House File 371 - Introduced HOUSE FILE 371 BY COMMITTEE ON EDUCATION (SUCCESSOR TO HSB 144) A BILL FOR An Act relating to the transfer, deposit, and appropriation 1 of moneys to the teach Iowa scholar fund from the teacher 2 shortage forgivable loan repayment fund and the teacher 3 shortage loan forgiveness repayment fund. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1303HV (1) 89 kh/jh

H.F. 371 Section 1. Section 261.110, subsection 6, Code 2021, is 1 amended to read as follows: 2 6. A teach Iowa scholar fund is established in the state 3 treasury. The fund shall be administered by the commission and 4 shall consist of moneys appropriated by the general assembly 5 and any other moneys received by the commission for deposit 6 in the fund , including payments collected by the commission 7 pursuant to section 261.111, subsection 7 . The moneys in the 8 fund are appropriated to the commission for the teach Iowa 9 scholar program. Notwithstanding section 8.33 , moneys in 10 the fund at the close of the fiscal year shall not revert to 11 the general fund of the state but shall remain available for 12 expenditure for the teach Iowa scholar program for subsequent 13 fiscal years. Notwithstanding section 12C.7, subsection 2 , 14 interest or earnings on moneys in the fund shall be credited 15 to the fund. 16 Sec. 2. Section 261.111, subsection 7, Code 2021, is amended 17 to read as follows: 18 7. A teacher shortage forgivable loan repayment fund is 19 created for The commission shall deposit of payments made by 20 forgivable loan recipients who do not fulfill the conditions of 21 the forgivable loan program and any other moneys appropriated 22 to or received by the commission for deposit in the fund. 23 Notwithstanding section 8.33 , moneys deposited in the fund 24 shall not revert to the general fund of the state at the 25 end of any fiscal year but shall remain in the forgivable 26 loan repayment fund and be continuously available to make 27 additional loans under the program in the teach Iowa scholar 28 fund established pursuant to section 261.110, subsection 6, to 29 be used for the purposes of the teach Iowa scholar program . 30 Notwithstanding section 12C.7, subsection 2 , interest or 31 earnings on moneys deposited in the fund shall be credited to 32 the fund. 33 Sec. 3. Section 261.112, subsection 5, Code 2021, is amended 34 by striking the subsection. 35 -1- LSB 1303HV (1) 89 kh/jh 1/ 3

H.F. 371 Sec. 4. TEACHER SHORTAGE FORGIVABLE LOAN REPAYMENT FUND 1 AND TEACHER SHORTAGE LOAN FORGIVENESS REPAYMENT FUND —— MONEYS 2 TRANSFERRED AND APPROPRIATED. 3 1. Any unencumbered or unobligated moneys remaining 4 on June 30, 2021, in the teacher shortage forgivable loan 5 repayment fund created pursuant to section 261.111, subsection 6 7, are transferred and appropriated to the college student 7 aid commission for deposit in the teach Iowa scholar fund, 8 established pursuant to section 261.110, subsection 6, to be 9 used for purposes of the teach Iowa scholar program. 10 2. Any unencumbered or unobligated moneys remaining 11 on June 30, 2021, in the teacher shortage loan forgiveness 12 repayment fund created pursuant to section 261.112, subsection 13 5, are transferred and appropriated to the college student 14 aid commission for deposit in the teach Iowa scholar fund, 15 established pursuant to section 261.110, subsection 6, to be 16 used for purposes of the teach Iowa scholar program. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanation’s substance by the members of the general assembly. 20 This bill provides for the transfer, deposit, or 21 appropriation of moneys to the college student aid commission, 22 to be used for purposes of the teach Iowa scholar program, 23 from the teacher shortage loan forgiveness and forgivable loan 24 programs no longer supported by state funding. 25 The bill provides that payments the commission continues to 26 collect from forgivable loan recipients who do not fulfill the 27 conditions of the teacher shortage forgivable loan repayment 28 program are to be deposited in the teach Iowa scholar fund and 29 used for purposes of the teach Iowa scholar program. The bill 30 strikes language creating the teacher shortage loan forgiveness 31 repayment fund and provides that any unencumbered or 32 unobligated moneys remaining in the teacher shortage forgivable 33 loan repayment and teacher shortage loan forgiveness repayment 34 funds on June 30, 2021, are transferred and appropriated to the 35 -2- LSB 1303HV (1) 89 kh/jh 2/ 3

H.F. 371 commission for deposit in the teach Iowa scholar fund to be 1 used for the purposes of the teach Iowa scholar program. 2 -3- LSB 1303HV (1) 89 kh/jh 3/ 3