HIGHER ED-EMPLOYEE LOANS House SponsorsRep. Jack D. Franks-Esther Golar Senate Sponsors(Sen. Pat McGuire) 12/3/2014HouseSession Sine Die New Act Creates the Higher Education Employee Loan Act. Provides that if a not-for-profit higher education institution located in this State or its foundation makes a loan to an employee or contractor of either the institution or the foundation, then the annual rate of interest must be equal to the prevailing loan interest rate in effect at the time the institution or foundation approves the loan, except that the institution or its foundation may not make a loan to an employee or contractor of either the institution or the foundation for the purpose of purchasing a non-primary residence. Prohibits such an institution or foundation from forgiving a loan made to an employee or contractor of either the institution or the foundation. Requires the Board of Higher Education to adopt enforcement rules, which may include the imposition of a civil penalty. Effective immediately. 11/7/2013HouseFiled with the Clerk by Rep. Jack D. Franks 11/7/2013HouseFirst Reading 11/7/2013HouseReferred to Rules Committee 1/28/2014HouseAssigned to Higher Education Committee 2/4/2014HouseDo Pass / Short Debate Higher Education Committee; 013-001-000 2/5/2014HousePlaced on Calendar 2nd Reading - Short Debate 2/19/2014HouseSecond Reading - Short Debate 2/19/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate 2/20/2014HouseThird Reading - Short Debate - Passed 083-021-007 2/20/2014HouseAdded Chief Co-Sponsor Rep. Esther Golar 2/25/2014SenateArrive in Senate 2/25/2014SenatePlaced on Calendar Order of First Reading 2/25/2014SenateChief Senate Sponsor Sen. Pat McGuire 2/25/2014SenateFirst Reading 2/25/2014SenateReferred to Assignments 12/3/2014HouseSession Sine Die