SENATE BILL 25-230
BY SENATOR(S) Kirkmeyer and Bridges, Amabile;
also REPRESENTATIVE(S) Bird and Taggart, Sirota.
C
ONCERNING CLARIFYING THE DISTRIBUTION OF FINANCIAL ASSISTANCE TO
UNDERGRADUATE STUDENTS ATTENDING PARTICIPATING PRIVATE
INSTITUTIONS OF HIGHER EDUCATION WHO PARTICIPATE IN THE
COLLEGE OPPORTUNITY FUND PROGRAM
.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 23-3.3-102, add (7.5)
as follows:
23-3.3-102. Assistance program authorized - procedure - audits
- definitions. (7.5) (a) N
OTWITHSTANDING THIS SECTION TO THE
CONTRARY
, THE DEPARTMENT OF HIGHER EDUCATION MAY TRANSFER FUNDS
TO THE COLLEGE OPPORTUNITY FUND PROGRAM CREATED IN SECTION
23-18-201 FOR COLLEGE OPPORTUNITY FUND STIPENDS FOR
UNDERGRADUATE STUDENTS WHO ATTE ND PARTICIPATING PRIVATE
INSTITUTIONS OF HIGHER EDUCATION
. EXPENDITURES FOR COLLEGE
OPPORTUNITY FUND STIPENDS FOR UNDERGRADUATE STUDENTS WHO
ATTEND PARTICIPATING PRIVATE INSTITUTIONS OF HIGHER EDUCATION MUST
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. NOT EXCEED THE TOTAL ALLOCATION AUTHORIZED FOR COLLEGE
OPPORTUNITY FUND STIPENDS FOR UNDERGRADUATE STUDENTS WHO
ATTEND PARTICIPATING PRIVATE INSTITUTIONS OF HIGHER EDUCATION BY
MORE THAN THIRTY PERCENT OF THE ALLOCATION
. EXPENDITURES FOR
COLLEGE OPPORTUNITY FUND STIPENDS FOR UNDERGRADUATE STUDENTS
WHO ATTEND PARTICIPATING PRIVATE INSTITUTIONS OF HIGHER EDUCATION
AND EXPENDITURES AUTHORIZED PURSUANT TO THIS ARTICLE
3.3 MUST NOT
EXCEED THE TOTAL SUM OF ANNUAL APPROPRIATIONS FOR COLLEGE
OPPORTUNITY FUND STIPENDS FOR UNDERGRADUATE STUDENTS WHO
ATTEND PARTICIPATING PRIVATE INSTITUTIONS OF HIGHER EDUCATION AND
THE APPROPRIATIONS SET FORTH IN THIS ARTICLE
3.3.
(b) A
S USED IN THIS SUBSECTION (7.5), UNLESS THE CONTEXT
OTHERWISE REQUIRES
:
(I) "C
OLLEGE OPPORTUNITY FUND STIPENDS "MEANS THE STIPENDS
DISTRIBUTED AS PART OF THE COLLEGE OPPORTUNITY FUND PROGRAM
CREATED IN SECTION
23-18-201.
(II) "P
ARTICIPATING PRIVATE INSTITUTION OF HIGHER EDUCATION "
HAS THE SAME MEANING SET FORTH IN SECTION 23-18-102.
(III) "U
NDERGRADUATE STUDENT " MEANS AN UNDERGRADUATE
STUDENT WHO ATTENDS A PARTICIPATING PRIVATE INSTITUTION OF HIGHER
EDUCATION AND PARTICIPATES IN THE COLLEGE OPPORTUNITY FUND
PROGRAM CREATED IN SECTION
23-18-201.
SECTION 2. In Colorado Revised Statutes, 23-18-201, amend (2)
as follows:
23-18-201. College opportunity fund program - creation -
eligibility - guidelines. (2) (a) A student of a private institution of higher
education shall be
IS a beneficiary of the college opportunity fund and
eligible to participate in the college opportunity fund program only if the
private institution of higher education that the student attends has agreed to
participate in the program by establishing a performance contract with the
department. The performance contract shall
MUST specify the performance
goals the institution shall achieve during the period that it operates under
the performance contract. The department shall include each participating
private institution of higher education and its students who participate in the
PAGE 2-SENATE BILL 25-230 college opportunity fund program in the student unit reporting data system
in order to enable the students of the participating private institution of
higher education to participate in the program. The participating private
institution of higher education shall reimburse the department for the actual
expenses associated with including the institution in the student unit
reporting data system.
