Bill Text: CT HB05048 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Establishing The Chet Baby Scholars Program And Amending Statutes Relating To The Connecticut Student Loan Foundation.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2014-04-22 - File Number 657 [HB05048 Detail]
Download: Connecticut-2014-HB05048-Comm_Sub.html
General Assembly |
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February Session, 2014 |
*_____HB05048FIN___040314____* |
AN ACT ESTABLISHING THE CHET BABY SCHOLARS PROGRAM AND AMENDING STATUTES RELATING TO THE CONNECTICUT STUDENT LOAN FOUNDATION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2014) (a) There is established an account to be known as the "CHET Baby Scholars fund" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by the office of the Treasurer for the purposes of the CHET Baby Scholars program established pursuant to this section.
(b) The Treasurer shall use the funds deposited into the CHET Baby Scholars fund for the purpose of establishing the CHET Baby Scholars program. The program shall promote college education savings by providing a maximum incentive contribution of two hundred fifty dollars from the CHET Baby Scholars fund to a designated beneficiary in the Connecticut Higher Education Trust established pursuant to sections 3-22f to 3-22o, inclusive, of the general statutes, as amended by this act, and section 3 of this act. "Designated beneficiary" has the meaning as provided in section 3-22f of the general statutes, as amended by this act, except that, for purposes of this section, such beneficiary shall be born or legally adopted on or after January 1, 2014, and shall be a state resident at the time the Treasurer provides an incentive contribution.
(c) The Treasurer shall provide, from the available funds in the CHET Baby Scholars fund, incentive contributions to be credited toward the savings plan in the Connecticut Higher Education Trust for a designated beneficiary in the amounts of (1) one hundred dollars, provided a depositor enters into a participation agreement not later than the first birthday of the designated beneficiary, or, in the case of a designated beneficiary who is adopted, not later than one year after the date the designated beneficiary is legally adopted, and (2) one hundred fifty dollars, provided the designated beneficiary's savings plan has received deposits totaling at least one hundred fifty dollars, exclusive of the initial incentive contribution made pursuant to subdivision (1) of this subsection, not later than the designated beneficiary's fourth birthday, or, in the case of a designated beneficiary who is adopted, not later than four years after the date of adoption.
(d) The Treasurer may enter into one or more contractual agreements to fulfill the purpose of this section, and any such contractual agreement shall specify the rules of participation in the CHET Baby Scholars program. The Treasurer may pay for costs incidental to establishing the CHET Baby Scholars fund or the CHET Baby Scholars program, and any administrative costs related to maintaining such program, from the CHET Baby Scholars fund established pursuant to subsection (a) of this section.
Sec. 2. Section 12-743 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(a) Any taxpayer filing a return under this chapter may contribute any part of a refund under this chapter to (1) the organ transplant account established pursuant to section 17b-288, (2) the AIDS research education account established pursuant to section 19a-32a, (3) the endangered species, natural area preserves and watchable wildlife account established pursuant to section 22a-27l, (4) the breast cancer research and education account established pursuant to section 19a-32b, [or] (5) the safety net services account established pursuant to section 17b-112f, or (6) an individual savings plan established under the Connecticut Higher Education Trust established pursuant to sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act. Such contribution shall be made by indicating on the tax return, in a manner provided for by the Commissioner of Revenue Services pursuant to subsection (b) of this section, the amount to be contributed to the account.
(b) (1) The Commissioner of Revenue Services shall revise the tax return form to implement the provisions of subsection (a) of this section, which form shall include spaces on the return in which taxpayers may indicate their intention to make a contribution, in a whole dollar amount, in accordance with this section. The commissioner shall include in the instructions accompanying the tax return a description of the purposes for which the organ transplant account, the AIDS research education account, the endangered species, natural area preserves and watchable wildlife account, the breast cancer research and education account, [and] the safety net services account and the Connecticut Higher Education Trust were created.
(2) For purposes of facilitating the registration of a taxpayer as an organ donor, the commissioner shall include information in the instructions accompanying the tax return that [(1)] (A) indicates the manner by which a taxpayer may contact an organ donor registry organization, or [(2)] (B) provides electronic links to appropriate organ donor registry organizations for such purpose.
