Bill Text: HI HB2442 | 2016 | Regular Session | Introduced
Bill Title: High School; Credit Union; Pilot Project; Appropriation ($)
Spectrum: Slight Partisan Bill (Democrat 6-3)
Status: (Introduced - Dead) 2016-02-01 - Referred to EDN, CPC, FIN, referral sheet 5 [HB2442 Detail]
Download: Hawaii-2016-HB2442-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2442 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to education.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. (a) There is established in each public high school a mock credit union special fund that shall be exempt from chapter 412, Hawaii Revised Statutes, and shall be administered by the principal of each school. The purpose of the special fund in each school shall be to provide short-term loans to students of that school to finance, produce, and sell products for entrepreneurial projects that are sponsored by that school; provided that:
(1) No single loan transaction shall exceed $100;
(2) Each loan shall be co-signed by the student's parent or legal guardian; and
(3) The student presents, with the loan application, a business plan that shall include:
(A) A prototype of the product to be sold;
(B) The number of items to be produced; and
(C) A repayment schedule.
(b) The revenues of the special fund shall consist of:
(1) Loan repayments;
(2) Fees and fines;
(3) Gifts, donations, and grants from any source; and
(4) Legislative appropriations.
(c) The department of education shall adopt rules for the uniform implementation of this Act among the public high schools, including forms for loan applications and business plans.
SECTION 2. The department of education shall submit interim reports and a final report to the legislature not later than twenty days prior to the convening of the 2017, 2018, 2019, 2020, and 2021 regular sessions on its findings and recommendations on the mock credit union and loan program established pursuant to this Act.
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2016-2017 for deposit into the mock credit union special funds established under this Act.
There is appropriated out of the mock credit union special funds the sum of $ or so much thereof as may be necessary for fiscal year 2016-2017 for the purposes of this Act.
The sum appropriated shall be expended by the department of education for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2016 and shall be repealed on June 30, 2020.
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INTRODUCED BY: |
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Report Title:
High School; Credit Union; Pilot Project; Appropriation
Description:
Temporarily creates credit unions for high school students. Appropriates funds for the program.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
