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COMMITTEE REPORT
May 3, 2001
H. 3529
Introduced by Reps. Stille, Townsend, Carnell, Allison, Littlejohn, Sandifer and Walker
S. Printed 5/3/01--S. [SEC 5/4/01 2:51 PM]
Read the first time March 22, 2001.
To whom was referred a Bill (H. 3529) to amend Sections 59-4-20 and 59-4-40, both as amended, Code of Laws of South Carolina, 1976, relating to definitions and fund administration for purposes of the South Carolina Tuition Prepayment Program Act, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, Section 59-4-40, page 2, line 11 after the / . / by inserting:
/The fund may receive amounts transferred from a Uniformed Gift to Minors Act, Uniform Trust to Minors Act, or other account established for the benefit of a minor provided that the beneficiary of such an account is identified as the legal owner of the South Carolina Tuition Prepayment Program contract upon attaining majority age./
Renumber sections to conform.
Amend title to conform.
WARREN K. GIESE for Committee.
TO AMEND SECTIONS 59-4-20 AND 59-4-40, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS AND FUND ADMINISTRATION FOR PURPOSES OF THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM ACT, SO AS TO FURTHER DEFINE "TUITION" AND TO PROVIDE THAT THE CONTENTS OF THE REVOLVING FUND, INCLUDING ANY RIGHT OF REFUND OR ANY OTHER RIGHT ACCRUED BY A PERSON IN THE FUND IS EXEMPT FROM LEGAL PROCESS AND IS UNASSIGNABLE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-4-20(10) of the 1976 Code, as amended by Act 410 of 2000, is further amended to read:
"(10) 'Tuition', for purposes of this chapter only, means the credit-hour charges imposed by a public higher education institution in this State and all mandatory fees required as a condition of enrollment of all students registration or matriculation, credit-hour charges, and mandatory college fees, including athletic or activity, medical or infirmary and capital improvement fees, imposed by a public higher education institution in this State as a condition of enrollment of all full-time, undergraduate students regardless of class. Tuition does not under any circumstance include the expenses for student housing, meal plans, books, class or lab supplies and equipment, uniforms and laundry, transportation, course-specific fees, or any other fees or charges the program did not consider in the determination of the annual contract pricing structure, regardless of how these fees are characterized by the institution."
SECTION 2. The second undesignated paragraph of Section 59-4-40 of the 1976 Code, as last amended by Act 410 of 2000, is further amended to read:
"The fund must be invested as directed by the Treasurer. However, earnings in the fund or a portion of the fund may not be used as security for a loan. An attempt to use the fund, a contract, or a portion of either as security for a loan is void. The fund, contributions to the fund, and the right of a person to a refund of contributions or any other right accrued or accruing to any person under the provisions of this chapter are exempt from attachment, garnishment, levy, and sale under any means or final process issued by any court or bankruptcy proceeding and are unassignable except as specifically otherwise provided in this chapter. The fund may be invested in a manner authorized by law. The custody and management of the fund is directed by the Treasurer. The earnings from fund investments become a part of the fund and may be expended for the purposes of this chapter only."
SECTION 3. This act takes effect upon approval by the Governor.
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