PRIVATE COLLEGE CAP DISTRIB

Amends the Private Colleges and Universities Capital Distribution Formula Act. Provides that if an institution received a grant under the Act and subsequently fails to meet the definition of "independent college" due to the institution being acquired and operated by the University of Illinois at Chicago, the entire balance of the grant remaining on the date the acquired former independent college ceased operations and came under the control of the University of Illinois at Chicago, including any amount that had been withheld after the acquired former independent college ceased operations, shall be re-distributed as provided under specified provisions from moneys made available for use by the Office of the Chancellor of the University of Illinois at Chicago in the amount of $934,013.79. Specifies that the provisions apply to any acquisition of an independent college by University of Illinois at Chicago occurring on and after August 15, 2019 and before January 1, 2020.