Nevada 2017 Regular Session Status: Enacted

AB 475 — Revises provisions relating to education. (BDR 31-975)

Last action — Approved by the Governor. Chapter 576.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 27, 2017. Enacted.

Prognosis

Advancing 50% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

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Bill Text

What changed in the latest version

465 added · 494 removed

465 line(s) added, 494 removed.

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(Reprinted with amendments adopted on June 5, 2017) SECOND REPRINT A.B.
Assembly Bill No.
475 ASSEMBLY BILL NO .
475–Committee on Government Affairs CHAPTER..........
475–COMMITTEE ON G OVERNMENT A FFAIRS (ON B EHALF OF THE O FFICE OF FINANCE IN THEO FFICE OF THE GOVERNOR ) M ARCH 27, 2017 ____________ Referred to Committee on Government Affairs SUMMARY—Revises provisions relating to education.
(BDR 31-975) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
- *AB475_R2* – 2 – Legislative Counsel’s Digest:
Legislative Counsel’s Digest:
under existing law to oversee the Nevada Higher Education Prepaid Tuitioned Program and the Nevada College Savings Program.
The Board of Trustees of the College Savings Plans of Nevada was created under existing law to oversee the Nevada Higher Education Prepaid Tuition Program and the Nevada College Savings Program.
(NRS 353B.001-353B.370) Section 2 of this bill revises the membership of the Board to:
(NRS 353B.001-353B.370) State Treasurer or his or her designee serves as an ex officio nonvoting member;the and (2) add a new voting member who is appointed by the Governor.
(1) provide that the State Treasurer or his or her designee serves as an ex officio nonvoting member;
and (2) add a new voting member who is appointed by the Governor.
(1) creates the Nevada Higher Education Prepaid Tuition Trust Fund for the deposit of payments under prepaid tuition contracts and other sources of money for the Program and requires the State Treasurer to administer the Trust Fund;
(1) creates the Nevada Higher Education Prepaid Tuition Trust Fund for the the Program and requires the State Treasurer to administer the Trust Fund;
and (2) sets forth certain powers and duties of the Board relating to promotion, investment and contracting services for the Program and the Trust Fund.
and for (2) sets forth certain powers and duties of the Board relating to promotion, investment and contracting services for the Program and the Trust Fund.
(NRS 353B.010-353B.190) those powers and duties necessary for the efficient and effective administration of the Nevada Higher Education Prepaid Tuition Program and the Trust Fund.
(NRS 353B.010-353B.190) - 79th Session (2017) – 2 – Section 1.3 of this bill authorizes the Board to delegate to the State Treasurer those powers and duties necessary for the efficient and effective administration of the Nevada Higher Education Prepaid Tuition Program and the Trust Fund.
(NRS 353B.320) Section 1.5 of this bill requires the Board to establish the Nevada College Kick Start Program to create college savings accounts for pupils enrolled in kindergarten in public schools in Nevada who are residents of Nevada.
(NRS 353B.320) Start Program to create college savings accounts for pupils enrolled in kindergarten in public schools in Nevada who are residents of Nevada.
the Program and authorizes the Board to apply for and accept gifts, grants andn of donations to carry out the Program.
Section 1.5 also requires the Board to adopt regulations for the implementation of the Program and authorizes the Board to apply for and accept gifts, grants and donations to carry out the Program.
(1) for any purpose related to the Nevada College Savings Scholarship Program;
(1) for any purpose related to the Nevada College Savings Program;
or (3) in any other manner which assists residents of Nevada to attain postsecondary education.
(2) to pay the costs of administering the Governor Guinn Millennium Scholarship Program;
(NRS 353B.350) Section 6 of this bill limits the purposes for which the State Treasurer is authorized to expend money in the Endowment Account only to purposes related to the funding of college savings accounts under the Nevada College Kick Start Program, the Governor Guinn Millennium Scholarship Program, administrative and marketing costs related to the Nevada Higher Education Prepaid Tuition Program and the Nevada College Savings Program, and programs for the financial education of residents of this State.
or (3) in any other manner which assists residents of Nevada purposes for which the State Treasurer is authorized to expend money in themits the Endowment Account only to purposes related to the funding of college savings accounts under the Nevada College Kick Start Program, the Governor Guinn Millennium Scholarship Program, administrative and marketing costs related to the Nevada Higher Education Prepaid Tuition Program and the Nevada College Savings Program, and programs for the financial education of residents of this State.
Section 1.5 requires the Board of Trustees of the College Savings Plans of - *AB475_R2* – 3 – Nevada to transfer to the Endowment Account the balance in the account of a pupil created under the Nevada College Kick Start Program:
Section 1.5 requires the Board of Trustees of the College Savings Plans of Nevada to transfer to the Endowment Account the balance in the account of a pupil created under the Nevada College Kick Start Program:
prepaid tuition contract to allow a qualified beneficiary to apply any unused prepaid tuition benefits after his or her graduation with an undergraduate degree toward his or her graduate-level studies.
Sections 2.4 and 2.45 of this bill expand the authorized use of benefits under a prepaid tuition contract to allow a qualified beneficiary to apply any unused prepaid tuition benefits after his or her graduation with an undergraduate degree toward his or her graduate-level studies.
Section 2.4 also specifically requires the Board to adopt requirements for a master agreement for the Nevada Higher Education Prepaid Tuition Program by regulation.
Section 2.4 also specifically requires the Board to Prepaid Tuition Program by regulation.
Section 6.7 of this bill requires the Board to amend the master agreement for the Program to make the expanded authorization forSection 2.5 of this bill adds to the list of payments included in the Trust Fund payments received pursuant to a loan made to the Trust Fund for the purpose of fiscal stabilization of the Nevada Higher Education Prepaid Tuition Program.
Section 6.7 of this bill requires the Board to amend the master agreement for the Program to make the expanded authorization for graduate-level studies applicable to existing prepaid tuition contracts.
Section 2.5 of this bill adds to the list of payments included in the Trust Fund payments received pursuant to a loan made to the Trust Fund for the purpose of fiscal stabilization of the Nevada Higher Education Prepaid Tuition Program.
(NRS Nevada College Savings Program from the State Treasurer to the Board.tions for the Existing law creates the Nevada College Savings Trust Fund and authorizes the State Treasurer to accept and expend for certain purposes money provided to the Trust Fund by a private entity.
(NRS 353B.310) Section 2.8 of this bill transfers the duty to adopt regulations for the Nevada College Savings Program from the State Treasurer to the Board.
- 79th Session (2017) – 3 – Existing law creates the Nevada College Savings Trust Fund and authorizes the Trust Fund by a private entity.
EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
- *AB475_R2* – 4 – (a) Enrollment in the Program, including without limitation, opting in or opting out of the Program;
(a) Enrollment in the Program, including without limitation, opting in or opting out of the Program;
(a) Has not been accessed by a parent or guardian of the pupil in the manner prescribed in the regulations adopted pursuant to subsection 2 by the time the pupil is enrolled in grade 5.
- 79th Session (2017) – 4 – (a) Has not been accessed by a parent or guardian of the pupil in the manner prescribed in the regulations adopted pursuant to subsection 2 by the time the pupil is enrolled in grade 5.
(b) Is otherwise remaining after expiration of the time prescribed in the regulations adopted pursuant to subsection 2 within which the money in the account must be used.
(b) Is otherwise remaining after expiration of the time within which the money in the account must be used.ubsection 2 Sec.
Sec.
A member of the Board who is appointed by the Governor [:] pursuant to subparagraph (3) of paragraph (a) of subsection 2:
A member of the Board who is appointed by the Governor [:](a) Serves for a term of 4 years;paragraph (a) of subsection 2:
(a) Serves for a term of 4 years;
and - *AB475_R2* – 5 – (c) Except as otherwise provided in this paragraph, may serve for only two terms.
and (c) Except as otherwise provided in this paragraph, may serve for only two terms.
and (b) Reimbursement for any other actual and reasonable expense incurred while performing his or her duties.
and - 79th Session (2017) – 5 – (b) Reimbursement for any other actual and reasonable expense incurred while performing his or her duties.
Show all 83 changed rows (43 more)
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As used in this section, the term “College Savings Plans of Nevada” includes the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive, and section 1.3 of this act and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive [.] , and section 1.5 of this act including the Nevada College Kick Start Program.
As used in this section, the term “College Savings Plans of Nevada” includes the Nevada Higher Education Prepaid Tuition section 1.3 of this act and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive [.] , and section 1.5 of this act including the Nevada College Kick Start Program.
(1) A university, state college or community college that is a member of the System;
member of the System;ty, state college or community college that is a (2) An accredited college or university in this State that is not a member of the System;
(2) An accredited college or university in this State that is not a member of the System;
- *AB475_R2* – 6 – 2.
2.
(b) A limit on the number of qualified beneficiaries;
- 79th Session (2017) – 6 – (b) A limit on the number of qualified beneficiaries;