(3) For purposes of facilitating the participation of a taxpayer in the Connecticut Higher Education Trust, the commissioner shall include information in the instructions accompanying the tax return that (A) indicates the manner by which the taxpayer may contact the administrator of the Connecticut Higher Education Trust, or (B) provides electronic links to such administrator for such purpose.
(c) A designated contribution of all or part of any refund shall be irrevocable upon the filing of the return and shall be made in the full amount designated if the refund found due the taxpayer upon the initial processing of the return, and after any deductions required by this chapter, is greater than or equal to the designated contribution. If the refund due, as determined upon initial processing, and after any deductions required by this chapter, is less than the designated contribution, the contribution shall be made in the full amount of the refund. The Commissioner of Revenue Services shall subtract the amount of any contribution of all or part of any refund from the amount of the refund initially found due the taxpayer and shall certify the difference to the Secretary of the Office of Policy and Management and the Treasurer for payment to the taxpayer in accordance with this chapter. For the purposes of any subsequent determination of the taxpayer's net tax payment, such contribution shall be considered a part of the refund paid to the taxpayer.
(d) [The] Except for any funds collected for purposes of subdivision (6) of subsection (a) of this section, the Commissioner of Revenue Services, after notification of and approval by the Secretary of the Office of Policy and Management, may deduct and retain from the remaining funds so collected an amount equal to the costs of implementing this section and sections 17b-288, 19a-32a, 22a-27l, 19a-32b and 17b-112f but not to exceed seven and one-half per cent of the funds contributed in any fiscal year and in no event shall exceed the total cost of implementation of said sections.
Sec. 3. (NEW) (Effective from passage) (a) Notwithstanding any provision of the general statutes, no moneys invested in the Connecticut Higher Education Trust shall be considered to be an asset for purposes of determining an individual's eligibility for assistance under the temporary family assistance program, as described in section 17b-112 of the general statutes, programs funded under the federal Low Income Home Energy Assistance Program block grant, and the federally appropriated weatherization assistance program, as described in section 16a-41i of the general statutes.
(b) Notwithstanding any provision of the general statutes, no moneys invested in said trust shall be considered to be an asset for purposes of determining an individual's eligibility for need-based, institutional aid grants offered to an individual at the public eligible educational institutions in the state.
Sec. 4. Section 3-22f of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
As used in sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act:
(1) "Depositor" means any person making a deposit, payment, contribution, gift or otherwise to the trust pursuant to a participation agreement;
(2) "Designated beneficiary" means (A) any individual (i) state resident originally designated in the participation agreement, (ii) subsequently designated who is a family member as defined in Section 2032A(e)(2) of the Internal Revenue Code or (iii) receiving a scholarship from interests in the trust purchased by a state or local government or an organization described in Section 501(c)(3) of the Internal Revenue Code and qualified under Section 529 of the Internal Revenue Code or (B) any other designated beneficiary qualifying under said Section 529 enrolled in the trust;
(3) "Eligible educational institution" means an institution of higher education qualifying under Section 529 of the Internal Revenue Code as an eligible educational institution;
(4) "Internal Revenue Code" means the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended;
(5) "Participation agreements" means agreements between the trust and depositors for participation in a savings plan for a designated beneficiary;
(6) "Qualified higher education expenses" means tuition, fees, books, supplies and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution, including undergraduate and graduate schools and any other higher education expenses that may be permitted by Section 529 of the Internal Revenue Code; and
(7) "Trust" means the Connecticut Higher Education Trust.
Sec. 5. Section 3-22g of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) There is established the Connecticut Higher Education Trust to promote and enhance the affordability and accessibility of higher education for residents of the state. The trust shall constitute an instrumentality of the state and shall perform essential governmental functions, as provided in sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act. The trust shall receive and hold all payments and deposits or contributions intended for the trust, including contributions made pursuant to section 12-743, as amended by this act, as well as gifts, bequests, endowments or federal, state or local grants and any other funds from any public or private source and all earnings until disbursed in accordance with sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act.
