Virginia College Savings Plan; prepaid tuition contracts, pricing reserves. (SB1368)

Introduced By

Sen. Tommy Norment (R-Williamsburg)

Progress

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

Description

Virginia College Savings Plan; prepaid tuition contracts; pricing reserves. Provides that in the event that the ratio of the assets of the Virginia College Savings Plan (the Plan) to the obligations of the Plan exceeds 105 percent, the pricing reserve, which the bill defines as the percentage by which the sum of advanced payments to be made pursuant to each prepaid tuition contract of the Plan exceeds the amount estimated to be required to provide tuition at the fixed, guaranteed level that is specified in such prepaid tuition contract, shall not exceed five percent. The bill provides that in the event that the ratio of the assets of the Plan to the obligations of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent. The bill also requires the governing board of the Plan to provide to the House Committee on Appropriations, the Senate Committee on Finance, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/08/2019Prefiled and ordered printed; offered 01/09/19 19101483D
01/08/2019Referred to Committee on Education and Health
01/10/2019Rereferred from Education and Health (13-Y 0-N) (see vote tally)
01/10/2019Rereferred to Finance
01/16/2019Impact statement from DPB (SB1368)
01/22/2019Reported from Finance with substitute (16-Y 0-N) (see vote tally)
01/22/2019Committee substitute printed 19104911D-S1
01/23/2019Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/24/2019Read second time
01/24/2019Reading of substitute waived
01/24/2019Committee substitute agreed to 19104911D-S1
01/24/2019Engrossed by Senate - committee substitute SB1368S1
01/24/2019Impact statement from DPB (SB1368S1)
01/25/2019Read third time and passed Senate (39-Y 0-N) (see vote tally)
01/25/2019Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally)
01/25/2019Passed Senate (40-Y 0-N) (see vote tally)
01/29/2019Placed on Calendar
01/29/2019Read first time
01/29/2019Referred to Committee on Appropriations
02/05/2019Assigned App. sub: Higher Education
02/06/2019House committee, floor amendments and substitutes offered
02/06/2019Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
02/06/2019Committee substitute printed 19106509D-H1
02/07/2019Impact statement from DPB (SB1368H1)
02/08/2019Read second time
02/11/2019Read third time
02/11/2019Committee substitute agreed to 19106509D-H1
02/11/2019Engrossed by House - committee substitute SB1368H1
02/11/2019Passed House with substitute (96-Y 2-N)
02/11/2019VOTE: PASSAGE (96-Y 2-N) (see vote tally)
02/13/2019House substitute agreed to by Senate (39-Y 0-N) (see vote tally)
02/13/2019Title replaced 19106509D-H1
02/18/2019Enrolled
02/18/2019Bill text as passed Senate and House (SB1368ER)
02/18/2019Impact statement from DPB (SB1368ER)
02/18/2019Signed by Speaker
02/19/2019Signed by President
02/20/2019G Governor's Action Deadline Midnight, March 25, 2019
02/20/2019Enrolled Bill Communicated to Governor on February 20, 2019
02/20/2019G Governor's Action Deadline Midnight, March 26, 2019
03/21/2019G Approved by Governor-Chapter 805 (effective 7/1/19)
03/25/2019G Approved by Governor-Chapter 805 (effective 7/1/19)
03/25/2019G Acts of Assembly Chapter text (CHAP0805)

Duplicate Bills

The following bills are identical to this one: HB1611.

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)