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--- version:As Enrolled
+++ version:As Introduced
@@ -1,120 +1,135 @@
-- 83rd Session (2025)
-Assembly Bill No. 582–Committee on Ways and Means
+ EXEMPT
 
-CHAPTER..........
+  A.B. 582
+
+- *AB582*
+
+ASSEMBLY BILL NO. 582–COMMITTEE ON WAYS AND MEANS
+
+MAY 14, 2025
+____________
+
+Referred to Committee on Ways and Means
+
+SUMMARY—Revises provisions relating to the Governor Guinn
+Millennium Scholarship Program. (BDR 31-1226)
+
+FISCAL NOTE: Effect on Local Government: No.
+ Effect on the State: Yes.
+
+~
+
+EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
 
 AN ACT relating to state financial administration; revising
 provisions relating to the Governor Guinn Millennium
-Scholarship Program;  and providing other matters properly
-relating thereto.
+Scholarship Program;  and providing other matters
+properly relating thereto.
 Legislative Counsel’s Digest:
- Existing law requires the State Trea surer to administer the Nevada College
-Savings Trust Fund and to establish and administer certain accounts, including an
-Endowment Account in the State General Fund, to carry out the duties of the State
-Treasurer with respect to the Nevada College Savings Program. Specifically,
-existing law requires that the Endowment Account be used for the deposit of any
-money received by the Nevada College Savings Program that is not received
-pursuant to a savings trust agreement and which the State Treasurer determines is
-not necessary for certain administration and marketing activities. (NRS 353B.300,
-353B.350) Among other things, existing law authorizes the State Treasurer to
-expend money from the Endowment Account for purposes related to the Governor
-Guinn Millennium Scholarship Program, including, without limitation, to cover the
-costs of administering the Governor Guinn Millennium Scholarship Program, if the
-expenditure does not exceed an amount equal to 3 percent of the anticipated annual
-revenue to this State from the settlement agreements with and civil actions against
-manufacturers of tobacco products anticipated for deposit in the Trust Fund. (NRS
-353B.350, 396.926) This bill: (1) increases from 3 to 13 percent the maximum
-amount that the State Treasurer is autho rized to expend from the Endowment
-Account for the Governor Guinn Millennium Scholarship Program; and (2)
-specifies that the reference to “Trust Fund” for such expenditures related to the
-Governor Guinn Millennium Scholarship Program is the Millennium Scho larship
-Trust Fund.
+ Existing law requires the State Trea surer to administer the Nevada College 1
+Savings Trust Fund and to establish and administer certain accounts, including an 2
+Endowment Account in the State General Fund, to carry out the duties of the State 3
+Treasurer with respect to the Nevada College Savings Program. Specifically, 4
+existing law requires that the Endowment Account be used for the deposit of any 5
+money received by the Nevada College Savings Program that is not received 6
+pursuant to a savings trust agreement and which the State Treasurer determines is 7
+not necessary for certain administration and marketing activities. (NRS 353B.300, 8
+353B.350) Among other things, existing law authorizes the State Treasurer to 9
+expend money from the Endowment Account for purposes related to the Governor 10
+Guinn Millennium Scholarship Program, including, without limitation, to cover the 11
+costs of administering the Governor Guinn Millennium Scholarship Program, if the 12
+expenditure does not exceed an amount equal to 3 percent of the anticipated annual 13
+revenue to this State from the settlement agreements with and civil actions against 14
+manufacturers of tobacco products anticipated for deposit in the Trust Fund. (NRS 15
+353B.350, 396.926) This bill: (1) increases from 3 to 13 percent the maximum 16
+amount that the State Treasurer is autho rized to expend from the Endowment 17
+Account for the Governor Guinn Millennium Scholarship Program; and (2) 18
+specifies that the reference to “Trust Fund” for such expenditures related to the 19
+Governor Guinn Millennium Scholarship Program is the Millennium Scho larship 20
+Trust Fund. 21
 
-EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
+ – 2 –
 
+- *AB582*
 THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
 SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
 