(b) The amounts on deposit in the trust shall not constitute property of the state and the trust shall not be construed to be a department, institution or agency of the state. Amounts on deposit in the trust shall not be commingled with state funds and the state shall have no claim to or against, or interest in, such funds. Any contract entered into by or any obligation of the trust shall not constitute a debt or obligation of the state and the state shall have no obligation to any designated beneficiary or any other person on account of the trust and all amounts obligated to be paid from the trust shall be limited to amounts available for such obligation on deposit in the trust. The amounts on deposit in the trust may only be disbursed in accordance with the provisions of sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act. The trust shall continue in existence as long as it holds any deposits or has any obligations and until its existence is terminated by law and upon termination any unclaimed assets shall return to the state. Property of the trust shall be governed by section 3-61a.
(c) The Treasurer shall be responsible for the receipt, maintenance, administration, investing and disbursements of amounts from the trust. The trust shall not receive deposits in any form other than cash. No depositor or designated beneficiary may direct the investment of any contributions or amounts held in the trust other than in the specific fund options provided for by the trust.
Sec. 6. Section 3-22h of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
The Treasurer, on behalf of the trust and for purposes of the trust, may:
(1) Receive and invest moneys in the trust in any instruments, obligations, securities or property in accordance with section 3-22i;
(2) Establish consistent terms for each participation agreement, bulk deposit, coupon or installment payments, including, but not limited to, (A) the method of payment into the trust by payroll deduction, transfer from bank accounts or otherwise, (B) the termination, withdrawal or transfer of payments under the trust, including transfers to or from a qualified tuition program established by another state pursuant to Section 529 of the Internal Revenue Code, (C) penalties for distributions not used or made in accordance with Section 529(b)(3) of the Internal Revenue Code, (D) changing of the identity of the designated beneficiary and (E) any charges or fees in connection with the administration of the trust;
(3) Enter into one or more contractual agreements, including contracts for legal, actuarial, accounting, custodial, advisory, management, administrative, advertising, marketing and consulting services for the trust and pay for such services from the gains and earnings of the trust;
(4) Procure insurance in connection with the trust's property, assets, activities, or deposits or contributions to the trust;
(5) Apply for, accept and expend gifts, grants, or donations from public or private sources to enable the trust to carry out its objectives;
(6) Adopt regulations in accordance with chapter 54 for purposes of sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act;
(7) Sue and be sued;
(8) Establish one or more funds within the trust and maintain separate accounts for each designated beneficiary; and
(9) Take any other action necessary to carry out the purposes of sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act, and incidental to the duties imposed on the Treasurer pursuant to said sections.
Sec. 7. Section 3-22m of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
The state pledges to depositors, designated beneficiaries and with any party who enters into contracts with the trust, pursuant to the provisions of sections 3-22f to 3-22o, inclusive, as amended by this act, and section 3 of this act, that the state will not limit or alter the rights under said sections vested in the trust or contract with the trust until such obligations are fully met and discharged and such contracts are fully performed on the part of the trust, provided nothing contained in this section shall preclude such limitation or alteration if adequate provision is made by law for the protection of such depositors and designated beneficiaries pursuant to the obligations of the trust or parties who entered into such contracts with the trust. The trust, on behalf of the state, may include this pledge and undertaking for the state in participation agreements and such other obligations or contracts.
Sec. 8. Section 3-22n of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
Nothing in sections 3-22f to 2-33o, inclusive, as amended by this act, or section 3 of this act, or in any participation agreement shall constitute nor be deemed to constitute an agreement, pledge, promise, or guarantee of admission or continued enrollment of any designated beneficiary or any other person to any eligible educational institution in the state or any other institution of higher education.
Sec. 9. Section 1-120 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
As used in sections 1-120 to 1-123, inclusive:
(1) "Quasi-public agency" means Connecticut Innovations, Incorporated, [and] the Connecticut Health and Educational Facilities Authority, the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Student Loan Foundation, the Connecticut Housing Finance Authority, the Connecticut Housing Authority, the Connecticut Resources Recovery Authority, the Capital Region Development Authority, the Connecticut Lottery Corporation, the Connecticut Airport Authority, the Health Information Technology Exchange of Connecticut, the Connecticut Health Insurance Exchange and the Clean Energy Finance and Investment Authority.
(2) "Procedure" means each statement, by a quasi-public agency, of general applicability, without regard to its designation, that implements, interprets or prescribes law or policy, or describes the organization or procedure of any such agency. The term includes the amendment or repeal of a prior regulation, but does not include, unless otherwise provided by any provision of the general statutes, (A) statements concerning only the internal management of any agency and not affecting procedures available to the public, and (B) intra-agency memoranda.
