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 be financed through appropriations from the Legislature as well as any available federal or private funds. The allocated funds are intended to support various initiatives, including increasing enrollment, retention, and graduation rates of minority students, expanding access to higher education, addressing equity gaps, and promoting student success.

The administration of the fund will be overseen by the Office of the Secretary of Higher Education, which will determine the methodology for allocating the funds to the designated institutions. Additionally, institutions that receive funding will be required to report back to the secretary on how the funds are utilized. This bill is set to take effect immediately upon passage.