(d) A payment received by the Trust Fund as a matching contribution made as described in NRS 363A.137 or 363B.117 to be credited to the qualified beneficiary on whose behalf the matching contribution was made;
(d) A payment received by the Trust Fund as a matching credited to the qualified beneficiary on whose behalf the matching contribution was made;
(c) The terms and conditions under which another person may be substituted as the qualified beneficiary.
be substituted as the qualified beneficiary.another person may (d) The terms and conditions under which the purchaser, or another person designated by the purchaser, may terminate the prepaid tuition contract, receive a refund of money that he or she has paid into the Trust Fund or withdraw money that he or she has paid into the Trust Fund, including, without limitation, a provision allowing the Board to impose a fee that amounts to more than a de minimis penalty.
(d) The terms and conditions under which the purchaser, or another person designated by the purchaser, may terminate the prepaid tuition contract, receive a refund of money that he or she has paid into the Trust Fund or withdraw money that he or she has paid into the Trust Fund, including, without limitation, a provision - *AB475_R2* – 7 – allowing the Board to impose a fee that amounts to more than a de minimis penalty.
(f) The number of semesters for which the purchaser is contracting.
- 79th Session (2017) – 7 – (f) The number of semesters for which the purchaser is contracting.
(g) A provision that money paid into the Trust Fund under a prepaid tuition contract may be applied toward tuition for an undergraduate degree at:
(g) A provision that money paid into the Trust Fund under a prepaid tuition contract may be applied toward tuition for an underg(1) A university, state college or community college that is a member of the System;
(1) A university, state college or community college that is a member of the System;
(i) Any other term or condition that the Board considers necessary or proper.
(i) Any other term or condition that the Board considers necSec.
Sec.
- *AB475_R2* – 8 – 3.
3.
5.
- 79th Session (2017) – 8 – 5.
Shall solicit answers to requests for rulings from the Internal Revenue Service regarding the tax status of fees paid to or on behalf of a purchaser or a qualified beneficiary pursuant to a prepaid tuition contract.
Shall solicit answers to requests for rulings from the Internal of a purchaser or a qualified beneficiary pursuant to a prepaid tuition contract.
The [State Treasurer] Board shall adopt regulations to establish and carry out the Nevada College Savings Program, which must comply with the requirements of a qualified state tuition program pursuant to 26 U.S.C.
The [State Treasurer] Board shall adopt regulations to establish and carry out the Nevada College Savings Program, which must comply with the requirements of a qualified sta2.
§ 529.
tuThe regulations must be consistent with the provisions of the Internal Revenue Code set forth in Title 26 of the United States Code, and the regulations adopted pursuant thereto, to ensure that the Nevada College Savings Program meets all criteria for federal tax-deferred or tax-exempt benefits, or both.
2.
The regulations must be consistent with the provisions of the Internal Revenue Code set forth in Title 26 of the United States Code, and the regulations adopted pursuant thereto, to ensure that the Nevada College Savings Program meets all criteria for federal tax-deferred or tax-exempt benefits, or both.
- *AB475_R2* – 9 – 4.
4.
5.
- 79th Session (2017) – 9 – 5.
The regulations may include any other provisions not inconsistent with federal law that the [State Treasurer] Board determines are necessary for the efficient and effective administration of the Nevada College Savings Program and the Trust Fund.
The regulations may include any other provisions not inconsistent with federal law that the [State Treasurer] Board determines are necessary for the efficient and effective administration of the Nevada College Savings Program and the TruSec.
Sec.
3..
3.
and (b) An Administrative Account and an Endowment Account in the State General Fund.
and (b) An Administrative Account and an Endowment Account in the3.tatThe Program Account must be used for the receipt, investment and disbursement of money pursuant to savings trust agreements.
3.
The Program Account must be used for the receipt, investment and disbursement of money pursuant to savings trust agreements.
[The] In addition to the money transferred pursuant to section 1.5 of this act, the Endowment Account must be used for the deposit of any money received by the Nevada College Savings - *AB475_R2* – 10 – Program that is not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, is not necessary for the use of the Administrative Account.
[The] In addition to the money transferred pursuant to section 1.5 of this act, the Endowment Account must be used for the deposit of any money received by the Nevada College Savings Program that is not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, is not necessary for - 79th Session (2017) – 10 – the use of the Administrative Account.
The money in the Endowment Account may be expended [:] for any purpose related to:
