VA HB1611 | 2019 | Regular Session

Status

Completed Legislative Action
Spectrum: Moderate Partisan Bill (Republican 9-1)
Status: Passed on March 25 2019 - 100% progression
Action: 2019-03-25 - Governor: Acts of Assembly Chapter text (CHAP0806)
Text: Latest bill text (Chaptered) [HTML]

Summary

Virginia College Savings Plan; prepaid tuition contracts; pricing reserves. Provides that in the event that the ratio of the assets of the Virginia College Savings Plan (the Plan) to the obligations of the Plan exceeds 105 percent, the pricing reserve, which the bill defines as the percentage by which the actuarially determined prepaid tuition contract price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract, shall not exceed five percent. The bill provides that in the event that the ratio of the assets of the Plan to the obligations of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent. The bill also requires the governing board of the Plan to provide to the House Committee on Appropriations, the Senate Committee on Finance, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change.

Tracking Information

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Title

Virginia College Savings Plan; definitions, prepaid tuition contracts, pricing reserves.

Sponsors


Roll Calls

2019-02-18 - House - House: VOTE: ADOPTION (97-Y 1-N) (Y: 97 N: 1 NV: 1 Abs: 0) [PASS]
2019-02-14 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-13 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2019-02-12 - Senate - Senate: Reported from Finance with substitute (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-07 - Senate - Senate: Rereferred from Education and Health (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-05 - House - House: VOTE: PASSAGE (94-Y 5-N) (Y: 94 N: 5 NV: 0 Abs: 0) [PASS]
2019-01-30 - House - House: Reported from Appropriations (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-25 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-21 - House - House: Reported from Education (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-14 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2019-03-25 Governor: Acts of Assembly Chapter text (CHAP0806)
2019-03-25 Governor: Approved by Governor-Chapter 806 (effective 7/1/19)
2019-02-28 Governor: Governor's Action Deadline Midnight, March 26, 2019
2019-02-28HouseEnrolled Bill communicated to Governor on February 28, 2019
2019-02-21SenateSigned by President
2019-02-21HouseSigned by Speaker
2019-02-21HouseBill text as passed House and Senate (HB1611ER)
2019-02-21HouseEnrolled
2019-02-18HouseVOTE: ADOPTION (97-Y 1-N)
2019-02-18HouseSenate substitute agreed to by House 19106832D-S1 (97-Y 1-N)
2019-02-18HousePlaced on Calendar
2019-02-14SenatePassed Senate with substitute (40-Y 0-N)
2019-02-14SenateEngrossed by Senate - committee substitute HB1611S1
2019-02-14SenateCommittee substitute agreed to 19106832D-S1
2019-02-14SenateReading of substitute waived
2019-02-14SenateRead third time
2019-02-13SenateConstitutional reading dispensed (39-Y 0-N)
2019-02-12SenateCommittee substitute printed 19106832D-S1
2019-02-12SenateReported from Finance with substitute (14-Y 0-N)
2019-02-07SenateRereferred to Finance
2019-02-07SenateRereferred from Education and Health (15-Y 0-N)
2019-02-06SenateReferred to Committee on Education and Health
2019-02-06SenateConstitutional reading dispensed
2019-02-05HouseVOTE: PASSAGE (94-Y 5-N)
2019-02-05HouseRead third time and passed House (94-Y 5-N)
2019-02-04HouseRead second time and engrossed
2019-02-01HouseRead first time
2019-01-30HouseReported from Appropriations (22-Y 0-N)
2019-01-25HouseSubcommittee recommends reporting (8-Y 0-N)
2019-01-21HouseAssigned App. sub: Higher Education
2019-01-21HouseReferred to Committee on Appropriations
2019-01-21HouseReported from Education (22-Y 0-N)
2019-01-14HouseSubcommittee recommends referring to Committee on Appropriations
2019-01-14HouseSubcommittee recommends reporting (8-Y 0-N)
2019-01-11HouseAssigned Education sub: Subcommittee #3
2018-08-08HouseReferred to Committee on Education
2018-08-08HousePrefiled and ordered printed; offered 01/09/19 19100157D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
231707.1(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+sum+HB1611
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+HB1611+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+HB1611S1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+HB1611ER+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+CHAP0806+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H0903V0001+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H09V0021+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H0206V0011+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H02V0035+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+HV2503+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S04V0179+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S05V0312+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0547HB1611+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0633HB1611+HB1611
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+HV2890+HB1611

Bill Comments

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