75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
Enrolled
Senate Bill 701
Sponsored by Senator DEVLIN, Representative GALIZIO; Senators
MONNES ANDERSON, NELSON, WALKER, Representatives STIEGLER,
WHISNANT
CHAPTER ................
AN ACT
Relating to a loan repayment program for nurse educators;
creating new provisions; amending ORS 348.570; and
appropriating money.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + As used in sections 2 and 3 of this 2009 Act:
(1) 'Nurse' means any person who is licensed under ORS 678.010
to 678.410 as a registered nurse.
(2) 'Qualifying loan' means any loan made to a nursing student
under:
(a) Programs under Title IV, parts B, D and E, of the Higher
Education Act of 1965, as amended; or
(b) The Nursing Student Loan and Health Education Assistance
Loan programs administered by the United States Department of
Health and Human Services. + }
SECTION 2. { + (1) There is created the Nursing Faculty Loan
Repayment Program, to be administered by the Oregon Student
Assistance Commission. The purpose of the program is to provide
loan repayments on behalf of nurse educators at nursing schools
in Oregon who have earned a master's or doctoral degree from an
accredited nursing education program.
(2) The commission shall by rule adopt, in consultation with
the Oregon State Board of Nursing and the Oregon Center for
Nursing, criteria for participation in the Nursing Faculty Loan
Repayment Program. + }
SECTION 3. { + (1) To be eligible to participate in the
Nursing Faculty Loan Repayment Program, a nurse educator or
prospective nurse educator shall submit a letter of interest to
the Oregon Student Assistance Commission.
(2) At the end of each school year in which a nurse practices
as a nurse educator in Oregon, the commission shall pay an amount
not to exceed the lesser of 20 percent of the total of the
nurse's outstanding qualifying loans or $10,000 as adjusted under
subsection (4) of this section.
(3) The commission may make the annual payments under this
section for up to:
(a) Three years for a nurse educator who has earned a master's
degree; or
(b) Five years for a nurse educator who has earned a doctoral
degree.
Enrolled Senate Bill 701 (SB 701-A) Page 1
(4)(a) The commission shall adjust annually the maximum dollar
amount allowed under subsection (2) of this section by
multiplying that amount by a cost-of-living adjustment as
specified in this subsection.
(b) The cost-of-living adjustment applied to the maximum dollar
amount allowed under subsection (2) of this section shall be
equal to the ratio of the seasonally adjusted United States City
Average Consumer Price Index for All Urban Consumers as published
by the Bureau of Labor Statistics of the United States Department
of Labor for April of that calendar year divided by the value of
the same index for April 2009.
(c) If the value of the dollar amount determined under
paragraph (a) of this subsection is not a multiple of $100, the
commission shall round the dollar amount to the next lower
multiple of $100. + }
SECTION 4. ORS 348.570 is amended to read:
348.570. (1) There is established in the State Treasury a fund,
separate and distinct from the General Fund, to be known as the
Oregon Student Assistance Fund for investment as provided by ORS
293.701 to 293.820 and for the payment of the expenses of the
Oregon Student Assistance Commission in carrying out the purposes
of ORS 348.210 to 348.250, 348.505 to 348.615, 348.696 and
348.992. Interest earned by the fund shall be credited to the
fund.
(2) There is established in the State Treasury a fund, separate
and distinct from the General Fund, to be known as the
Alternative Student Loan Program Fund for investment as provided
by ORS 293.701 to 293.820 and for the payment of expenses of the
commission in carrying out the purposes of ORS 348.625 to
348.695. This fund, including the interest earnings on the fund,
if any, is continuously appropriated to the commission for those
purposes for which such funds were provided to, received or
collected by the commission.
(3)(a) There is established in the General Fund an account to
be known as the Nursing Services Account. Funds in the account
shall be used for the payment of expenses of the Nursing Services
Program created in ORS 442.540.
(b) The account shall consist of:
(A) Funds appropriated to the Oregon Student Assistance
Commission for deposit into the account;
(B) Collections and penalties received by the commission under
ORS 442.545; and
(C) Any donations or grants received by the commission for
purposes of the Nursing Services Program.
(c) Any funds in the account that are not expended in any
biennium shall be retained in the account and may be expended in
{ - the next biennium - } { + subsequent biennia + }.
(4) There is established in the State Treasury a fund, separate
and distinct from the General Fund, to be known as the Former
Foster Youth Scholarship Fund. Moneys received from
appropriations, donations and grants shall be credited to the
fund. Moneys in the fund are continuously appropriated to the
Oregon Student Assistance Commission for the purposes of
investment, as provided by ORS 293.701 to 293.820, and for
carrying out the provisions of ORS 348.270 (1)(b). Interest
earned by the fund shall be credited to the fund.
(5) There is established in the State Treasury a fund, separate
and distinct from the General Fund, to be known as the ASPIRE
Program Fund. Moneys received from donations and grants shall be
credited to the ASPIRE Program Fund. Moneys in the fund are
Enrolled Senate Bill 701 (SB 701-A) Page 2
continuously appropriated to the Oregon Student Assistance
Commission for the purposes of investment, as provided by ORS
293.701 to 293.820, and for carrying out the provisions of ORS
348.500. Interest earned by the fund shall be credited to the
fund.
{ + (6)(a) There is established in the State Treasury the
Nursing Faculty Loan Repayment Fund, separate and distinct from
the General Fund. Interest earned on the Nursing Faculty Loan
Repayment Fund shall be credited to the fund. Moneys in the fund
are continuously appropriated to the Oregon Student Assistance
Commission for carrying out sections 1 to 3 of this 2009 Act. The
Nursing Faculty Loan Repayment Fund consists of:
(A) Moneys appropriated to the commission for the Nursing
Faculty Loan Repayment Program created in section 2 of this 2009
Act; and
(B) Grants, gifts or donations received by the commission for
the program.
(b) Any unexpended funds in the fund at the end of a biennium
shall be retained in the fund and may be expended in subsequent
biennia. + }
----------
Passed by Senate June 27, 2009
...........................................................
Secretary of Senate
...........................................................
President of Senate
Passed by House June 29, 2009
...........................................................
Speaker of House
Enrolled Senate Bill 701 (SB 701-A) Page 3
Received by Governor:
......M.,............., 2009
Approved:
......M.,............., 2009
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2009
...........................................................
Secretary of State
Enrolled Senate Bill 701 (SB 701-A) Page 4