Bill Status of SB0929 100th General Assembly
Short Description: COLL DEBIT & PREPAID CARD REG
Sen. Thomas Cullerton
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the College Debit and Prepaid Card Services Regulation Act. Provides that if contracting with third-party financial firms to provide disbursement and management services of financial aid funds or management of financial accounts to students, the governing board or governing entity of a public or private post-secondary institution of education that enrolls one or more students who receive State or federal financial aid shall review and approve the contract after considering guidelines and policies established and recommended by the United States Consumer Financial Protection Bureau and the United States Department of Education. Sets forth what the contract may not permit. Requires the public or private post-secondary institution of education to make the contract available for public inspection and publish the contract on the Internet website operated by or for the public or private post-secondary institution of education. Provides that if a public university or public community college negotiates a contract with one or more third-party financial firms, the public university or public community college shall undertake reasonable efforts to establish collaboration agreements with other public universities or public community colleges to negotiate the services.