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- 83rd Session (2025)
Assembly Bill No. 582–Committee on Ways and Means
CHAPTER..........
AN ACT relating to state financial administration; revising
provisions relating to the Governor Guinn Millennium
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.
EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
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.
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- 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
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- 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.
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