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 tobegin delete enterend deletebegin insert consider enteringend insert 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.begin insert 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.end insert
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 69984.3 is added to the Education Code,
2to read:
(a) begin insert(1)end insertbegin insert end insertNotwithstanding any other law, the board
4shallbegin delete enterend deletebegin insert consider enteringend insert into an agreement with a cardbegin delete issuer. begin insert issuer that includes, but isend insert
5This agreement shall include, but shallend delete
6 not necessarilybegin delete beend delete
limited to, a provision requiring the credit card
7issuer to provide a reasonable award, or a number of points leading
8to an award, that would be automatically deposited into a
9Scholarshare trust account. Awards under this agreementbegin delete shallend delete
10begin insert wouldend insert be accumulated through the use of a credit card issued by
11the card issuer.
12(2) With respect to its consideration of entering into an
13agreement as described in paragraph (1), the board shall report
14its decision, and the rationale for that decision, at a regularly
15scheduled public meeting of the board on or before June 30, 2016.
16The board shall report this decision, in writing, in a timely
manner,
17to the chairpersons of the education policy committees of the Senate
18and the Assembly. This paragraph shall become inoperative on
19January 1, 2020.
20(b) As used in this section, “card issuer” and “credit card” have
21the same meanings as defined in Section 1747.02 of the Civil Code.
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