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     (a) In this Section, “reverse transfer of credit” means the transfer of earned academic credit from a State university to a community college for the purpose of obtaining an associate degree at the community college.
     (b) Beginning with the 2019-2020 academic year, the Board of Higher Education and the Illinois Community College Board shall develop a policy to foster the reverse transfer of credit for any student who has accumulated at least 15 hours of academic credit at a community college and a sufficient number of hours of academic credit at a State university in the prescribed courses necessary to meet a community college’s requirements to be awarded an associate degree.
     (c) A student wishing to reverse transfer earned academic credit under this Section to obtain an associate degree shall agree to the exchange of transcript information between each community college and State university that he or she has attended. A student must submit an application and his or her transcripts to a community college in order to be considered for conferral of an associate degree. In awarding an associate degree, the community college shall evaluate the applicant’s coursework completed, along with the transfer credit earned, and shall determine whether the associate degree requirements have been met. No later than 30 business days after receiving an application, a community college shall notify an applicant if he or she qualifies for an associate degree based on the total earned credits.
     (d) The Board of Higher Education, the Illinois Community College Board, and the Midwestern Higher Education Compact’s Multi-State Collaborative on Military Credit shall adopt a policy regarding the award of academic credit for military training applicable to meeting a community college’s requirements for awarding an associate degree.
     (e) The Board of Higher Education and the Illinois Community College Board shall adopt rules to implement this Section.