HB415 Alabama 2024 Session

Summary

Primary Sponsor

Juandalynn GivanRepresentative

Democrat

Session

Regular Session 2024

Title

Repeal Act 2023-560, relating the the Distressed Institutions of Higher Education Revolving Loan Program.

Summary

HB415 repeals the Distressed Institutions of Higher Education Revolving Loan Program and moves its funds to the Education Trust Fund to be used as nonrecurring revenue for the 2024 fiscal year.

What This Bill Does

It repeals Act 2023-560 and the related Distressed Institutions of Higher Education Revolving Loan Program. It requires transferring any funds in the Distressed Institutions of Higher Education Loan Program Fund to the Education Trust Fund within 30 days of the act’s effective date. Those funds are designated as nonrecurring revenue and may be used for supplemental appropriations for the fiscal year ending September 30, 2024. The act takes effect immediately.

Who It Affects

• Distressed Institutions of Higher Education and their borrowers would lose access to the revoling loan program as it is repealed.
• The Education Trust Fund would gain the program's funds and could use them for supplemental appropriations for FY 2024.

Key Provisions

• Repeals Act 2023-560 and the related code sections 16-5A-1 through 16-65A-7 that established the Distressed Institutions of Higher Education Revolving Loan Program.
• Requires transferring all funds from the Distressed Institutions of Higher Education Loan Program Fund to the Education Trust Fund within 30 days after the act becomes effective.
• Designates the transferred funds as nonrecurring revenue under Chapter 9, Title 29, and allows use for supplemental appropriation for the fiscal year ending September 30, 2024.
• Effective immediately.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Education