AB 582 — Revises provisions relating to the Governor Guinn Millennium Scholarship Program. (BDR 31-1226)

EXEMPTAssembly A.B.Bill No.

582582–Committee Aon SSEMBLYWays Band ILLNMeans O.CHAPTER..........

582–COMMITTEE ON W AYS AND M EANS M AY 14, 2025 ____________ Referred to Committee on Ways and Means SUMMARY—Revises provisions relating to the Governor Guinn Millennium Scholarship Program.

(BDR 31-1226) 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.

LegislativeLegiExisting Counsel’slaw Digest:requires the State Treasurer to administer the Nevada College Savings Trust Fund and to establish and administer certain accounts, including an Endowment Account in the State General Fund, to carry out the duties of the State Treasurer with respect to the Nevada College Savings Program.

ExistingSpecifically, existing law requires thethat State Treasurer to administer the NevadaEndowment CollegeAccount Savingsbe Trustused Fundfor andthe todeposit establishof andany administermoney certainreceived accounts,by including an Endowment Account in the StateNevada GeneralCollege Fund,Savings toProgram carrythat outis thenot dutiesreceived ofnot thenecessary Statefor Treasurercertain withadministration respectand tomarketing theactivities. Nevada College Savings Program.

Specifically,(NRS money353B.300, received353B.350) byAmong other things, existing law authorizes the NevadaState CollegeTreasurer Savingsto Programexpend thatmoney isfrom notthe receivedofEndowment anyAccount pursuantfor purposes related to athe savingsGovernor trustGuinn agreementMillennium andScholarship whichProgram, including, without limitation, to cover the Statecosts Treasurerof determinesadministering isthe Governor Guinn Millennium Scholarship Program, if the expenditure does not necessaryexceed an amount equal to 3 percent of the anticipated annual manufacturers of tobacco products anticipated for certaindeposit administrationin andthe marketingTrust activities.Fund.

(NRS(NRSst 353B.300,353B.350, 353B.350)396.926) AmongThis otherbill: things, existing law authorizes the State Treasurer to expend money from the Endowment Account for purposes related to the Governor Guinn Millennium Scholarship Program, including, without limitation, to cover the expenditure does not exceed an amount equal to 3 percent of the anticipated annual revenue to this State from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Trust Fund.

(NRS 353B.350, 396.926) This bill:

and (2) specifies that the reference to “Trust Fund” for such expenditures related to the TrustGovernor Fund.innGuinn Millennium Scholarship Program is the Millennium Scholarship -Trust *AB582*Fund. – 2 – THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

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:

- 83rd Session (2025) – 2 – 3.

The Administrative Account must be used for the deposit and disbursement of money to administer and market the Nevada College Savings Program and to supplement the administration and marketing of the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive.

Except as otherwise provided in NRS 353B.360, the money in the Endowment Account may be expended for(a)for Theany fundingpurpose ofrelated accountsto: created under the Nevada College Kick Start Program established pursuant to NRS 353B.335;

(a) The funding of accounts created under the Nevada College Kick Start Program established pursuant to NRS 353B.335;

(c) 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 - *AB582* – 3 – NRS 353B.010 to 353B.190, inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive, including the Nevada College Kick Start Program;

(d) The costs of marketing related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive, including the Nevada College Kick Start Program, but such costs must not exceed an amount equal to 7 percent of the money in the Endowment Account, other than money deposited pursuant to NRS 353B.360, 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 - 83rd Session (2025) – 3 – determination of the State Treasurer, was not necessary for the use of the Administrative Account;

(e) The costs of providing programs for the financial education of residents of this State and the Nevada ABLE Savings Program, including, without limitation, the costs related to administering such programs, the costs of employing a Deputy of Financial LiteracyLiteracyng such and Security pursuant to subsection 1 of NRS 226.100 and the costs of carrying out the provisions of NRS 427A.882 to 427A.896, inclusive, but such costs must not exceed an amount equal to 10 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;

H~~~~~ 25 - *AB582*83rd Session (2025)