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1999 SESSION

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HB 2585 Workforce Training Access Program and Fund.

Introduced by: John H. Rust, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Workforce Training Access Program and Fund. Establishes the Workforce Training Access Program and Fund, administered by the Secretary of Finance, to guarantee payment of workforce training loans made by a national student loan marketing association, consistent with §§ 10 and 11 of Article VIII of the Virginia Constitution. The Secretary of Finance is authorized to enter into an agreement with the national student loan marketing association that will originate, fund and service workforce training loans to persons enrolled in workforce training courses and programs which the Statewide Workforce Training Council has certified to be responding to the technology needs of business and industry in the Commonwealth pursuant to § 9-329.2. Only persons (i) who are Virginia residents or (ii) who are employed in Virginia and whose employers make loan repayments directly by payroll deduction or tuition assistance, before providing for the training needs of other students in such certified courses, shall be eligible to receive workforce training loans. Nothing herein shall be construed to impose an obligation upon an employer to make loan payments or to continue tuition assistance after termination of the student’s employment. If the association ceases to make workforce training loans, the Fund reverts to the general fund of the Commonwealth, after payment of or provision for any outstanding obligations the Fund guarantees.


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