HB 329 (BR 1540) - C. Miller, C. Siler, L. Belcher, Dw. Butler, L. Clark, B. Colter, C. Hoffman, D. Horlander, M. Marzian, R. Meeks, C. Walton
AN ACT relating to student financial assistance.
Amend KRS 164.740 to clearly define "business school," "vocational school," "regional accrediting association," and college for purposes of awarding financial aid; amend KRS 164.753 to eliminate the state reserve requirement for the loan guarantee fund and to clarify awarding of the early childhood development scholarship; amend KRS 164.7891 to allow osteopathic medicine scholarship recipients to repay their obligation in installment payments; amend KRS 164A.350 to allow, but not require, the state to charge a penalty for nonqualified withdrawals from the Kentucky Educational Savings Plan Trust; amend KRS 164A.370 and 164.785 to conform.
HB 329 - AMENDMENTS
HCS - Amend KRS 164.740 to redefine "business school," "college," and "vocational school"; amend KRS 164.785 to add national accrediting associations; amend KRS 164.753 to exempt scholarships for early child care workers from rules and regulations adopted by the board of the KHEAA; amend KRS 164.7891 to change administrative procedures for determining method of repayment or deferment for osteopathic scholarships when a recipient fails to complete study or fails to render service required; amend KRS 164A.350 to authorize KHEAA to permit, rather than require, a participant to pay a penalty on interest if the participation agreement is canceled; amend KRS 164A.370 to change statute citations.
SCS - Retain the original provisions and create new sections of KRS Chapter 41 to create within the Kentucky Housing Corporation the individual development account program; provide that the program shall encourage individuals or households with incomes below 200 percent of the federal poverty level to establish a savings account to be used for qualified purposes; define qualified purposes as postsecondary education expenses, first home purchases, business capitalization expenses, home renovation expenses, home computer expenses, and automobile expenses; direct the cabinet to solicit proposals from qualified administering agencies to establish pooled accounts and implement the program; define pooled accounts as accounts established within financial institutions by a qualified administering agency to match funds withdrawn from an individual development account for a qualified purpose; restrict deposits to $2000 per year and limit account balances to no more than $10,000; exempt from income taxes funds deposited in or withdrawn from accounts; exempt from income taxes funds withdrawn from a pooled account and paid directly to a vendor for a qualified purpose; permit funds deposited in a pooled account to be eligible for a tax credit of 50 percent of the amount of contribution during a calendar year but restrict credit to lesser of $25,000 or the amount of the individual or corporate income tax due; restrict total amount of credits to $100,000 per year; direct each qualifying administering agency to establish an appropriate financial education program for account participants which participants must complete to establish an account.
SCA (3/Title, D. Kelly) - Make title amendment.
SFA (1, L. Casebier) - Amend KRS 164A.240 to provide flexibility for the Kentucky Higher Education Student Loan Corporation to offer benefits to students who must take out loans to pay for college by lowering the origination fee or interest rate on loans.
SFA (2, L. Casebier) - Delete the term "or national" from descriptions of acceptable accreditation agencies.
SFA (4, D. Mongiardo) - Attach provisions of SB 140.
SFA (5, L. Casebier) - Make technical correction by deleting the term "or national."
SFA (6, L. Casebier) - Amend KRS 164A.240 to provide flexibility for the Kentucky Higher Education Student Loan Corporation to offer benefits to students who must take out loans to pay for college by lowering the origination fee or interest rate on loans.
Jan 14-introduced in House
Jan 15-to Education (H)
Jan 25-posted in committee
Feb 6-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 7-2nd reading, to Rules
Feb 11-posted for passage in the Regular Orders of the Day for Tuesday, February 12, 2002
Feb 12-3rd reading, passed 94-0 with Committee Substitute
Feb 13-received in Senate
Feb 15-to Education (S)
Mar 13-reported favorably, 1st reading, to Calendar
Mar 14-2nd reading, to Rules
Mar 19-floor amendment (1) filed
Mar 20-recommitted to Appropriations and Revenue (S)
Mar 21-floor amendment (2) filed
Mar 28-reported favorably, to Rules with Committee Substitute, committee amendment (3-title) ; floor amendments (4) (5) and (6) filed to Committee Substitute
Mar 29-posted for passage in the Regular Orders of the Day for Friday, March 29, 2002; 3rd reading; floor amendments (1) and (2) withdrawn ; passed 32-0 with Committee Substitute, committee amendment (3-title), floor amendments (4) (5) and (6)
Apr 1-received in House; posted for passage for concurrence in Senate Committee Substitute, committee amendment (3-title), floor amendments (4) (5) and (6)