Nevada 2021 Regular Session Status: Enacted

AB 362 — Revises provisions relating to the Nevada Higher Education Prepaid Tuition Trust Fund. (BDR 31-980)

Last action — Chapter 132.

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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 22, 2021. 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

61 added · 72 removed

Plain-language change summary

The recent changes to Assembly Bill No. 362 clarify how excess funds in the Nevada Higher Education Prepaid Tuition Trust Fund can be used. Specifically, the Board of Trustees is now required to create and regularly update a policy for using any money that exceeds the necessary amount for guaranteed tuition rates. This matters because it ensures that any surplus funds are managed effectively, potentially allowing for better benefits or services for families saving for education.

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Assembly Bill No.
362 A SSEMBLY BILL NO .
362–Assemblywoman Benitez-Thompson CHAPTER..........
362–ASSEMBLYWOMAN B ENITEZ -THOMPSON M ARCH 22, 2021 ____________ Referred to Committee on Government Affairs SUMMARY—Revises provisions relating to the Nevada Higher Education Prepaid Tuition Trust Fund.
(BDR 31-980) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
No.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
Nevada to, among other things, oversee the Nevada Higher Education Prepaid of Tuition Program.
Existing law creates the Board of Trustees of the College Savings Plans of Nevada to, among other things, oversee the Nevada Higher Education Prepaid Tuition Program.
(NRS 353B.005, 353B.010-353B.190) Existing law requires the Board to develop and maintain the Program for the prepayment of the tuition of the beneficiary of a prepaid tuition contract at an eligible in-state or out-of-state public or private university, college or community college.
(NRS 353B.005, 353B.010-353B.190) Existing law requires the Board to develop and maintain the Program for the prepayment of the tuition of the or private university, college or community college.
(NRS 353B.090) Existing law also creates the Nevada Higher Education Prepaid Tuition Trust Fund for the the Program.
(NRS 353B.090) Existing lawe public also 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.
(1)y for administer the Trust Fund;
(1) administer the Trust Fund;
(NRS 353B.150, 353B.160) Section 1 of this bill requires the Board to adopt and, as necessary, revise a policy for the use of any money in the Trust Fund that is in excess of the amount of money determined by the Board to be required to establish a guaranteed rate for change to indicate the proper placement of section 1 in the Nevada Revisedonforming Statutes.
(NRS 353B.150, 353B.160) policy for the use of any money in the Trust Fund that is in excess of the amount of money determined by the Board to be required to establish a guaranteed rate for tuition under a prepaid tuition contract.
Section 3 of this bill authorizes the use of money in the Trust Fund for the payment of qualified higher education expenses for qualified beneficiaries under the Program in accordance with the policy adopted pursuant to section 1.
Section 2 of this bill makes a conforming change to indicate the proper placement of section 1 in the Nevada Revised Statutes.
- *AB362* – 2 – THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 3 of this bill authorizes the use of money in the Trust Fund for the the Program in accordance with the policy adopted pursuant to section 1.es under EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Sec.
- 81st Session (2021) – 2 – Sec.
and (b) The payment of qualified higher education expenses for qualified beneficiaries in accordance with the policy adopted pursuant to section 1 of this act.
and qualified beneficiaries in accordance with the policy adopted pursuant to section 1 of this act.
(a) A prepaid tuition contract;
- *AB362* – 3 – Sec.
Sec.
H - *AB362*
~~~~~ 21 - 81st Session (2021)
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Action History

  1. Chapter 132.

  2. Approved by the Governor.

  3. Enrolled and delivered to Governor.

  4. In Assembly. To enrollment.

  5. Read third time. Passed. Title approved. (Yeas: 21, Nays: None.) To Assembly.

  6. Taken from General File. Placed on General File for next legislative day.

  7. Taken from General File. Placed on General File for next legislative day.

  8. Taken from General File. Placed on General File for next legislative day.

  9. From committee: Do pass. Placed on Second Reading File. Read second time.

  10. In Senate. Read first time. Referred to Committee on Education. To committee.

  11. Read third time. Passed. Title approved. (Yeas: 39, Nays: 3.) To Senate.

  12. Read second time.

  13. From committee: Do pass. Placed on Second Reading File. Taken from Second Reading File. Placed on Second Reading File for next legislative day.

  14. From printer. To committee.

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

Sponsors

Sponsorship breakdown

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

Sponsors (1)

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.

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Subjects

finance education
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Frequently asked questions

Who sponsors AB 362?
AB 362 is sponsored by Teresa Benitez-Thompson.
What is the current status of AB 362?
This bill has been enacted into law. Introduced March 22, 2021. Enacted.
Where can I track AB 362?
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Last checked for changes 2 months ago · updated continuously

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