SB 631: Charter School Revolving Loan Fund.

This bill amends existing charter school loan programs to increase the maximum loan amount and lifetime loan limitation to $500,000. The loan repayment period is revised to allow for more flexible repayment options. The bill also removes the requirement that the charter school is solely liable for repayment in the event of a default. Additionally, the interest rate for loan disbursement is set at either the interest rate earned by the pooled money investment account or 50% of the interest rate paid by the state on the most recent sale of general obligation bonds, whichever is less. The interest rate must be at least 3%. The bill also requires annual reports to be provided to the legislature, including an analysis and summary of expenditures made by charter school loan recipients.