85R8121 KSD-D     By: Johnson of Dallas H.B. No. 2613       A BILL TO BE ENTITLED   AN ACT   relating to authorization for the Texas Higher Education   Coordinating Board to refinance education loans under its student   loan program and to use bond proceeds under that program for that   purpose.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter C, Chapter 52, Education Code, is   amended by adding Section 52.42 to read as follows:          Sec. 52.42.  STUDENT LOAN REFINANCE PROGRAM. (a)  As part of   the student loan program administered under this subchapter, the   board shall establish and administer a student loan refinance   program under which the board may refinance at favorable rates   federal, state, private, or alternative student loan debt of   eligible borrowers.  In administering the program, the board may   provide consolidation loans to permit an eligible borrower to   refinance multiple qualifying loans into a single loan.          (b)  The board by rule shall prescribe eligibility criteria   for a borrower under the student loan refinance program. The   criteria prescribed by the board under this subsection must include   requirements for:                (1)  Texas residency;                (2)  creditworthiness;                 (3)  debt to income ratio; and                (4)  outstanding student loan debt amount.          (c)  In administering the student loan refinance program,   the board may use any power or authority provided by this chapter or   other law applicable to original student loans, to the extent that   law may be made applicable to the program.          (d)  Sections 52.33 and 52.38 do not apply to a student loan   refinanced under this section. The board by rule shall prescribe:                (1)  priorities for determining which student loans to   refinance under this section;                (2)  limitations on the amount of student loan debt   that may be refinanced by an eligible borrower under this section;   and                (3)  requirements for the repayment of refinance loans   made under this section.          (e)  The board shall adopt rules as necessary for the   administration of this section.          SECTION 2.  Section 52.62(b), Education Code, is amended to   read as follows:          (b)  The college savings bonds issued by the board under this   subchapter are part of the Texas Opportunity Plan Fund, and the   proceeds from the bonds shall be invested as provided by Subchapter   B of this chapter and may be used for the issuance or refinancing of   student loans as provided by Subchapter C of this chapter.          SECTION 3.  Section 52.90(a), Education Code, is amended to   read as follows:          (a)  The board  shall make a loan from the fund to a student   who qualifies for the issuance or refinancing of a student loan   under Subchapter C.          SECTION 4.  This Act takes effect September 1, 2017.