91st General Assembly
Summary of SB0464
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Short description: 
PREPD TUITION-BENE-ADVIS PANEL                                             

Synopsis of Bill as introduced:
        Amends the Illinois Prepaid Tuition  Act  and  the  Public  Funds      
   Investment  Act.    Provides that the Public Funds Investment Act does      
   not apply to the Illinois Prepaid Tuition Trust Fund.  Provides that a      
   person who is less than one year of age must have a  parent  or  legal      
   guardian  who  has  been  an  Illinois resident for at least 12 months      
   before the date of the contract (instead  of  a  relative  who  is  an      
   Illinois  resident)  in  order to be a qualified beneficiary.  Changes      
   the name of the advisory panel to the investment advisory panel.            
          FISCAL NOTE (Ill. Student Assistance Commission)                     
          There is no fiscal impact on State revenue.                          
        GOVERNOR'S AMENDATORY VETO MESSAGE                                     
        Recommends that the Illinois Prepaid Tuition Act be further            
   amended to require the Illinois Student Assistance Commission (i) to        
   invest assets with the care, skill, prudence, and diligence that a          
   prudent person would use and (ii) to diversify the investments so as        
   to minimize the risk of large losses, unless it is clearly prudent not      
   to do so. Recommends adding a January 1, 2000 effective date.               
Last action on Bill: PUBLIC ACT.............................. 91-0669

   Last action date: 99-12-22

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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