Provides that gift certificates issued by state-chartered institutions of higher education would be exempt from the provisions of the gift certificate statute relating to expiration, escheatment, reissuance and refund.
Impact
If enacted, H7509 would alter existing state law to provide specific protections related to gift certificates issued by educational institutions. The bill ensures that unused portions of such certificates can be refunded or applied to a student's account, addressing a gap in consumer protections that can affect students upon their separation from the institution. This amendment would help secure students’ rights regarding financial resources, potentially enhancing their experiences and financial security associated with their education.
Summary
House Bill 7509 is aimed at modifying regulations concerning gift certificates issued by state-chartered institutions of higher education. The bill proposes that these institutions are exempted from standard gift certificate statutes related to expiration limits, escheatment, reissuance, and refunds. Specifically, the legislation intends to improve consumer protections by ensuring that students and alumni can access the funds on these gift certificates without the concern of expiration or additional fees, thus allowing greater flexibility and usability for gift certificates tied to educational institutions.
Sentiment
The sentiment surrounding H7509 appears to be largely positive, particularly among advocates for consumer rights and student welfare. Supporters suggest that the bill represents a much-needed change to provide students with better protection when dealing with financial resources tied to educational institutions. However, discussions may include some concerns from financial institutions about the implications on their operations regarding the escheatment and accounting of unutilized funds.
Contention
Notable points of contention regarding H7509 include debates about the balance between institutional financial policies and consumer protections. While proponents advocate for stronger safeguards for students, critics may worry about the unintended consequences on the financial operations of state-chartered colleges and universities. The bill’s implications could spark discussions about the sustainable funding of such consumer protections versus institutional autonomy in managing financial resources.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.