Senate Bill 603 amends Tennessee Code Annotated, Title 49, to enhance transparency regarding the scholarship program administered by the corporation. A new subsection (j) is added to Section 49-4-704, which mandates the corporation to submit an annual report to the education committees of both the Senate and the House of Representatives. This report must detail key metrics from the previous five academic years, including the amount appropriated by the General Assembly for the scholarship program, the total number of applications received, the number of recipients, and the average award amount. The first report is due by July 31, 2025, and subsequent reports are required annually by the same date.

The bill emphasizes accountability in the management of scholarship funds and aims to provide lawmakers with essential data to assess the effectiveness of the scholarship program. The act is set to take effect immediately upon becoming law, reflecting the urgency of improving oversight in higher education funding.

Statutes affected:
Introduced: 49-4-704