HB4129 Summary

• Amends the Illinois Prepaid Tuition Act (110 ILCS 979/45) to prohibit new Illinois prepaid tuition contracts from being entered into after the effective date of this amendatory act.

• Existing contract provisions remain unchanged, including terms for contract structure, refunds, withdrawals, conversions between plan types, and portability to nonpublic and out-of-state institutions.

• Allows qualified beneficiaries to apply contract benefits toward Public University Plans (up to 9 units/135 credit hours) or Community College Plans (up to 4 units/60 credit hours), with minimum purchase of 1 unit (15 credit hours).

• Maintains protections for contract purchasers and beneficiaries, including exemptions from creditors' claims and provisions for refunds in cases of death, disability, or scholarship awards.

• Takes effect June 30, 2020.