The proposed bill would update current statutes related to higher education funding and scholarship programs in Arizona by introducing several key provisions. It would require the State Treasurer to invest and divest funds in the Arizona Veterinary Loan Assistance Fund and the Spouses of Military Veterans Tuition Scholarship Fund, with earnings credited back to these funds. Additionally, it would mandate the Arizona Board of Regents (ABOR) to deposit unexpended funds from the Military Scholarship Fund into the Law Enforcement Officers (LEO) Scholarship Fund and other designated educational funds, while also codifying the LEO Scholarship Fund and removing its repeal date. The bill would also raise the maximum amount for lease-to-own and bond transactions that ABOR can engage in from $800 million to $1.125 billion and require ABOR to submit annual reports to the Joint Legislative Budget Committee regarding retained funds from public universities and their expenditure plans. Furthermore, the bill would clarify the authority of the Arizona Board of Regents by replacing the term "its" with "the board's" in various sections. It would establish the "spouses and dependents of law enforcement officers tuition scholarship fund," with specific eligibility requirements and a first-come, first-served distribution method. The bill also removes references to the "Arizona department of veterans' services" and updates the Family Educational Rights and Privacy Act release form requirements. It specifies how unexpended funds should be allocated at the end of each fiscal year and includes provisions for reporting requirements and definitions related to law enforcement officers, with certain sections applying retroactively from June 30, 2025.

Statutes affected:
Introduced Version: 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2026-2027, 2027-2028, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403
Senate Engrossed Version: 15-1626, 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 15-1625, 35-115, 15-701.01, 15-1696, 15-1747, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2025-2026, 2026-2027, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403
House Engrossed Version: 15-1626, 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 15-1809.02, 15-1625, 35-115, 15-701.01, 15-1696, 15-1747, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2025-2026, 2026-2027, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403, 15-1802, 93-380, 15-1808, 15-1701
Chaptered Version: 15-1626, 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 15-1809.02, 15-1625, 35-115, 15-701.01, 15-1696, 15-1747, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2025-2026, 2026-2027, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403, 15-1802, 93-380, 15-1808, 15-1701