(3) "Proposed procedure" means a proposal by a quasi-public agency under the provisions of section 1-121 for a new procedure or for a change in, addition to or repeal of an existing procedure.
Sec. 10. Section 1-124 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(a) Connecticut Innovations, Incorporated, the Connecticut Health and Educational Facilities Authority, the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Student Loan Foundation, the Connecticut Housing Finance Authority, the Connecticut Housing Authority, the Connecticut Resources Recovery Authority, the Health Information Technology Exchange of Connecticut, the Connecticut Airport Authority, the Capital Region Development Authority, the Connecticut Health Insurance Exchange and the Clean Energy Finance and Investment Authority shall not borrow any money or issue any bonds or notes which are guaranteed by the state of Connecticut or for which there is a capital reserve fund of any kind which is in any way contributed to or guaranteed by the state of Connecticut until and unless such borrowing or issuance is approved by the State Treasurer or the Deputy State Treasurer appointed pursuant to section 3-12. The approval of the State Treasurer or said deputy shall be based on documentation provided by the authority that it has sufficient revenues to (1) pay the principal of and interest on the bonds and notes issued, (2) establish, increase and maintain any reserves deemed by the authority to be advisable to secure the payment of the principal of and interest on such bonds and notes, (3) pay the cost of maintaining, servicing and properly insuring the purpose for which the proceeds of the bonds and notes have been issued, if applicable, and (4) pay such other costs as may be required.
(b) To the extent Connecticut Innovations, Incorporated, [and] the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Housing Finance Authority, the Connecticut Housing Authority, the Connecticut Resources Recovery Authority, the Connecticut Health and Educational Facilities Authority, the Connecticut Student Loan Foundation, the Health Information Technology Exchange of Connecticut, the Connecticut Airport Authority, the Capital Region Development Authority, the Connecticut Health Insurance Exchange or the Clean Energy Finance and Investment Authority is permitted by statute and determines to exercise any power to moderate interest rate fluctuations or enter into any investment or program of investment or contract respecting interest rates, currency, cash flow or other similar agreement, including, but not limited to, interest rate or currency swap agreements, the effect of which is to subject a capital reserve fund which is in any way contributed to or guaranteed by the state of Connecticut, to potential liability, such determination shall not be effective until and unless the State Treasurer or his or her deputy appointed pursuant to section 3-12 has approved such agreement or agreements. The approval of the State Treasurer or his or her deputy shall be based on documentation provided by the authority that it has sufficient revenues to meet the financial obligations associated with the agreement or agreements.
Sec. 11. Section 1-125 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
The directors, officers and employees of Connecticut Innovations, Incorporated, [and] the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Housing Finance Authority, the Connecticut Housing Authority, the Connecticut Resources Recovery Authority, including ad hoc members of the Connecticut Resources Recovery Authority, the Connecticut Health and Educational Facilities Authority, the Connecticut Student Loan Foundation, the Capital Region Development Authority, the Health Information Technology Exchange of Connecticut, the Connecticut Airport Authority, the Connecticut Lottery Corporation, the Connecticut Health Insurance Exchange and the Clean Energy Finance and Investment Authority and any person executing the bonds or notes of the agency shall not be liable personally on such bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof, nor shall any director or employee of the agency, including ad hoc members of the Connecticut Resources Recovery Authority, be personally liable for damage or injury, not wanton, reckless, wilful or malicious, caused in the performance of his or her duties and within the scope of his or her employment or appointment as such director, officer or employee, including ad hoc members of the Connecticut Resources Recovery Authority. The agency shall protect, save harmless and indemnify its directors, officers or employees, including ad hoc members of the Connecticut Resources Recovery Authority, from financial loss and expense, including legal fees and costs, if any, arising out of any claim, demand, suit or judgment by reason of alleged negligence or alleged deprivation of any person's civil rights or any other act or omission resulting in damage or injury, if the director, officer or employee, including ad hoc members of the Connecticut Resources Recovery Authority, is found to have been acting in the discharge of his or her duties or within the scope of his or her employment and such act or omission is found not to have been wanton, reckless, wilful or malicious.
