IL HB2898

Creates the MAP Refund Fund as a special fund in the State treasury for deposits from for-profit institutions found liable for unfair, misleading, or deceptive practices.

Requires for-profit post-secondary institutions that received monetary award program funds to refund those amounts to the Illinois Student Assistance Commission when a court finds them liable for deceptive practices and orders reimbursement to students.

Institutions must notify the Commission within 30 days of a final judgment and issue refunds within 6 months; institutions must also notify affected students electronically and by certified mail within 6 months.

Directs the Commission to award grants from the MAP Refund Fund to eligible students in the next academic year, with grant amounts not to exceed tuition and fees when combined with other monetary award program grants.

Beginning in the third academic year after refunds are issued, any remaining balance in the MAP Refund Fund shall be appropriated to the Commission for its monetary award program operating budget.