Full Text of HB2898 103rd General Assembly
HB2898ham001 103RD GENERAL ASSEMBLY | Rep. Maurice A. West, II Filed: 4/25/2023
| | 10300HB2898ham001 | | LRB103 05261 RJT 60220 a |
|
| 1 | | AMENDMENT TO HOUSE BILL 2898
| 2 | | AMENDMENT NO. ______. Amend House Bill 2898 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by adding | 5 | | Section 5.990 as follows: | 6 | | (30 ILCS 105/5.990 new) | 7 | | Sec. 5.990. The MAP Refund Fund. | 8 | | Section 10. The Private College Act is amended by adding | 9 | | Section 14.15 as follows: | 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, |
| | | 10300HB2898ham001 | - 2 - | LRB103 05261 RJT 60220 a |
|
| 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 |
| | | 10300HB2898ham001 | - 3 - | LRB103 05261 RJT 60220 a |
|
| 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 |
| | | 10300HB2898ham001 | - 4 - | LRB103 05261 RJT 60220 a |
|
| 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.
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law.".
|
|