- Section 1.  NRS 353B.350 is hereby amended to read as
-follows:
- 353B.350  1.  The Trust Fund  and any account established by
-the State Treasurer pursuant to this section  must be administered by
-the State Treasurer.
- 2.  The State Treasurer shall establish such accounts as he  or
-she determines necessary to carry out his or her duties pursuant to
-NRS 353B.300 to 353B.370, inclusive,  including, without
-limitation:
- (a) A Program Account in the Trust Fund; and
- (b) An Administrative Account and an Endowment Account  in
-the State General Fund.
-
- – 2 –
-
-- 83rd Session (2025)
- 3.  The Program Account must be used for the receipt,
-investment and disbursement of money pursuant to savings trust
-agreements.
- 4.  The Administrative Account must be used for the deposit
-and dis bursement of money to administer and market the Nevada
-College Savings Program and to supplement the administration and
-marketing of the Nevada Higher Education Prepaid Tuition Program
-set forth in NRS 353B.010 to 353B.190, inclusive.
- 5.  In addition to the money transferred pursuant to NRS
-353B.335 and deposited pursuant to NRS 353B.360, the
-Endowment Account must be used for the deposit of any money
-received by the Nevada College Savings Program that is not
-received pursuant to a savings trust agreement and, in the
-determination of the State Treasurer, is not necessary for the use of
-the Administrative Account. Except as otherwise provided in NRS
-353B.360, the money in the Endowment Account may be expended
-for any purpose related to:
- (a) The funding of accounts created under the Nevada College
-Kick Start Program established pursuant to NRS 353B.335;
- (b) The Governor Guinn Millennium Scholarship Program
-created pursuant to NRS 396.926,  including, without limitation, the
-costs of administering the Program, but such costs must not exceed
-an amount equal to [3] 13 percent of the anticipated annual revenue
-to the State of Nevada from the settlement agreements with and civil
-actions against manufacturers of tobacco products anticipated for
-deposit in the Millennium Scholarship Trust Fund  [;] created by
-NRS 396.926;
- (c) The administrative costs, as approved by the Legislature or
-the Interim Finance Committee, of activities related to the Nevada
-Higher Education Prepaid Tuition Program set forth in
-NRS 3 53B.010 to 353B.190, inclusive,  and the Nevada College
-Savings Program set forth in NRS 353B.300 to 353B.370, inclusive,
-including the Nevada College Kick Start Program;
- (d) The costs of marketing related to the Nevada Higher
-Education Prepaid Tuition Program set forth in NRS 3 53B.010 to
-353B.190, inclusive, and the Nev ada College Savings Program set
-forth in NRS 353B.300 to 353B.370, inclusive, including the
-Nevada College Kick Start Program, but such costs must not exceed
-an amount equal to 7 percent of the money in the Endowment
-Account, other than money deposited pur suant to NRS 353B.360,
-that was received during the first fiscal year of the immediately
-preceding biennium by the Nevada College Savings Program, was
-not received pursuant to a savings trust agreement and, in the
+ Section 1.  NRS 353B.350 is hereby amended to read as 1
+follows: 2
+ 353B.350  1.  The Trust Fund  and any account established by 3
+the State Treasurer pursuant to this section  must be administered by 4
+the State Treasurer. 5
+ 2.  The State Treasurer shall establish such accounts as he  or 6
+she determines necessary to carry out his or her duties pursuant to 7
+NRS 353B.300 to 353B.370, inclusive,  including, without 8
+limitation: 9
+ (a) A Program Account in the Trust Fund; and 10
+ (b) An Administrative Account and an Endowment Account  in 11
+the State General Fund. 12
+ 3.  The Program Account must be used for the receipt, 13
+investment and disbursement of money pursuant to savings trust 14
+agreements. 15
+ 4.  The Administrative Account must be used for the deposit 16
+and disbursement of money to administer and market the Nevada 17
+College Savings Program and to supplement the administration and 18
+marketing of the Nevada Higher Education Prepaid Tuition Program 19
+set forth in NRS 353B.010 to 353B.190, inclusive. 20
+ 5.  In addition to the money transferred pursuant to NRS 21
+353B.335 and deposited pursuant to NRS 353B.360, the 22
+Endowment Account must be used for the deposit of any money 23
+received by the Nevada College Savings Program that is not 24
+received pursuant to a savings trust agreement and, in the 25
+determination of the State Treasurer, is not necessary for the use of 26
+the Administrative Account. Except as otherwise provided in NRS 27
+353B.360, the money in the Endowment Account may be expended  28
+for any purpose related to: 29
+ (a) The funding of accounts created under the Nevada College 30
+Kick Start Program established pursuant to NRS 353B.335;  31
+ (b) The Governor Guinn Millennium Scholarship Program 32
+created pursuant to NRS 396.926,  including, without limitation, the 33
+costs of administering the Program, but such costs must not exceed 34
+an amount equal to [3] 13 percent of the anticipated annual revenue 35
+to the State of Nevada from the settlement agreements with and civil 36
+actions against manufacturers of tobacco products anticipated for 37
+deposit in the Millennium Scholarship Trust Fund  [;] created by 38
+NRS 396.926; 39
+ (c) The administrative costs, as approved by the Legislature or 40
+the Interim Finance Committee, of activities related to the Nevada 41
+Higher Education Prepaid Tuition Program set forth in  42
 
