S1245: Student Athlete Stipends

Legislative Summary

Amend The South Carolina Code Of Laws By Adding Article 9 To Chapter 101, Title 59 So As To Define Necessary Terms; To Provide That Participating Institutions In This State Shall Annually Award A Stipend To A Student Athlete Who Participates In An Intercollegiate Sport And Maintains Good Academic Standing During The Previous Year And To Provide Conditions For The Receipt Of Stipends; To Provide That An Athlete May Only Receive One Stipend; To Provide That All Stipends Are Financial Aid; To Provide That Participating Institutions Provide Complete Accounting Of The Stipends; By Adding Article 10 To Chapter 101, Title 59 So As To Define Necessary Terms; To Provide That Participating Institutions Shall Create A Student Athlete Trust Fund And Fund The Trust With A Percentage Of The Intercollegiate Sport Gross Revenue; To Provide That Five Thousand Dollars Will Be Deposited Into The Fund On A Student Athlete's Behalf For Each Year That He Maintains Good Academic Standing, And To Provide That The Total Trust Fund Amount May Not Exceed Twenty-five Thousand Dollars Per Student Athlete; To Provide That A Participating Institution Shall Provide A One-time Payment To Each Student Athlete After The Fulfillment Of Certain Requirements; To Provide That An Athlete May Only Receive One Payment; To Provide That All Payments Are Financial Aid; And To Provide That Participating Institutions Provide Complete Accounting Of The Payments.