SLS 16RS-413 ORIGINAL
2016 Regular Session
SENATE BILL NO. 307
BY SENATOR MORRISH
POSTSECONDARY ED. Provides relative to the Louisiana Student Financial Assistance
Commission and the Louisiana Tuition Trust Authority. (gov sig)
1 AN ACT
2 To amend and reenact R.S. 17:3021, the introductory paragraph of 3023(A) and (B), and
3 3093(A) and (B), and to repeal R.S. 17:3022, relative to the Louisiana Student
4 Financial Assistance Commission and the Louisiana Tuition Trust Authority; to
5 abolish the commission and transfer the powers, duties, and functions of the
6 commission and the trust authority to the Board of Regents; and to provide for
7 related matters.
8 Be it enacted by the Legislature of Louisiana:
9 Section 1. R.S. 17:3021, the introductory paragraph of 3023(A) and (B), and
10 3093(A) and (B) are hereby amended and reenacted to read as follows:
11 §3021. Louisiana Student Financial Assistance Commission
12 A. There is hereby created the Louisiana Student Financial Assistance
13 Commission. Any reference to the Governor's Special Commission on Education
14 Services in law or in any rule or regulation shall be deemed to apply to the Louisiana
15 Student Financial Assistance Commission. The purpose of such commission is to
16 supervise, control, direct, and administer state and federal programs to provide loans
17 to assist persons in meeting the expenses of higher education, and state and federal
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1 scholarship programs for higher education in accordance with the provisions of this
2 Chapter.
3 B. The commission is subject to the governance of the Board of Regents.
4 Any reference to the Louisiana Student Financial Assistance Commission in law
5 or in any rule or regulation shall be deemed to apply to the Board of Regents.
6 * * *
7 §3023. Powers and duties
8 A. The Louisiana Student Financial Assistance Commission, under
9 authority of the Board of Regents, may:
10 * * *
11 B. In addition to any other powers and duties authorized by this Section for
12 the Louisiana Student Financial Assistance Commission, the commission Board of
13 Regents shall establish an internal audit function and shall establish an office of the
14 chief audit executive who shall be responsible for ensuring that the internal audit
15 function adheres to the Institute of Internal Auditors, International Standards for the
16 Professional Practice of Internal Auditing. The chief audit executive shall maintain
17 organizational independence in accordance with these standards and shall have direct
18 and unrestricted access to the commission. The chief audit executive shall annually
19 certify to the commission that the internal audit function conforms to the Institute of
20 Internal Auditors, International Standards for the Professional Practice of Internal
21 Auditing.
22 * * *
23 §3093. Louisiana Tuition Trust Authority; creation; powers
24 A. There is hereby created the Louisiana Tuition Trust Authority, which
25 under the authority of the Board of Regents, shall have the powers enumerated
26 in this Chapter.
27 B.(1) The Louisiana Tuition Trust Authority shall consist of the Louisiana
28 Student Financial Assistance Commission Board of Regents, except as modified by
29 Paragraph (2) of this Subsection, and hereinafter shall be referred to as the authority.
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1 The authority shall operate under the same laws, rules, and guidelines and with the
2 same officer selection and employment policies as the commission, except when
3 inconsistent with this Chapter. The commissioner of higher education shall serve
4 as ex officio chairman of the authority.
5 (2) The membership of the authority shall consist of the following persons:
6 (a) The members of the Louisiana Board of Regents Student Financial
7 Assistance Commission exclusive of the two persons appointed by the governor from
8 names submitted by the Louisiana Bankers' Association.
9 (b) An officer of a bank in Louisiana who is a member of the Louisiana
10 Bankers' Association and who is nominated by the association and appointed by the
11 governor.
12 (c) One member of the House of Representatives appointed by the speaker
13 and one member of the Senate appointed by the president.
14 (d) The state treasurer who shall be an ex officio voting member of the
15 authority.
16 (3) The authority shall meet at least annually at the call of the chairman and
17 at such other times as the chairman or the authority determines necessary. The
18 authority chairman may establish and delegate to an executive committee such
19 duties and responsibilities as the authority determines appropriate, except that the
20 authority may not delegate to the executive committee the final determination of the
21 rate of interest to be paid on education savings accounts of record at the close of the
22 calendar year. Upon such delegation, the executive committee shall have the
23 authority to act pursuant to such delegation without further approval or action by the
24 authority.
25 (4) A majority of the authority shall constitute a quorum of the authority, and
26 the affirmative vote of a majority of the members present shall be necessary for any
27 action taken by the authority. A majority of the executive committee shall constitute
28 a quorum of the executive committee, and the affirmative vote of a majority of the
29 executive committee members present shall be necessary for any action taken by the
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1 executive committee. No vacancy in the membership of the authority or the
2 executive committee shall impair the rights of a quorum to exercise all rights and
3 perform all duties of the authority or the executive committee respectively.
4 * * *
5 Section 2. R.S. 17:3022 is hereby repealed.
6 Section 3. This Act shall become effective upon signature by the governor or, if not
7 signed by the governor, upon expiration of the time for bills to become law without signature
8 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
9 vetoed by the governor and subsequently approved by the legislature, this Act shall become
10 effective on the day following such approval.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Cheryl Serrett.
DIGEST
SB 307 Original 2016 Regular Session Morrish
Proposed law abolishes the Louisiana Student Financial Assistance Commission and
transfers the powers, duties, and functions of the commission and the Louisiana Tuition
Trust Authority to the Board of Regents.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 17:3021, 3023(A)(intro para) and (B), and 3093(A) and (B); repeals R.S.
17:3022)
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