Illinois Compiled Statutes 225 ILCS 65/70-50 – Fund
Current as of: 2024 | Check for updates
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(a) There is hereby created within the State Treasury the Nursing Dedicated and Professional Fund. The monies in the Fund may be used by and at the direction of the Department for the administration and enforcement of this Act, including, but not limited to:
(1) Distribution and publication of this Act and
(1) Distribution and publication of this Act and
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rules.
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(2) Employment of secretarial, nursing,
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administrative, enforcement, and other staff for the administration of this Act.
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(b) Disposition of fees:
(1) $5 of every licensure fee shall be placed in a
Terms Used In Illinois Compiled Statutes 225 ILCS 65/70-50
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) $5 of every licensure fee shall be placed in a
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fund for assistance to nurses enrolled in a diversionary program as approved by the Department.
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(2) All of the fees, fines, and penalties collected
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pursuant to this Act shall be deposited in the Nursing Dedicated and Professional Fund.
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(3) Each fiscal year, the moneys deposited in the
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Nursing Dedicated and Professional Fund shall be appropriated to the Department for expenses of the Department and the Board in the administration of this Act. All earnings received from investment of moneys in the Nursing Dedicated and Professional Fund shall be deposited in the Nursing Dedicated and Professional Fund and shall be used for the same purposes as fees deposited in the Fund.
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(4) For fiscal years 2010 through 2022, $2,000,000 of
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the moneys deposited in the Nursing Dedicated and Professional Fund each year shall be set aside and appropriated to the Department of Public Health for nursing scholarships awarded pursuant to the Nursing Education Scholarship Law. For fiscal year 2023 and for each fiscal year thereafter, $4,000,000 of the moneys deposited in the Nursing Dedicated and Professional Fund each year shall be set aside and appropriated to the Illinois Student Assistance Commission for nursing scholarships awarded pursuant to the Nursing Education Scholarship Law.
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(5) Moneys in the Fund may be transferred to the
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Professions Indirect Cost Fund as authorized under Section 2105-300 of the Department of Professional Regulation Law (20 ILCS 2105/2105-300).
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(c) Moneys set aside for nursing scholarships awarded pursuant to the Nursing Education Scholarship Law as provided in item (4) of subsection (b) of this Section may not be transferred under Section 8h of the State Finance Act.