The bill creates the Distressed Institutions of Higher Education Revolving Loan Program, which will be administered by the State Treasurer. The program provides loans to eligible public or private colleges and universities in Alabama that have been operating for more than 50 years, have a significant impact on their community, are experiencing financial hardship, and have assets sufficient to pledge as collateral. The State Treasurer is authorized to establish the terms and conditions of the loans, including the amount of private funds committed prior to loan funds being drawn, the rate of interest, the timing and amounts of disbursements, the terms of repayment, and any necessary collateral. The State Treasurer will review all loan applications and make a determination of the ability of each applicant to repay the loan. The State Treasurer will also be responsible for the administration of the loans and will enter into written contracts with the recipients. The State Treasurer will report annually on the operation of the program to various government officials and agencies. The bill also establishes the Distressed Institutions of Higher Education Loan Program Fund in the State Treasury to receive appropriations for funding loans and loan repayments. The fund will be administered by the State Treasurer and any remaining monies at the end of a fiscal year will not revert but will remain in the fund and be reappropriated for the purposes authorized by the bill. The Attorney General of Alabama will institute proceedings to recover any amount due the state under the provisions of the bill. The bill also grants additional powers to the State Treasurer to carry out the purposes and provisions of the bill. The loans authorized by the bill will not be available after January 18, 2027, and any funds in the Distressed Institutions of Higher Education Loan Program Fund on that date will be transferred to the Education Trust Fund. The bill becomes effective immediately upon passage and approval by the Governor or its otherwise becoming law.