The money in the to:owment Account may be expended [:] for any purpose related (a) [For any purpose related to the] The funding of college savings accounts created under the Nevada College [Savings] Kick Start Program [;] established pursuant to section 1.5 of this act;
(a) [For any purpose related to the] The funding of college savings accounts created under the Nevada College [Savings] Kick Start Program [;] established pursuant to section 1.5 of this act;
[or] (c) [In any other manner which assists the residents of this state to attain postsecondary education.] The administrative costs, as approved by the Legislature or the Interim Finance Committee, of activities related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive, and section 1.3 of this act and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive, and section 1.5 of this act, including the Nevada College Kick Start Program;
[or] (c) [In any other manner which assists the residents of this state to attain postsecondary education.] The administrative costs, as approved by the Legislature or the Interim Finance Committee, of activities related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive, and forth in NRS 353B.300 to 353B.370, inclusive, and section 1.5 ofet this act, including the Nevada College Kick Start Program;
or (e) The costs of providing programs for the financial education of residents of this State, but such costs must not exceed an amount equal to 3 percent of the money in the Endowment Account that was received during the first fiscal year of the immediately preceding biennium by the Nevada College Savings Program, was not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, was not necessary for the use of the Administrative Account.
or (e) The costs of providing programs for the financial education of residents of this State, but such costs must not exceed an amount equal to 3 percent of the money in the Endowment immediately preceding biennium by the Nevada College Savingse Program, was not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, was not necessary for the use of the Administrative Account.
- *AB475_R2* – 11 – Sec.
- 79th Session (2017) – 11 – Sec.
353B.360 The [State Treasurer] Board may accept and expend on behalf of the Trust Fund money provided by private entities for direct expenses or marketing [.] in accordance with the provisions of NRS 353.150 to 353.245, inclusive.
353B.360 The [State Treasurer] Board may accept and expend on behalf of the Trust Fund money provided by private entities for direct expenses or marketing [.] in accordance with the provisions the Trust Fund.to 353.245, inclusive.
Such money is not a part of the Trust Fund.
Such money is not a part of Sec.
Sec.
(b) “Qualified beneficiary” has the meaning ascribed to it in NRS 353B.050.
NRS 353B.050.fied beneficiary” has the meaning ascribed to it in Sec.
Sec.
545 of this session is reduced from $4,220,813 to $3,599,776 in Fiscal Year 2017-2018 and from $4,272,299 to $3,651,262 in Fiscal Year 2018-2019.
of this session is reduced from $4,220,813 to $3,599,776 in Fiscal Year 2017-2018 and from $4,272,299 to $3,651,262 in Fiscal Year 2018-2019.
Sec.
- 79th Session (2017) – 12 – Sec.
- *AB475_R2* – 12 – 2.
2.
H - *AB475_R2*
~~~~~ 17 - 79th Session (2017)
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Action History

  1. Approved by the Governor. Chapter 576.

  2. Enrolled and delivered to Governor.

  3. Senate Amendment No. 1150 concurred in. To enrollment.

  4. In Assembly.

  5. From printer. To re-engrossment. Re-engrossed. Second reprint . To Assembly.

  6. To printer.

  7. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 20, Nays: 1.)

  8. Reprinting dispensed with.

  9. Read third time. Amended. (Amend. No. 1150.)

  10. Read second time.

  11. Taken from Secretary's desk. Placed on Second Reading File.

  12. Taken from Second Reading File. Placed on Secretary's desk.

  13. Placed on Second Reading File.

  14. From committee: Amend, and do pass as amended.

  15. Read first time. Referred to Committee on Education. To committee.

  16. In Senate.

  17. To Senate.

  18. From printer. To engrossment. Engrossed. First reprint .

  19. To printer.

  20. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 27, Nays: 14, Excused: 1.)

  21. Dispensed with reprinting.

  22. Read third time. Amended. (Amend. No. 1027.)

  23. Declared an emergency measure under the Constitution.

  24. From committee: Amend, and do pass as amended.

  25. Waiver granted effective: April 12, 2017.

  26. Notice of eligibility for exemption.

  27. From printer. To committee.

  28. Read first time. Referred to Committee on Government Affairs. To printer.

Sponsors

  • Government Affairs · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

  • Government Affairs

Co-sponsors (0)

None.

Not signed on (66)

66 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

education
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Frequently asked questions

Who sponsors AB 475?
AB 475 is sponsored by Government Affairs.
What is the current status of AB 475?
This bill has been enacted into law. Introduced March 27, 2017. Enacted.
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