CA SB845

Board of Governors of California Community Colleges and Trustees of California State University must develop model contracts for disbursing financial aid and refunds via debit, prepaid, or preloaded cards; UC Regents and private postsecondary institutions are requested to do the same

All model contracts and binding contracts with financial institutions must be made publicly available on institutional websites

Model contracts must prioritize student interests and include provisions complying with federal regulations governing federal financial aid disbursement

When developing contracts, institutions must consider fee-free withdrawal locations, card fees and costs to students, federal Title IV compliance monitoring, student complaint resolution processes, student data privacy protections, and restrictions on financial institution data collection from students