Illinois Administrative Code › Title 2 - GOVERNMENTAL ORGANIZATION › Part 5375 - PUBLIC INFORMATION, RULEMAKING AND ORGANIZATION › Subpart C - ORGANIZATION › Section 5375.210 - The Commission

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Commission was created by the Higher Education Student Assistance Act
				[110 ILCS
				947/15 ]. Commission members are called
				"Commissioners". Commissioners are appointed by the Governor with the advice
				and consent of the Senate (see
				110 ILCS
				947/15(a) ). Senate confirmation of a
				person appointed by the Governor to be a Commission member is a necessary
				prerequisite to becoming a member. However, while a gubernatorial appointment
				is pending Senate approval, the Commissioner designee will be invited to attend
				and observe Commission meetings at ISAC's expense, but shall not
				vote.
b) The Governor designates
				one member of the Commission, other than the student member, to serve as
				Chairman (see
				110 ILCS
				947/15(a) ).
c) A Vice-Chairman shall be elected by a vote
				of the Commission. A new election for Vice-Chairman shall occur whenever the
				term of the incumbent Vice-Chairman expires or whenever the Governor designates
				a new Chairman.
d) The Chairman of
				the Commission presides at Commission meetings. The Vice-Chairman shall preside
				at all meetings in the absence of the Chairman. In the absence of the Chairman
				and the Vice-Chairman, a member designated by the Chairman shall preside at the
				Commission meetings. In the absence of such a designation by the Chairman, the
				most senior member based on length of service since original appointment shall
				preside at a Commission meeting if the Chairman and Vice-Chairman are not in
				attendance.
e) The Commission shall
				convene at least one time per year. All Commission meetings shall be conducted
				in accordance with the Open Meetings Act [5 ILCS 120 ].
f) Six members of the Commission shall
				constitute a quorum. All official acts of the Commission require a majority
				vote in a meeting at which quorum is present.
g) The Commission shall adopt a schedule of
				regular meetings at the beginning of each calendar year, including the date,
				time and place of each scheduled meeting (see
				5 ILCS
				120/2.02 ).
h) The Chairman may convene a special meeting
				in order to discuss matters that require consideration or action before the
				next regularly-scheduled meeting of the Commission. If the Chairman is
				unavailable, the Vice-Chairman may convene the special meeting. Notice must be
				posted publically at least 48 hours before such meeting is convened in
				accordance with the procedures described in the Open Meetings Act [5 ILCS
				120/2.02]. Matters for consideration at a special meeting must be limited to
				those matters described in the notice. In the event that the Commission must
				convene an emergency meeting, notice shall be given as soon as practicable. Any
				action taken by the Commission at a meeting convened under this subsection
				without notice must be ratified at the next regular meeting of the
				Commission.
i) If members of the
				Commission are unable to physically attend a meeting of the Commission for
				reasons set forth in the Open Meetings Act [5 ILSC 120/7] and if a quorum of
				the Commission is otherwise physically present, a majority of members
				physically present may approve by vote the attendance of members by video or
				audio conference. Members of the Commission unable to physically attend a
				meeting shall, if possible, provide advanced notice to the Secretary.
j) Matters on which the Commission shall
				deliberate and vote include, but are not limited to, the following:
1) Formula for determining grant eligibility
				for the Monetary Award Program (see 23 Ill. Adm. Code 2735);
2) Budget requests that are submitted to the
				General Assembly for appropriation;
3) The budget for the operations of the
				Illinois Designated Account Purchase Program and College
				Illinois!® 529 Prepaid Tuition
				Program;
4) Investment policies,
				contract pricing and fees, and appointment of investment advisory panel
				members, investment managers and marketing agent for the College
				Illinois!® 529 Prepaid Tuition
				Program;
5) Issuance of bonds or
				other securities pursuant to Section 145 of the Education Loan Purchase Program
				Law [110 ILCS
				947/145 ];
6) The amount of the federal default fee, to
				be charged to the borrowers (or absorbed by the Commission) on guaranteed
				student loans (see 23 Ill. Adm. Code
				2720.80
				);
7) Promulgation of rules, in
				accordance with Section
				5375.100;
8) Appointment of, and the salary and terms
				of employment of, the Executive Director of the Commission; and
9) Delegation of authority to the Executive
				Director and other ISAC staff to execute and deliver contracts, agreements and
				similar instruments.