Relating to disposition of certain unclaimed money by local telephone exchange companies.
Impact
If enacted, HB 227 will have a significant impact on both educational financing and economic initiatives within rural Texas. By allowing local telephone companies to allocate funds for scholarships and economic development, the bill seeks to address the unique challenges faced by less populated regions in accessing higher education and fostering local businesses. This approach represents a shift towards localized solutions to financial issues, rather than relying solely on state-level distribution of unclaimed funds.
Summary
House Bill 227 aims to modify the disposition of certain unclaimed monies by local telephone exchange companies. Specifically, the bill allows these companies to direct reported unclaimed funds to local scholarship funds and economic development funds instead of the state comptroller. This change is designed to facilitate the funding of educational opportunities for needy rural students and to promote economic development in underserved areas, thereby enhancing local economic viability.
Sentiment
The general sentiment around HB 227 appears to be positive among supporters who argue that it provides necessary resources to rural communities. Advocates believe that this bill will empower local entities and directly benefit students in need. However, as with many legislative changes, there may be concerns over the implementation and oversight of these funds, which could raise questions about transparency and the fair distribution of resources.
Contention
One point of contention surrounding HB 227 could revolve around the limits on the amount of money that can be transferred by the local telephone exchange companies to these funds, set at $1 million each for the scholarship and economic development funds. While proponents argue that this cap is sufficient for making a meaningful impact, critics may suggest that it should be higher to better reflect the needs of rural communities. Furthermore, there might be debates regarding the effectiveness and management of the scholarship funds and economic development initiatives established by local companies.
Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.
Relating to small business recovery funds and insurance tax credits for certain investments in those funds; imposing a monetary penalty; authorizing fees.
Relating to nonsubstantive additions to, revisions of, and corrections in enacted codes and to the nonsubstantive codification or disposition of various laws omitted from enacted codes.
To create the Alabama Fits All Scholarship Program; require the State Board of Education to contract with a program manager to administer the program; to authorize the program manager to establish scholarship accounts on behalf of eligible students; to prohibit a program manager from accepting scholarship funds in certain circumstances; to require fiscal safeguards and accountability measures; to require eligible schools and service providers to meet certain standards to be eligible to receive scholarship funds; to authorize the program manager to distribute scholarship funds; to require the State Board of Education to provide limited oversight of the program manager, including an appeal process for the program manager's administrative decisions; to prohibit certain regulations of eligible schools and eligible service providers; to require criminal history background information checks for employees and officers of a program manager; to provide for program funding; and to require the program manager and the board to submit reports on the program to the Legislature.