Sec. 12. Section 10a-178 of the general statutes is amended by adding subsection (q) as follows (Effective July 1, 2014):
(NEW) (q) "Connecticut Student Loan Foundation" means the Connecticut Student Loan Foundation established pursuant to chapter 187a that is a subsidiary of the authority as provided in section 13 of this act, and that is deemed a quasi-public agency for purposes of chapter 12.
Sec. 13. (NEW) (Effective July 1, 2014) (a) The Connecticut Student Loan Foundation is constituted as a subsidiary of the Connecticut Health and Educational Facilities Authority. The Connecticut Student Loan Foundation shall have all the privileges, immunities, tax exemptions and other exemptions of the Connecticut Health and Educational Facilities Authority and may exercise the powers granted pursuant to chapter 187a of the general statutes, which shall be deemed and held to be the performance of an essential public and government function. The Connecticut Student Loan Foundation shall be subject to suit and liability solely from the assets, revenues and resources of the Connecticut Student Loan Foundation and without recourse to the general funds, revenues, resources or any other assets of the Connecticut Health and Educational Facilities Authority or any other subsidiary of the Connecticut Health and Educational Facilities Authority.
(b) (1) On and after July 1, 2014, the board of directors of the Connecticut Higher Education Supplemental Loan Authority, appointed in accordance with section 10a-179a of the general statutes, shall also serve as the board of directors for the Connecticut Student Loan Foundation. Any member of the Connecticut Student Loan Foundation board may be removed by the board of directors of the Connecticut Health and Educational Facilities Authority for misfeasance, malfeasance or neglect of duty. Each member of the Connecticut Student Loan Foundation board, before entering upon his or her duties, shall take and subscribe the oath or affirmation required by section 1 of article eleventh of the State Constitution. A record of each such oath shall be filed in the office of the Secretary of the State.
(2) The chairperson of the board of directors of the Connecticut Higher Education Supplemental Loan Authority shall serve as the chairperson of the Connecticut Student Loan Foundation board of directors. The Connecticut Student Loan Foundation board shall annually elect one of its members as vice-chairperson. The Connecticut Student Loan Foundation board may appoint an executive director, who shall be an employee of the Connecticut Health and Educational Facilities Authority or of the Connecticut Higher Education Supplemental Loan Authority, and who shall serve at the pleasure of the Connecticut Student Loan Foundation board. The executive director shall supervise the administrative affairs and technical activities of the Connecticut Student Loan Foundation in accordance with the directives of the board. The executive director shall keep a record of all proceedings and shall be custodian of all books, documents and papers filed with the Connecticut Student Loan Foundation and of its minute book and its official seal.
(3) Directors shall receive no compensation for their services, but shall be reimbursed for expenses actually and necessarily incurred by them in the performance of their duties under this section.
(4) The board of directors shall adopt bylaws for the Connecticut Student Loan Foundation and provide for the holding of regular and special meetings. A majority of the directors shall constitute a quorum for the transaction of any business and, unless a greater number is required by the bylaws of the Connecticut Student Loan Foundation, the act of a majority of the directors present at any meeting shall be deemed the act of the board.
(5) The board of directors may elect an executive committee of not fewer than five members who, in intervals between meetings of the board, may transact such business of the Connecticut Student Loan Foundation as the board may from time to time authorize.
(c) The provisions of section 1-125 of the general statutes, as amended by this act, subsection (e) of section 10a-185 of the general statutes and this subsection shall apply to any officer, director, designee or employee of the Connecticut Higher Education Supplemental Loan Authority or of the Connecticut Health and Educational Facilities Authority appointed as a member, director or officer of the Connecticut Student Loan Foundation and to an employee of the Connecticut Health and Educational Facilities Authority who is an authorized officer of the authority. Any such persons so appointed shall not be personally liable for the debts, obligations or liabilities of the Connecticut Student Loan Foundation as provided in said section 1-125. The Connecticut Student Loan Foundation shall and the Connecticut Health and Educational Facilities Authority may provide for the indemnification to protect, save harmless and indemnify such officer, director, designee or employee as provided by said section 1-125.
(d) The Connecticut Health and Educational Facilities Authority or the Connecticut Student Loan Foundation may take such actions as are necessary to comply with the provisions of the Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to qualify and maintain any such subsidiary as a corporation exempt from taxation under said Internal Revenue Code.