  – 3 –
 
-- 83rd Session (2025)
-determination of the State Treasurer, was not necessary for the use
-of the Administrative Account;
- (e) The costs of providing programs for the financial education
-of residents of this State  and the Nevada ABLE Savings Program,
-including, without limitation, the costs related to administering such
-programs, the costs of employing a Deputy of Financial Literacy
-and Security pursuant to subsection 1 of NRS 226.100 and the costs
-of carrying out the provisions of NRS 427A.882 to 427A.896,
-inclusive, but such costs must not exceed an amount equal to 10
-percent of the money in the Endowment Account that was received
-during the first fiscal year of the immediately preceding biennium
-by the Nevada College Savings Program, was not received pursuant
-to a savings trust agreement and, in the determination of the State
-Treasurer, wa s not necessary for the use of the Administrative
-Account; or
- (f) The costs of carrying out the provisions of NRS 226.500 to
-226.590, inclusive.
- Sec. 2.  This act becomes effective on July 1, 2025.
+- *AB582*
+NRS 3 53B.010 to 353B.190, inclusive,  and the Nevada College 1
+Savings Program set forth in NRS 353B.300 to 353B.370, inclusive, 2
+including the Nevada College Kick Start Program; 3
+ (d) The costs of marketing related to the Nevada Higher 4
+Education Prepaid Tuition Program set forth in NRS 3 53B.010 to 5
+353B.190, inclusive, and the Nev ada College Savings Program set 6
+forth in NRS 353B.300 to 353B.370, inclusive, including the 7
+Nevada College Kick Start Program, but such costs must not exceed 8
+an amount equal to 7 percent of the money in the Endowment 9
+Account, other than money deposited pur suant to NRS 353B.360,  10
+that was received during the first fiscal year of the immediately 11
+preceding biennium by the Nevada College Savings Program, was 12
+not received pursuant to a savings trust agreement and, in the 13
+determination of the State Treasurer, was not necessary for the use 14
+of the Administrative Account;  15
+ (e) The costs of providing programs for the financial education 16
+of residents of this State  and the Nevada ABLE Savings Program, 17
+including, without limitation, the costs related to administering such 18
+programs, the costs of employing a Deputy of Financial Literacy 19
+and Security pursuant to subsection 1 of NRS 226.100 and the costs 20
+of carrying out the provisions of NRS 427A.882 to 427A.896, 21
+inclusive, but such costs must not exceed an amount equal to 10 22
+percent of the money in the Endowment Account that was received 23
+during the first fiscal year of the immediately preceding biennium 24
+by the Nevada College Savings Program, was not received pursuant 25
+to a savings trust agreement and, in the determination of the State 26
+Treasurer, wa s not necessary for the use of the Administrative 27
+Account; or 28
+ (f) The costs of carrying out the provisions of NRS 226.500 to 29
+226.590, inclusive. 30
+ Sec. 2.  This act becomes effective on July 1, 2025. 31
 
-20 ~~~~~ 25
+H