Senate Bill 25-230 Engrossed

A Bill for an Act

• Page 1, Line 101Concerning clarifying the distribution of financial

• Page 1, Line 102assistance to undergraduate students attending

• Page 1, Line 103participating private institutions of higher education

• Page 1, Line 104who participate in the college opportunity fund

• Page 1, Line 105program.

Bill Summary

(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov/.)

Joint Budget Committee. The bill clarifies that the department of higher education may distribute financial assistance from an allocation authorized for student financial assistance programs to undergraduate students who attend participating private institutions of higher education and who participate in the college opportunity fund program.

• Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:

• Page 2, Line 2SECTION 1.  In Colorado Revised Statutes, 23-3.3-102, add (7.5) as follows:

• Page 2, Line 323-3.3-102.  Assistance program authorized - procedure -

• Page 2, Line 4audits - definitions. (7.5) (a)  Notwithstanding this section to the

• Page 2, Line 5contrary, the department of higher education may transfer

• Page 2, Line 6funds to the college opportunity fund program created in

• Page 2, Line 7section 23-18-201 for college opportunity fund stipends for

• Page 2, Line 8undergraduate students who attend participating private

• Page 2, Line 9institutions of higher education. Expenditures for college

• Page 2, Line 10opportunity fund stipends for undergraduate students who

• Page 2, Line 11attend participating private institutions of higher education

• Page 2, Line 12must not exceed the total allocation authorized for college

• Page 2, Line 13opportunity fund stipends for undergraduate students who

• Page 2, Line 14attend participating private institutions of higher education by

• Page 2, Line 15more than thirty percent of the allocation. Expenditures for

• Page 2, Line 16college opportunity fund stipends for undergraduate students

• Page 2, Line 17who attend participating private institutions of higher

• Page 2, Line 18education and expenditures authorized pursuant to this article

• Page 2, Line 193.3 must not exceed the total sum of annual appropriations for

• Page 2, Line 20college opportunity fund stipends for undergraduate students

• Page 2, Line 21who attend participating private institutions of higher education and the appropriations set forth in this article 3.3.

• Page 2, Line 22(b)  As used in this subsection (7.5), unless the context otherwise requires:

• Page 3, Line 1(I)  "College opportunity fund stipends"means the stipends

• Page 3, Line 2distributed as part of the college opportunity fund program created in section 23-18-201.

• Page 3, Line 3(II)  "Participating private institution of higher education" has the same meaning set forth in section 23-18-102.

• Page 3, Line 4(III)  "Undergraduate student" means an undergraduate

• Page 3, Line 5student who attends a participating private institution of

• Page 3, Line 6higher education and participates in the college opportunity fund program created in section 23-18-201.

• Page 3, Line 7SECTION 2.  In Colorado Revised Statutes, 23-18-201, amend (2) as follows:

• Page 3, Line 823-18-201.  College opportunity fund program - creation -

• Page 3, Line 9eligibility - guidelines. (2) (a)  A student of a private institution of higher

• Page 3, Line 10education shall be is a beneficiary of the college opportunity fund and

• Page 3, Line 11eligible to participate in the college opportunity fund program only if the

• Page 3, Line 12private institution of higher education that the student attends has agreed

• Page 3, Line 13to participate in the program by establishing a performance contract with

• Page 3, Line 14the department. The performance contract shall must specify the

• Page 3, Line 15performance goals the institution shall achieve during the period that it

• Page 3, Line 16operates under the performance contract. The department shall include

• Page 3, Line 17each participating private institution of higher education and its students

• Page 3, Line 18who participate in the college opportunity fund program in the student

• Page 3, Line 19unit reporting data system in order to enable the students of the

• Page 3, Line 20participating private institution of higher education to participate in the

• Page 3, Line 21program. The participating private institution of higher education shall

• Page 3, Line 22reimburse the department for the actual expenses associated with including the institution in the student unit reporting data system.

