Loading chat...
IL HB5599
Bill
Status
1/8/2013
Primary Sponsor
James Durkin
Click for details
AI Summary
-
Amends the Illinois Prepaid Tuition Act by adding new investment requirements for the Illinois Student Assistance Commission.
-
Requires the Commission to follow the same investment standards as federal investment companies and management companies under Sections 30 and 32 of the Investment Company Act of 1940 and related SEC rules and case law.
-
Substitutes references to the U.S. Securities and Exchange Commission with the State Treasurer and references to investment companies with the Commission in applying federal investment standards.
-
Authorizes the State Treasurer to adopt rules necessary to implement these new investment requirements.
-
Takes effect immediately upon becoming law.
Legislative Description
ILL PREPAID TUITION TRUST FUND
Last Action
Session Sine Die
1/8/2013