The bill establishes the Minority-Serving Institution of Higher Education Fund, a nonlapsing, revolving fund aimed at supporting public institutions of higher education that are designated as minority-serving institutions under federal law. The fund will receive appropriations from the Legislature as well as any available federal or private funds. The allocated moneys will be utilized for various initiatives, including increasing enrollment, retention, and graduation rates of minority students, expanding access to higher education, addressing equity gaps, and supporting student success initiatives.

The administration of the fund will be overseen by the Office of the Secretary of Higher Education, which will determine the methodology for allocating funds to the designated institutions. Additionally, any public institution that receives funding will be required to report back to the secretary on how the funds were utilized, ensuring accountability and transparency in the use of the resources provided. The act is set to take effect immediately upon passage.