HB 3377

Abstract

Amends the Charitable Trust Stabilization Act. Provides that the State Treasurer may (now, shall) make grants to public and private entities. Provides that special attention shall be given and preferences for recommending grants may be given to entities with operating budgets of less than $1,000,000. Removes language permitting moneys in the Charitable Trust Stabilization Fund to be used for loans. Provides that 20% of the amount deposited into the Fund must be set aside for the operating budget of the Fund (now, the Fund and Charitable Trust Stabilization Committee). Provides that the State Treasurer (now, the Committee) shall adopt rules and administer the Fund. Provides that the Office of the State Treasurer (now, the Department of Commerce and Economic Opportunity) shall provide staff and administrative support services to the Committee. Removes language providing for the employment and the duties of a director of the Committee. Provides that the Treasurer may transfer all or a portion of the balance of the Fund to a third-party administrator. Effective immediately.