(b) T
HE GENERAL ASSEMBLY SHALL APPROPRIATE SUFFICIENT FUNDS
FOR ELIGIBLE UNDERGRADUATE STUDE NTS WHO ATTEND PARTICIPATING
PRIVATE INSTITUTIONS OF HIGHER EDUCATION AND PARTICIPATE IN THE
PROGRAM
. THE DEPARTMENT MAY TRANSFER THE FUNDS DESCRIBED IN THIS
SUBSECTION
(2)(b) PURSUANT TO SECTION 23-3.3-102 (7.5). THE FUNDS
DESCRIBED IN THIS SUBSECTION
(2)(b) MUST NOT BE DEPOSITED INTO THE
COLLEGE OPPORTUNITY FUND CREATED IN SECTION
23-18-202 (1)(a).
SECTION 3. In Colorado Revised Statutes, 23-18-202, amend
(2)(e), (5)(a)(I), and (6) as follows:
23-18-202. College opportunity fund - appropriations - payment
of stipends - reimbursement - report - repeal. (2) (e) An eligible
undergraduate student who attends a participating private institution of
higher education may receive financial assistance under
PURSUANT TO this
part 2 in the amount of fifty percent of the stipend amount. T
HE GENERAL
ASSEMBLY SHALL APPROPRIATE SUFFICIENT FUNDS FOR ELIGIBLE
UNDERGRADUATE STUDENTS WHO ATTE ND PARTICIPATING PRIVATE
INSTITUTIONS OF HIGHER EDUCATION AND PARTICIPATE IN THE PROGRAM
.
T
HE DEPARTMENT MAY TRANSFER THE FUNDS DESCRIBED IN THIS
SUBSECTION
(2)(e) PURSUANT TO SECTION 23-3.3-102 (7.5). THE FUNDS
DESCRIBED IN THIS SUBSECTION
(2)(e) MUST NOT BE DEPOSITED INTO THE
COLLEGE OPPORTUNITY FUND CREATED IN SUBSECTION
(1)(a) OF THIS
SECTION
.
(5) (a) (I) After an undergraduate student has applied for the
program, been approved for the program, and enrolled in a state or
participating private institution of higher education, the institution shall
request that the Colorado student loan program make a stipend payment
from the college opportunity fund,
OR PURSUANT TO SECTION 23-18-201 (2)
FOR AN UNDERGRADUATE STUDENT ENROLLED IN A PARTICIPATING PRIVATE
INSTITUTION OF HIGHER EDUCATION
, to the institution on behalf of the
eligible undergraduate student. A payment by the Colorado student loan
PAGE 3-SENATE BILL 25-230 program to an institution of higher education from the college opportunity
fund shall not be IS NOT subject to the assessment of a transaction fee
pursuant to section 24-36-120. C.R.S. The stipend payment shall MUST be
paid to the institution upon receipt by the institution of the eligible
undergraduate student's authorization. The amount of the stipend paid on
behalf of an eligible undergraduate student shall
MUST be applied against
the student's total in-state tuition.
(6) If an eligible undergraduate student enrolls in a class for which
the state or participating private institution of higher education receives a
stipend payment pursuant to subsection (5) of this section and the eligible
undergraduate student subsequently withdraws from the class on or prior to
the final date on which the institution permits a student to withdraw without
the payment of any amount of tuition, the institution shall reimburse the
college opportunity fund,
OR IN THE CASE OF AN UNDERGRADUATE STUDENT
AT A PARTICIPATING PRIVATE INSTITUTION OF HIGHER EDUCATION
, THE
PARTICIPATING PRIVATE INSTITUTION OF HIGHER EDUCATION SHALL
REIMBURSE THE DEPARTMENT
, for the proportional amount of the stipend
received that conforms to the governing board's refund policy for the class
from which the student withdrew. The credits for which the stipend is
refunded shall
MUST not count against the eligible undergraduate student's
lifetime-credit-hour limitation established pursuant to paragraph (c) of
subsection (5) SUBSECTION (5)(c) of this section.
SECTION 4. Safety clause. The general assembly finds,
determines, and declares that this act is necessary for the immediate
preservation of the public peace, health, or safety or for appropriations for
PAGE 4-SENATE BILL 25-230 the support and maintenance of the departments of the state and state
institutions.
____________________________ ____________________________
James Rashad Coleman, Sr. Julie McCluskie
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Esther van Mourik Vanessa Reilly
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 5-SENATE BILL 25-230