Bill Text: OR SB16 | 2011 | Regular Session | Engrossed

Oregon Senate Bill 16 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relating to Oregon 529 College Savings Board.

Spectrum: Unknown

Status: (Passed) 2011-06-22 - Effective date, January 1, 2012. [SB16 Detail]

Download: Oregon-2011-SB16-Engrossed.html



     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 853

                           B-Engrossed

                         Senate Bill 16
                   Ordered by the House May 25
     Including Senate Amendments dated February 16 and House
                           Amendments
                          dated May 25

Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of State Treasurer Ted
  Wheeler)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.

  Allows designee of State Treasurer to serve in lieu of
treasurer on Oregon 529 College Savings Board. Requires treasurer
to select chairperson of board. Modifies specified board
reporting requirements.

                        A BILL FOR AN ACT
Relating to Oregon 529 College Savings Board; amending ORS
  348.849 and 348.873.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 348.849 is amended to read:
  348.849. (1) There is established the Oregon 529 College
Savings Board to administer ORS 348.841 to 348.873.
  (2) The board shall consist of:
  (a) The State Treasurer  { - , who shall serve as the board
chairperson - }  { +  or a designee of the State Treasurer + };
  (b) A member of the State Board of Higher Education, to be
selected by the State Board of Higher Education;
  (c) A representative of accredited private colleges and
universities located in this state, who shall be appointed by the
State Treasurer; and
  (d) Two public members, who by reason of their education and
experience are qualified to serve, and who shall be appointed by
the State Treasurer.
   { +  (3) The State Treasurer shall designate the board
chairperson from among the members of the board. The chairperson
shall serve at the pleasure of the State Treasurer. + }
    { - (3)(a) - }  { +  (4)(a) + } The board member who is a
member of the State Board of Higher Education shall serve at the
pleasure of the State Board of Higher Education but may not serve
on the board following the end of the member's term on the State
Board of Higher Education.

  (b) The representative of private colleges and universities and
the public members of the board shall serve at the pleasure of
the State Treasurer for a term of office of three years. These
members of the board may be reappointed to subsequent terms.
    { - (4) - }  { +  (5) + } The State Treasurer and the Oregon
University System shall provide staff and assistance to the board
in the administration of the Oregon 529 College Savings Network
as directed by the board.
    { - (5) - }  { +  (6) + } A member of the board is entitled
to compensation and expenses as provided in ORS 292.495.
    { - (6) - }  { +  (7) + } A majority of the members of the
board constitutes a quorum for the transaction of business.
  SECTION 2. ORS 348.873 is amended to read:
  348.873. The Oregon 529 College Savings Board shall publish
  { - a biennial - }  { +  an annual + } report to the Governor
and the Legislative Assembly detailing the board's activities.
 { - The report shall be prepared on or before February 1 of each
odd-numbered year. - }   { + The board shall submit the report to
the Governor and the Legislative Assembly on or before March 15
of each year. + }
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