H.F. 126 Section 1. Section 261.87, subsection 3, paragraph b, Code 1 2015, is amended to read as follows: 2 b. A qualified student at a four-year eligible institution 3 may receive scholarships for not more than the equivalent 4 of two full-time semesters of undergraduate study, or the 5 trimester or quarter equivalent. At the time a qualified 6 student at a four-year eligible institution accepts the 7 scholarship awarded pursuant to this section, the qualified 8 student may elect to receive the total scholarship amount 9 awarded under this section in payments for up to a four-year 10 time period, but to continue to receive award payments 11 annually, the qualified student must each year meet the 12 eligibility requirements established under this section. 13 Sec. 2. Section 261.87, subsection 4, Code 2015, is amended 14 to read as follows: 15 4. Discontinuance of attendance —— remittance. If a student 16 receiving a scholarship pursuant to this section discontinues 17 attendance before the end of any academic term, the entire 18 amount of any refund due to the student, up to the amount of 19 any payments made by the state for that year , shall be remitted 20 by the eligible institution to the commission. The commission 21 shall deposit refunds paid to the commission in accordance 22 with this subsection into the fund established pursuant to 23 subsection 5 . 24 EXPLANATION 25 The inclusion of this explanation does not constitute agreement with 26 the explanation’s substance by the members of the general assembly. 27 This bill authorizes a qualified state university student 28 receiving an all Iowa opportunity scholarship to elect to 29 receive the total scholarship amount awarded in payments for up 30 to a four-year time period. A qualified student who elects to 31 receive the total scholarship amount over multiple years must 32 each year meet the eligibility requirements established under 33 this Code section. 34 -1- LSB 1622YH (4) 86 kh/sc 1/ 1