§ 20-3-681. Compensation of Athlete for Use of Name, Image, or Likeness; Scholarships Are Not Compensation; Requirements for Schools and Athletes
A student athlete at a postsecondary educational institution may earn compensation for the use of his or her name, image, or likeness. Such compensation must be commensurate with the market value of the authorized use of the student athlete’s name, image, or likeness. Such compensation may not be provided in exchange, in whole or in […]
§ 20-3-630. Short Title
This article shall be known and may be cited as the “Georgia Higher Education Savings Plan Act.” History. Code 1981, § 20-3-630 , enacted by Ga. L. 2001, p. 76, § 1.
§ 20-3-682. Professional Representation of Athletes; Compliance With Federal Law
A postsecondary educational institution or intercollegiate athletic association shall not prevent a student athlete from obtaining professional representation in relation to contracts or legal matters, including but not limited to representation provided by athlete agents, who shall be certified as provided for under Chapter 4A of Title 43, or legal representation provided by attorneys, who […]
§ 20-3-631. Purpose
The purposes of this article are to: Provide a program or programs of savings trust agreements to apply distributions toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code or other applicable federal law; Provide for the creation of the Georgia Higher Education Savings Plan, as […]
§ 20-3-683. Effectiveness and Termination
The provisions of this article shall become effective on July 1, 2021, and shall remain in effect until the earlier of: The effective date of any federal law enacted after March 31, 2021, regulating the rights of student athletes to receive compensation for the use of their name, image, or likeness; The effective date of […]
§ 20-3-632. Definitions
As used in this article, the term: “Account contributor” means a resident or nonresident person, corporation, trust, charitable organization, or other entity which contributes to or invests money in a savings trust account under the program on behalf of a beneficiary. For resident or nonresident persons, the account contributor may also be the designated beneficiary […]
§ 20-3-633. Creation; Board of Directors; Assignment to Department of Administrative Services
There is created the Georgia Higher Education Savings Plan, as a body corporate and politic and an instrumentality of the state, for purposes of establishing and maintaining the Georgia Higher Education Savings Plan Trust Fund and qualified tuition programs under Section 529 of the Internal Revenue Code as provided by this article. The plan shall […]
§ 20-3-634. Savings Trust Accounts; Availability; Terms and Provisions
The plan, through one or more programs, shall make savings trust agreements and savings trust accounts available to the public, under which account owners or account contributors may make contributions on behalf of qualified beneficiaries. Contributions and investment earnings on the contributions may be used for any qualified higher educational expenses of a designated beneficiary. […]
§ 20-3-635. Administration of Fund; Types of Accounts; Office Location; Record Maintenance; Form of Contribution; Earnings; Preservation
There is created the Georgia Higher Education Savings Plan Trust Fund as a separate fund in the state treasury. The trust fund shall be administered by the state treasurer. The state treasurer shall credit to the trust fund all amounts transferred to such fund. The trust fund shall consist of money remitted in accordance with […]
§ 20-3-636. Taxation of Fund Property and Income
The trust fund property and income shall be subject to taxation by the state only as provided by Code Section 48-7-27 and shall not be subject to taxation by any of the state’s political subdivisions. History. Code 1981, § 20-3-636 , enacted by Ga. L. 2001, p. 76, § 1.