MO HB1467

Adds new power to the Higher Education Loan Authority to create, acquire, and invest in financial aid programs that provide grants and scholarships to students.

Requires the authority to distribute $350 million in assets to the Lewis and Clark Discovery Fund between September 2007 and September 2013 in scheduled installments ($230 million initially, then $5 million quarterly).

Establishes that when Missouri's unemployment rate exceeds 7.5 percent for every month in a calendar year, the authority must reserve $30 million of assets in the following fiscal year for loan forgiveness to Missouri residents on authority-owned loans.

Grants the Department of Higher Education authority to promulgate rules in cooperation with the authority establishing priorities for loan forgiveness, subject to chapter 536 rulemaking procedures.

Provides liability protection for authority members who lawfully act or vote on matters authorized under the authority's granted powers.