Text: HSB00213 Text: HSB00215 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 99D.17, Code 1995, is amended to read 1 2 as follows: 1 3 99D.17 USE OF FUNDS. 1 4FundsExcept as provided in section 261.17A, subsection 8, 1 5 funds received pursuant to sections 99D.14 and 99D.15 shall be 1 6 deposited in the general fund of the state and shall be 1 7 subject to the requirements of section 8.60. These funds 1 8 shall first be used to the extent appropriated by the general 1 9 assembly. The commission is subject to the budget 1 10 requirements of chapter 8 and the applicable auditing 1 11 requirements and procedures of chapter 11. 1 12 Sec. 2. Section 99F.4, subsection 2, Code 1995, is amended 1 13 to read as follows: 1 14 2. To license qualified sponsoring organizations, to 1 15 license the operators of excursion gambling boats, to identify 1 16 occupations within the excursion gambling boat operations 1 17 which require licensing, and to adopt standards for licensing 1 18 the occupations including establishing fees for the 1 19 occupational licenses and licenses for qualified sponsoring 1 20 organizations. The fees shall be paid to the commission and 1 21 deposited in the general fund of the state. All revenue 1 22 received by the commission under this chapter from license 1 23 fees and admission fees, except for those revenues deposited 1 24 in the Iowa hope loan revolving fund as provided in section 1 25 261.17A, subsection 8, shall be deposited in the general fund 1 26 of the state and shall be subject to the requirements of 1 27 section 8.60. 1 28 Sec. 3. Section 99F.11, subsection 4, Code 1995, is 1 29 amended to read as follows: 1 30 4.TheExcept for those revenues deposited in the Iowa 1 31 hope loan revolving fund as provided in section 261.17A, 1 32 subsection 8, the remaining amount of the adjusted gross 1 33 receipts tax shall be credited to the general fund of the 1 34 state. 1 35 Sec. 4. NEW SECTION. 261.17A IOWA HOPE LOAN PROGRAM. 2 1 1. An Iowa hope loan may be awarded to a resident of Iowa 2 2 who is admitted and in attendance as a student in a 2 3 vocational-technical or career option program in a community 2 4 college in the state, whose financial resources are no more 2 5 than twenty percent above the eligibility level for a Pell 2 6 grant, and who is working toward certification, a diploma, or 2 7 a degree in a skilled occupation. 2 8 2. A student who meets the qualifications of subsection 1 2 9 may receive Iowa hope loans for not more than the equivalent 2 10 of two full years of study. A student shall not receive 2 11 assistance for courses for which credit was previously 2 12 received. 2 13 3. The amount of an Iowa hope loan shall not exceed the 2 14 cost of tuition, fees, and books required for the community 2 15 college program in which the student is enrolled and attends. 2 16 As used in this paragraph, "books" may also include book 2 17 substitutes, including reusable workbooks, loose-leaf or bound 2 18 manuals, and computer software materials used as book 2 19 substitutes. If a student receives financial aid under any 2 20 other program, the full amount of that financial aid shall be 2 21 considered part of the student's financial resources available 2 22 in determining the amount of the Iowa hope loan. 2 23 4. An Iowa hope loan shall be awarded on an annual basis, 2 24 requiring reapplication by the student for each year. 2 25 Payments under the loan shall be allocated equally among the 2 26 semesters or quarters of the year upon certification by the 2 27 community college that the student is in attendance in a 2 28 vocational-technical or career option program, as defined 2 29 under rules of the department of education. If the student 2 30 discontinues attendance before the end of any term after the 2 31 community college receives payment from the loan, the entire 2 32 amount of any refund due that student, up to the amount of any 2 33 payments made to the community college from the annual loan, 2 34 shall be paid by the community college to the state. 2 35 5. The commission shall administer this program and shall 3 1 do all of the following: 3 2 a. Provide application forms for distribution to students 3 3 by Iowa high schools and community colleges. 3 4 b. Adopt rules for determining financial need, requiring 3 5 that no interest be charged for an Iowa hope loan, defining 3 6 residence for the purposes of this section, processing and 3 7 approving applications for grants, determining priority for 3 8 loans, and establishing procedures for the repayment of the 3 9 loan. The repayment schedule shall commence not less than six 3 10 months after the loan recipient successfully completes the 3 11 program and is awarded a certificate, a diploma, or a degree 3 12 in a skilled occupation. The repayment schedule may be 3 13 suspended if the loan recipient is a full-time student in an 3 14 accredited postsecondary institution. 