Bill Text: CA SB791 | 2015-2016 | Regular Session | Amended

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Bill Title: Student financial aid: Golden State Scholarshare Trust

Spectrum: Bipartisan Bill

Status: (Failed) 2016-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB791 Detail]

Download: California-2015-SB791-Amended.html

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BILL NUMBER: SB 791	AMENDED
	BILL TEXT

	AMENDED IN SENATE  APRIL 20, 2015

INTRODUCED BY   Senator Hertzberg
    (   Coauthor:   Assembly Member  
Chávez   ) 

                        FEBRUARY 27, 2015

   An act to add Section 69984.3 to the Education Code, relating to
student financial aid.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 791, as amended, Hertzberg. Student financial aid: Golden State
Scholarshare Trust Act.
   The Golden State Scholarshare Trust Act establishes the Golden
State Scholarshare Trust, under the administration of the
Scholarshare Investment Board. Under existing law, parents and others
may invest tax-deferred funds with the trust for the purpose of
providing financial resources to eventually meet the postsecondary
education costs of beneficiaries.
   This bill would require the Scholarshare Investment Board to
 enter   consider entering  into an
agreement with a card issuer, as defined, to require the granting,
based on accumulated credit card use, of a reasonable award, or
points leading to an award, that would be deposited into Scholarshare
trust accounts, as specified.  The bill would require the board
to report its decision, and the rationale for that decision, at a
regularly scheduled public meeting of the board on or before June 30,
2016. The bill would also require the board to report this decision,
in writing, to the chairpersons of the education policy committees
of the Senate and the Assembly. 
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 69984.3 is added to the Education Code, to
read:
   69984.3.  (a)  (1)    Notwithstanding any other
law, the board shall  enter   consider entering
 into an agreement with a card  issuer. This agreement
shall include, but shall   issuer that includes, but is
 not necessarily  be  limited to, a provision
requiring the credit card issuer to provide a reasonable award, or a
number of points leading to an award, that would be automatically
deposited into a Scholarshare trust account. Awards under this
agreement  shall   would  be accumulated
through the use of a credit card issued by the card issuer. 
   (2) With respect to its consideration of entering into an
agreement as described in paragraph (1), the board shall report its
decision, and the rationale for that decision, at a regularly
scheduled public meeting of the board on or before June 30, 2016. The
board shall report this decision, in writing, in a timely manner, to
the chairpersons of the education policy committees of the Senate
and the Assembly. This paragraph shall become inoperative on January
1, 2020. 
   (b) As used in this section, "card issuer" and "credit card" have
the same meanings as defined in Section 1747.02 of the Civil Code.