• Page 4, Line 1(b)  The general assembly shall appropriate sufficient

• Page 4, Line 2funds for eligible undergraduate students who attend

• Page 4, Line 3participating private institutions of higher education and

• Page 4, Line 4participate in the program. The department may transfer the

• Page 4, Line 5funds described in this subsection (2)(b) pursuant to section

• Page 4, Line 623-3.3-102 (7.5). The funds described in this subsection (2)(b) must

• Page 4, Line 7not be deposited into the college opportunity fund created in section 23-18-202 (1)(a).

• Page 4, Line 8SECTION 3.  In Colorado Revised Statutes, 23-18-202, amend (2)(e), (5)(a)(I), and (6) as follows:

• Page 4, Line 923-18-202.  College opportunity fund - appropriations -

• Page 4, Line 10payment of stipends - reimbursement - report - repeal. (2) (e)  An

• Page 4, Line 11eligible undergraduate student who attends a participating private

• Page 4, Line 12institution of higher education may receive financial assistance under

• Page 4, Line 13pursuant to this part 2 in the amount of fifty percent of the stipend

• Page 4, Line 14amount. The general assembly shall appropriate sufficient funds

• Page 4, Line 15for eligible undergraduate students who attend participating

• Page 4, Line 16private institutions of higher education and participate in the

• Page 4, Line 17program. The department may transfer the funds described in

• Page 4, Line 18this subsection (2)(e) pursuant to section 23-3.3-102 (7.5). The

• Page 4, Line 19funds described in this subsection (2)(e) must not be deposited

• Page 4, Line 20into the college opportunity fund created in subsection (1)(a) of this section.

• Page 4, Line 21(5) (a) (I)  After an undergraduate student has applied for the

• Page 4, Line 22program, been approved for the program, and enrolled in a state or

• Page 4, Line 23participating private institution of higher education, the institution shall

• Page 5, Line 1request that the Colorado student loan program make a stipend payment

• Page 5, Line 2from the college opportunity fund, or pursuant to section 23-18-201

• Page 5, Line 3(2) for an undergraduate student enrolled in a participating

• Page 5, Line 4private institution of higher education, to the institution on behalf

• Page 5, Line 5of the eligible undergraduate student. A payment by the Colorado student

• Page 5, Line 6loan program to an institution of higher education from the college

• Page 5, Line 7opportunity fund shall not be is not subject to the assessment of a

• Page 5, Line 8transaction fee pursuant to section 24-36-120. C.R.S. The stipend

• Page 5, Line 9payment shall must be paid to the institution upon receipt by the

• Page 5, Line 10institution of the eligible undergraduate student's authorization. The

• Page 5, Line 11amount of the stipend paid on behalf of an eligible undergraduate student shall must be applied against the student's total in-state tuition.

• Page 5, Line 12(6)  If an eligible undergraduate student enrolls in a class for which

• Page 5, Line 13the state or participating private institution of higher education receives

• Page 5, Line 14a stipend payment pursuant to subsection (5) of this section and the

• Page 5, Line 15eligible undergraduate student subsequently withdraws from the class on

• Page 5, Line 16or prior to the final date on which the institution permits a student to

• Page 5, Line 17withdraw without the payment of any amount of tuition, the institution

• Page 5, Line 18shall reimburse the college opportunity fund, or in the case of an

• Page 5, Line 19undergraduate student at a participating private institution of

• Page 5, Line 20higher education, the participating private institution of higher

• Page 5, Line 21education shall reimburse the department, for the proportional

• Page 5, Line 22amount of the stipend received that conforms to the governing board's

• Page 5, Line 23refund policy for the class from which the student withdrew. The credits

• Page 5, Line 24for which the stipend is refunded shall must not count against the eligible

• Page 5, Line 25undergraduate student's lifetime-credit-hour limitation established

• Page 5, Line 26pursuant to paragraph (c) of subsection (5) subsection (5)(c) of this section.

• Page 6, Line 1SECTION 4.  Safety clause. The general assembly finds,

• Page 6, Line 2determines, and declares that this act is necessary for the immediate

• Page 6, Line 3preservation of the public peace, health, or safety or for appropriations for

• Page 6, Line 4the support and maintenance of the departments of the state and state institutions.