Virginia College Savings Plan; prepaid tuition contracts. (SB1315)

Introduced By

Sen. Emmett Hanger (R-Mount Solon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia College Savings Plan. Makes several changes to the provisions that establish the Virginia College Savings Plan (the Plan), including (i) permitting the Plan to maintain an independent disbursement system for the disbursement of prepaid tuition contract benefits and (ii) requiring each prepaid tuition contract entered into on or after July 1, 2019, to include provisions for the application of tuition prepayments, at a rate equal to the percentage of enrollment-weighted average tuition at public institutions of higher education to be determined by the board, at (a) public institutions of higher education, (b) accredited nonprofit independent or private institutions of higher education, and (c) non-Virginia public and accredited nonprofit independent or private institutions of higher education, provided that no such payment is less than the sum of tuition prepayments made, less any fees as determined by the board. The bill has an emergency clause. Read the Bill »

Status

01/16/2019: Awaiting a Vote in the Finance Committee

History

DateAction
01/07/2019Prefiled and ordered printed with emergency clause; offered 01/09/19 19101757D
01/07/2019Referred to Committee on Finance
01/16/2019Impact statement from DPB (SB1315)

Duplicate Bills

The following bills are identical to this one: HB1972.

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