3 15 c. Approve and award loans on an annual basis. A student 3 16 approved for a loan under the program shall enter into a 3 17 payment agreement with the commission before receiving a loan 3 18 under the program. 3 19 d. Make an annual report to the governor and general 3 20 assembly. 3 21 6. Each applicant, in accordance with the rules 3 22 established by the commission, shall do all of the following: 3 23 a. Complete and file an application for an Iowa hope loan. 3 24 b. Be responsible for the submission of the financial 3 25 information provided for evaluation of the applicant's need 3 26 for a loan, on forms provided by the commission. 3 27 c. Report promptly to the commission any necessary 3 28 information requested by the commission. 3 29 d. Submit a new application and financial statement for 3 30 reevaluation of the applicant's eligibility to receive a 3 31 second-year renewal of the loan. 3 32 7. An Iowa hope loan revolving fund is created in the 3 33 state treasury as a separate fund under the control of the 3 34 commission. All moneys deposited or paid into the fund are 3 35 appropriated and made available to the college student aid 4 1 commission to be used for loans as provided in this section. 4 2 The commission shall deposit payments made by Iowa hope loan 4 3 recipients into the Iowa hope loan fund. Notwithstanding 4 4 section 8.33, any balance in the fund on June 30 of each 4 5 fiscal year shall not revert to the general fund of the state, 4 6 but shall be available for the purposes of this section in 4 7 subsequent fiscal years. 4 8 8. Notwithstanding sections 99D.17, 99F.4, and 99F.11, in 4 9 each fiscal year, state revenues received pursuant to chapters 4 10 99D and 99F that exceed state revenues received from those 4 11 sources in the fiscal year ending June 30, 1994, shall be 4 12 deposited in the Iowa hope loan fund. 4 13 EXPLANATION 4 14 This bill establishes the Iowa hope loan program, creates 4 15 an Iowa hope loan revolving fund, and requires that pari- 4 16 mutuel wagering and excursion boat and racetrack revenues 4 17 received by the state, which exceed state revenues received 4 18 from those sources in the fiscal year ending June 30, 1994, be 4 19 deposited in the Iowa hope loan revolving fund for use by the 4 20 college student aid commission for purposes of the Iowa hope 4 21 loan program. 4 22 An Iowa hope loan may be awarded to an Iowa resident who is 4 23 admitted and in attendance as a student in a vocational- 4 24 technical or career option program in a community college in 4 25 the state, whose financial resources are no more than 20 4 26 percent above the eligibility level for a Pell grant, and who 4 27 is working toward certification, a diploma, or a degree in a 4 28 skilled occupation. The amount of an Iowa hope loan shall not 4 29 exceed the cost of tuition, fees, and books required for the 4 30 program in which the student is enrolled. A student's Iowa 4 31 hope loan is to supplement, not supplant, any other financial 4 32 aid the student receives. 4 33 An Iowa hope loan is awarded annually. If the student 4 34 discontinues attendance before the end of any term after 4 35 receiving payment of the loan, the entire amount of any refund 5 1 due that student, up to the amount of any payments made under 5 2 the annual loan, shall be paid by the institution to the 5 3 state. 5 4 The college student aid commission shall administer the 5 5 Iowa hope loan program. The bill requires the commission to 5 6 make an annual report to the governor and general assembly, 5 7 and adopt rules for determining financial need, requiring that 5 8 no interest be charged for an Iowa hope loan, defining 5 9 residence for the purposes of the program, processing and 5 10 approving applications for loans, determining priority for 5 11 loans, and establishing procedures for repayment of a loan. 5 12 The bill also creates the Iowa hope loan revolving fund in 5 13 the state treasury. Each fiscal year, state revenues received 5 14 pursuant to chapters 99D and 99F of the Code, relating to 5 15 pari-mutuel wagering and excursion boats and racetracks, that 5 16 exceed state revenues received from those sources in the 5 17 fiscal year ending June 30, 1994, shall be deposited in the 5 18 Iowa hope loan revolving fund, along with the payments made by 5 19 Iowa hope loan recipients, and made available to the 5 20 commission for the purposes of the Iowa hope loan program. 5 21 Any balance in the fund on June 30 of each year shall not 5 22 revert but shall be available for purposes of the program. 5 23 LSB 2175HC 76 5 24 kh/sc/14
Text: HSB00213 Text: HSB00215 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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