Current Status Bill Number:5127 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19980506 Primary Sponsor:Boan All Sponsors:Boan, Riser, Neilson and McGee Drafted Document Number:gjk\21532ac.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Regulation No. 2253, Budget and Control Board, Tuition Prepayment Program
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19980507 Committed to Committee 30 HWM
House 19980506 Introduced, read first time,
placed on Calendar without reference
View additional legislative information at the LPITS web site.
INTRODUCED
May 6, 1998
H. 5127
S. Printed 5/6/98--H.
Read the first time May 6, 1998.
TO APPROVE REGULATIONS OF THE BUDGET AND CONTROL BOARD, RELATING TO SOUTH CAROLINA TUITION PREPAYMENT PROGRAM, DESIGNATED AS REGULATION DOCUMENT NUMBER 2253, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The regulations of the Budget and Control Board, relating to South Carolina Tuition Prepayment Program, designated as Regulation Document Number 2253, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
SUMMARY AS SUBMITTED BY PROMULGATING AGENCY.
The State Budget and Control Board proposes new regulations for the implementation and administration of the South Carolina Tuition Prepayment Program. The regulations are necessary to comply with legislation passed in 1997 amending Title 59 of the 1976 Code to add Chapter 4 establishing the South Carolina Tuition Prepayment Program within the South Carolina Budget and Control Board. The program is designed to allow a contributor to make affordable payments to cover future tuition expenses for up to four years of a designated beneficiary's undergraduate enrollment at a public institution of higher learning in South Carolina. The payments are fixed at a guaranteed level when the contributor purchases a tuition prepayment contract.
The State Budget and Control Board published a Notice of Drafting for the proposed South Carolina Tuition Prepayment Program regulations in the State Register on July 25, 1997. Board staff then drafted proposed regulations in accordance with the South Carolina Tuition Prepayment Program Act, 1976 Code Section 59-4-30(B). Public hearings regarding the proposed regulations were publicized and held on December 22, 1997, and January 27, 1998. The proposed regulations: (1) provide for the number and types of contract plans to be offered, to include both public and independent colleges and universities; (2) prescribe the terms and conditions of the prepaid tuition contracts, including the terms and conditions under which funds may be withdrawn or refunds made from the fund; (3) prescribe the requirements, procedures, and guidelines regarding prepaid tuition contracts; (4) provide for the contract contents to include, at a minimum, tuition and credit hour guarantees, beneficiary substitutions, default, withdrawal, refund, termination and penalty information, and contributor payment amounts and conditions; (5) provide for the receipt of advance payments; (6) prescribe guidelines governing the program; (7) provide for the charging and retention of fees for the cost of services and administration of the fund; (8) prescribe the investment and management policies of the fund; and (9) prescribe other policies, procedures, and criteria necessary to implement and administer the program.