Sec. 14. Section 10a-180 of the general statutes is amended by adding subsection (y) as follows (Effective July 1, 2014):
(NEW) (y) To provide and be compensated for such services to or on behalf of the Connecticut Student Loan Foundation as are appropriate for the operation and management of said foundation, including, without limitation, to provide to said foundation and to be reimbursed for costs associated with such space, equipment, supplies and employees as are necessary and appropriate for the operations of said foundation.
Sec. 15. Section 10a-201 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
There is hereby created a nonprofit corporation which shall be known as the Connecticut Student Loan Foundation, and shall be a subsidiary of the Connecticut Health and Educational Facilities Authority. The purpose of said corporation shall be to improve educational opportunity and promote repayment of loans. Improving educational opportunity shall include, but not be limited to, the following: (1) Guaranteeing loans for persons to assist them in meeting the expenses of education, including alternative loans and loans that are governed by Title IV, Part B of the Higher Education Act of 1965, as from time to time amended; (2) lending funds or acquiring loans made to persons to assist them in meeting the expenses of education, including alternative loans and loans that are governed by Title IV, Part B of the Higher Education Act of 1965, as from time to time amended; and (3) providing appropriate services incident to the administration of programs which are established to improve educational opportunities, all in accordance with the provisions of this chapter. Said corporation shall be exempt from all requirements of chapter 602.
Sec. 16. Section 10a-202 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
As used in this chapter, the following terms shall have the following meanings:
[(a)] (1) "Corporation" means the Connecticut Student Loan Foundation that is a subsidiary of the Connecticut Health and Educational Facilities Authority as provided in section 13 of this act;
[(b)] (2) "Board" means the board of directors of the Connecticut Student Loan Foundation, as provided in section 13 of this act;
(3) "Connecticut Health and Educational Facilities Authority" means the authority established pursuant to section 10a-179;
[(c)] (4) "Eligible institution" means "eligible institution", as defined in Title IV, Part B of the Higher Education Act of 1965;
[(d)] (5) "An institution of higher education" means "institution of higher education", as defined in Title IV, Part B of the Higher Education Act of 1965;
[(e)] (6) "Title IV, Part B of the Higher Education Act of 1965" means the applicable provisions of Title IV, Part B of the Higher Education Act of 1965, as amended, and the regulations promulgated thereunder and as the same may from time to time be amended;
[(f)] (7) "Eligible lender" means "eligible lender", as defined in Title IV, Part B of the Higher Education Act of 1965, where applicable.
Sec. 17. Section 10a-204 of the general statutes is amended by adding subdivision (9) as follows (Effective July 1, 2014):
(NEW) (9) To distribute excess corporation funds to the Connecticut Health and Educational Facilities Authority or any subsidiary of said authority for the purpose of such recipient's provision of financial assistance to qualified students attending institutions of higher education, including, without limitation, loans, scholarships or grants and financial literacy education.
Sec. 18. Section 10a-203 of the general statutes is repealed. (Effective July 1, 2014)
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2014 |
New section |
Sec. 2 |
July 1, 2014 |
12-743 |
Sec. 3 |
from passage |
New section |
Sec. 4 |
from passage |
3-22f |
Sec. 5 |
from passage |
3-22g |
Sec. 6 |
from passage |
3-22h |
Sec. 7 |
from passage |
3-22m |
Sec. 8 |
from passage |
3-22n |
Sec. 9 |
July 1, 2014 |
1-120 |
Sec. 10 |
July 1, 2014 |
1-124 |
Sec. 11 |
July 1, 2014 |
1-125 |
Sec. 12 |
July 1, 2014 |
10a-178 |
Sec. 13 |
July 1, 2014 |
New section |
Sec. 14 |
July 1, 2014 |
10a-180 |
Sec. 15 |
July 1, 2014 |
10a-201 |
Sec. 16 |
July 1, 2014 |
10a-202 |
Sec. 17 |
July 1, 2014 |
10a-204 |
Sec. 18 |
July 1, 2014 |
Repealer section |
Statement of Legislative Commissioners:
In section 5(a), a reference to contributions made pursuant to section 12-743 of the general statutes was added, for clarity and accuracy.
FIN |
Joint Favorable Subst. |