STATE OF OKLAHOMA

2nd Session of the 54th Legislature (2014)

SENATE BILL 1960	By:	Burrage

AS INTRODUCED

An Act relating to teachers; creating the Oklahoma Teacher Loan Repayment Program Act; providing short title; establishing the Oklahoma Teacher Loan Repayment Program; directing the Commission for Educational Quality and Accountability to administer the Oklahoma Teacher Loan Repayment Program; stating purpose; providing for awards of loan repayment assistance; establishing criteria for eligibility; providing for application; providing for promulgation of rules; directing the Commission to maintain certain records; directing submission of certain report; creating the Oklahoma Teacher Loan Repayment Revolving Fund; providing for codification; providing an effective date; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 6-211 of Title 70, unless there is created a duplication in numbering, reads as follows:
This act shall be known and may be cited as the "Oklahoma Teacher Loan Repayment Program Act".
SECTION 2.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 6-212 of Title 70, unless there is created a duplication in numbering, reads as follows:
A.  1.  There is hereby established the Oklahoma Teacher Loan Repayment Program.  The Commission for Educational Quality and Accountability shall administer the Oklahoma Teacher Loan Repayment Program.
2.  The program shall provide educational loan repayment assistance to qualifying teachers who teach in an Oklahoma public school for three consecutive years and who meet the criteria set forth in subsection B.
3.  Each award shall be distributed at the end of the third consecutive year in which a qualifying teacher meeting the criteria set forth in subsection B has taught.  The award shall be paid directly to the financial institution that holds the qualifying teacher's student loans in an amount not to exceed Five Thousand Dollars ($5,000.00) or the total principal and interest of the guaranteed student loans owed by the qualifying teacher at the end of the third year, whichever is less.  Prior to any distribution, the Commission shall certify and properly review reports submitted by the qualifying teacher detailing compliance with the criteria set forth in subsection B.
B.  A certified teacher shall be eligible to participate in the loan repayment program if the teacher:
1.  Graduated from high school after June 30, 2014;
2.  Graduated with a grade point average ranking them in the top twenty percent (20%) of the graduating class or has an American College Testing Program (ACT) score or Scholastic Aptitude Test (SAT) score that falls within the eighty (80) to one hundred (100) percentile levels;
3.  Graduated from an institution within The Oklahoma State System of Higher Education with a minimum 3.5 grade point average on a 4.0 scale; and
4.  Teaches at an Oklahoma public school for three consecutive years in a geographic area recognized by the Commission as having a shortage of licensed, full-time teachers or in a critical shortage subject area, including but not limited to science, technology, engineering, mathematics and special education.  The teacher is not required to teach at the same public school for three consecutive years.
C.  A qualifying teacher must apply for loan repayment assistance on a form provided by the Commission.
D.  To receive loan repayment assistance pursuant to this act, the qualifying teacher shall:
1.  Apply for loan repayment assistance not later than twenty-four months after graduating from an institution within The Oklahoma State System of Higher Education; and
2.  Enter into a contract with the Commission agreeing to the terms and conditions upon which the loan repayment assistance will be granted.
E.  The Commission shall promulgate rules to implement the provisions of this section.
F.  The Commission shall maintain complete and accurate records in implementing the program, including but not limited to:
1.  The receipt, disbursement and uses of money from the Oklahoma Teacher Loan Repayment Revolving Fund created in Section 2 of this act;
2.  The number of applications for loan repayment assistance;
3.  The number of applicants in receipt of loan repayment assistance.
G.  The Commission shall submit a report on the program to the Governor, the Speaker of the House of Representatives and the President Pro Tempore of the Senate beginning December 1, 2015, and each December 1 thereafter.
SECTION 3.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 6-213 of Title 70, unless there is created a duplication in numbering, reads as follows:
There is hereby created in the State Treasury a revolving fund for the Commission for Educational Quality and Accountability to be designated the "Oklahoma Teacher Loan Repayment Revolving Fund".  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies deposited to the credit of the fund by law.  All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Commission to provide loan repayment assistance.  Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
SECTION 4.  This act shall become effective July 1, 2014.
SECTION 5.  It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

54-2-2263	EB	1/16/2014 4:11:40 PM