PREPAID TUITION-ADMINISTRATION

Amends the Illinois Prepaid Tuition Act. Authorizes the Illinois Student Assistance Commission to enter into contracts only as specifically authorized by the Act for expenses associated with the administration of the Illinois prepaid tuition program (now, the Commission may enter into any contracts that are necessary to provide for the administration of the program). Deletes a provision that provides that charges and expenses shall be paid exclusively from the Illinois Prepaid Tuition Trust Fund. Deletes a provision that provides that nothing with respect to the prohibition on delegating management functions shall preclude the Commission from subscribing to general investment research services available for purchase or use by others and providing compensation for accounting, computing, and other necessary services. Prohibits certain administrative and promotional expenses from being paid from moneys in the Illinois Prepaid Tuition Trust Fund. Effective immediately.