House File 371 - Introduced
HOUSE FILE 371
BY COMMITTEE ON EDUCATION
(SUCCESSOR TO HSB 144)
A BILL FOR
1 An Act relating to the transfer, deposit, and appropriation
2 of moneys to the teach Iowa scholar fund from the teacher
3 shortage forgivable loan repayment fund and the teacher
4 shortage loan forgiveness repayment fund.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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1 Section 1. Section 261.110, subsection 6, Code 2021, is
2 amended to read as follows:
3 6. A teach Iowa scholar fund is established in the state
4 treasury. The fund shall be administered by the commission and
5 shall consist of moneys appropriated by the general assembly
6 and any other moneys received by the commission for deposit
7 in the fund, including payments collected by the commission
8 pursuant to section 261.111, subsection 7. The moneys in the
9 fund are appropriated to the commission for the teach Iowa
10 scholar program. Notwithstanding section 8.33, moneys in
11 the fund at the close of the fiscal year shall not revert to
12 the general fund of the state but shall remain available for
13 expenditure for the teach Iowa scholar program for subsequent
14 fiscal years. Notwithstanding section 12C.7, subsection 2,
15 interest or earnings on moneys in the fund shall be credited
16 to the fund.
17 Sec. 2. Section 261.111, subsection 7, Code 2021, is amended
18 to read as follows:
19 7. A teacher shortage forgivable loan repayment fund is
20 created for The commission shall deposit of payments made by
21 forgivable loan recipients who do not fulfill the conditions of
22 the forgivable loan program and any other moneys appropriated
23 to or received by the commission for deposit in the fund.
24 Notwithstanding section 8.33, moneys deposited in the fund
25 shall not revert to the general fund of the state at the
26 end of any fiscal year but shall remain in the forgivable
27 loan repayment fund and be continuously available to make
28 additional loans under the program in the teach Iowa scholar
29 fund established pursuant to section 261.110, subsection 6, to
30 be used for the purposes of the teach Iowa scholar program.
31 Notwithstanding section 12C.7, subsection 2, interest or
32 earnings on moneys deposited in the fund shall be credited to
33 the fund.
34 Sec. 3. Section 261.112, subsection 5, Code 2021, is amended
35 by striking the subsection.
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1 Sec. 4. TEACHER SHORTAGE FORGIVABLE LOAN REPAYMENT FUND
2 AND TEACHER SHORTAGE LOAN FORGIVENESS REPAYMENT FUND —— MONEYS
3 TRANSFERRED AND APPROPRIATED.
4 1. Any unencumbered or unobligated moneys remaining
5 on June 30, 2021, in the teacher shortage forgivable loan
6 repayment fund created pursuant to section 261.111, subsection
7 7, are transferred and appropriated to the college student
8 aid commission for deposit in the teach Iowa scholar fund,
9 established pursuant to section 261.110, subsection 6, to be
10 used for purposes of the teach Iowa scholar program.
11 2. Any unencumbered or unobligated moneys remaining
12 on June 30, 2021, in the teacher shortage loan forgiveness
13 repayment fund created pursuant to section 261.112, subsection
14 5, are transferred and appropriated to the college student
15 aid commission for deposit in the teach Iowa scholar fund,
16 established pursuant to section 261.110, subsection 6, to be
17 used for purposes of the teach Iowa scholar program.
18 EXPLANATION
19 The inclusion of this explanation does not constitute agreement with
20 the explanation’s substance by the members of the general assembly.
21 This bill provides for the transfer, deposit, or
22 appropriation of moneys to the college student aid commission,
23 to be used for purposes of the teach Iowa scholar program,
24 from the teacher shortage loan forgiveness and forgivable loan
25 programs no longer supported by state funding.
26 The bill provides that payments the commission continues to
27 collect from forgivable loan recipients who do not fulfill the
28 conditions of the teacher shortage forgivable loan repayment
29 program are to be deposited in the teach Iowa scholar fund and
30 used for purposes of the teach Iowa scholar program. The bill
31 strikes language creating the teacher shortage loan forgiveness
32 repayment fund and provides that any unencumbered or
33 unobligated moneys remaining in the teacher shortage forgivable
34 loan repayment and teacher shortage loan forgiveness repayment
35 funds on June 30, 2021, are transferred and appropriated to the
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1 commission for deposit in the teach Iowa scholar fund to be
2 used for the purposes of the teach Iowa scholar program.
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Statutes affected:
Introduced: 261.110, 8.33