SB 517 Education Assistance Authority.
Malfourd W. Trumbo | all patrons    ...    notes
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Summary:
State Education Assistance Authority. Requires the State Education Assistance Authority (SEAA) to separate those assets necessary or required to support non-federal, state-sponsored student loan programs from those required to guarantee federal loan programs. The SEAA does have at least one state-sponsored student loan program (EduCare), primarily for middle-income students.

The SEAA maintains reserves for both federal and state programs to pay claims by lenders. Reserve funds for federal programs are already deemed federal property by the Supreme Court and federal legislation; this measure would provide similar protection for reserves for the Edvantage loan program, a state student loan program. The SEAA and the Virginia Education Loan Authority (VELA) were consolidated in 1992 to create the Virginia Student Assistance Authorities (VSAA). Although designated jointly as the VSAA and sharing a common 10-member board, the two authorities nonetheless remained separate political subdivisions. The organizations were preserved to operate in their respective roles: the SEAA as guarantor and the VELA as lender, obviating the need for renewed federal approval to perform these functions. Each authority maintained its own assets, liabilities, and trust funds.

This bill is identical to HB 355.

Full text:
01/22/96  Senate: Presented & ordered printed 960878807  pdf
02/27/96  Senate: Bill text as passed Senate and House (SB517ER)  pdf
03/22/96  Governor: Acts of Assembly Chapter text (CHAP0204)  pdf

Status:
01/22/96  Senate: Presented & ordered printed 960878807
01/22/96  Senate: Referred to Committee on Education and Health
01/30/96  Senate: Assigned to Ed. & Health sub-committee: Higher Education
02/08/96  Senate: Reported from Education and Health (15-Y 0-N)
02/09/96  Senate: Const. reading disp. (39-Y 0-N), passed by for the day
02/09/96  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
02/12/96  Senate: Read second time and engrossed
02/12/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/12/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/12/96  Senate: Passed Senate (40-Y 0-N)
02/12/96  Senate: VOTE: PASSAGE (40-Y 0-N)
02/12/96  Senate: Communicated to House
02/13/96  House: Placed on Calendar
02/14/96  House: Read first time
02/14/96  House: Referred to Committee on Education
02/16/96  House: Reported from Education (21-Y 0-N)
02/19/96  House: Read second time
02/20/96  House: Read third time
02/20/96  House: Passed House (Block Vote) (100-Y 0-N)
02/20/96  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/27/96  Senate: Bill text as passed Senate and House (SB517ER)
03/04/96  Senate: Enrolled
03/04/96  House: Signed by Speaker
03/05/96  Senate: Signed by President
03/16/96  Governor: Approved by Governor-Chapter 204 (effective 7/1/96)
03/22/96  Governor: Acts of Assembly Chapter text (CHAP0204)