House Bill 1029

(As Passed the House)

AN ACT TO CREATE NEW SECTION 37-101-433, MISSISSIPPI CODE OF 1972, TO AUTHORIZE STATE INSTITUTIONS OF HIGHER LEARNING TO ENTER INTO INCOME SHARE AGREEMENTS WITH ELIGIBLE STUDENTS OF THE INSTITUTIONS; TO REQUIRE THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING TO ADOPT POLICIES AND BYLAWS FOR THE PROPER ADMINISTRATION OF INCOME SHARE AGREEMENTS; TO DEFINE THE TERM "INCOME SHARE AGREEMENT"; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following shall be codified as Section 37-101-433, Mississippi Code of 1972:

37-101-43. The state institutions of higher learning are authorized and empowered to enter into income share agreements with eligible students of the institutions, and to use institutional assets to fund such agreements. The Board of Trustees of State Institutions of Higher Learning shall adopt policies and bylaws for the proper administration of income share agreements, as authorized by this section. As used in this section, "income share agreement" means an agreement between a participating institution and a student under which the student commits to pay a specified percentage of the student's future income, for a specified period of time, in exchange for payments to, or on behalf of, the student for a portion of the student's costs of attendance at the institution.

SECTION 2. This act shall take effect and be in force from and after July 1, 2021.