Tuition Act. Changes references from "MAP-eligible institution" to "eligible institution" and provides that the term also means an institution not located in the State that otherwise, in the judgment of the Illinois Student Assistance Commission, meets standards substantially equivalent to those described in the definition of "institution of higher learning" as defined in specified provisions of the Higher Education Student Assistance Act and whose students are eligible to receive benefits under specified provisions of the Internal Revenue Code of 1986, as specified by the federal Small Business Act of 1996 and subsequent amendments to that federal law. Provides that a prepaid tuition contract shall include, but is not limited to, provisions for portability of the accrued value of the prepayment value for use at an eligible institution located outside the State. Makes conforming changes. Effective July 1, 2010.