FINANCE-GRANT RECOVERY

Amends the Illinois Grant Funds Recovery Act. Modifies the term "grant funds" to allow funds disbursed by the State Comptroller under an appropriation made by the General Assembly to a named entity or person to be considered as grant funds for purposes of the Act. Provides that, at a minimum, a grant agreement must, among other requirements, (1) identify any terms for which a failure to comply may be deemed material non-compliance, and subject grant funds to recovery, and (2) specify any performance levels for which a failure to achieve may result in a determination that grant funds have been misspent and subject to recovery. Provides that a grantor agency or the Attorney General may seek recovery of grant funds when there has been material non-compliance with the grant agreement or when grant funds have been misspent or are being improperly held. Provides that the grantor agency making the grant shall take affirmative and timely action to recover all (currently, all misspent or improperly held) grant funds subject to recovery. Provides that the Attorney General, on his own volition, may act to recover any grant funds which may be recoverable under specified provisions (currently, may act to recover any grant funds which have been misapplied or are being improperly held). Defines terms. Makes conforming changes. Effective immediately.