Amendment ID: S2380-6-R1

Redraft Amendment 6

Student Loan Assistance Trust

Mr. Boncore moves to amend the bill by inserting after section 1 the following section:-

“SECTION 1A. Chapter 29 of the General Laws is hereby amended by inserting after section 2YYYY the following section:-

Section 2ZZZZ. There shall be established and set up on the books of the commonwealth a trust fund to be known as the Student Loan Assistance Trust Fund to be administered and expended by the office of the attorney general.

Expenditures may be made from the fund for the purposes of: (i) funding the work of the student loan ombudsman established under section 34 of chapter 12; (ii) providing direct counseling and assistance to student loan borrowers; (iii) receiving, reviewing and assisting in resolving complaints from student loan borrowers; and (iv) pursuing legal action on behalf of student loan borrowers, including, but not limited to, the investigation of such claims, the costs of personnel and litigation, the engagement of experts and the enforcement of settlements. Amounts credited to the fund shall not be subject to further appropriation and money remaining in the fund at the end of a fiscal year shall not revert to the General Fund. The fund shall retain all interest earned on sums deposited in the fund.

The fund may receive revenue from appropriations, other money authorized by the general court designated to the fund and funds from public or private sources, including, but not limited to, gifts, grants, donations, rebates and settlements received by the commonwealth specifically designated for the purposes of this section.

The office of the attorney general shall provide a quarterly report to the house and senate committees on ways and means on the fund’s activity. The report shall include, but shall not be limited to, the following information for the preceding quarter: (1) the total amount of money in the fund, designated by source; (2) the amount of money received by the fund, designated by source; (3) if settlement funds were received, the percentage of the total settlement amount deposited into the fund; (4) an accounting of all expenditures from the fund; (5) a description of the activities and staff supported by the fund; and (6) revenue and expenditure projections for the current fiscal year and for the next fiscal year.”.