Virginia College Savings Plan; prepaid tuition contracts, etc.

Makes several changes to the provisions that establish the Virginia College Savings Plan (the Plan), including (i) permitting the Plan to maintain an independent disbursement system for the disbursement of prepaid tuition contract benefits and (ii) requiring each prepaid tuition contract entered into on or after July 1, 2019, to include provisions for the application of tuition prepayments, at a rate equal to the percentage of enrollment-weighted average tuition at public institutions of higher education to be determined by the board, at (a) public institutions of higher education, (b) accredited nonprofit independent or private institutions of higher education, and (c) non-Virginia public and accredited nonprofit independent or private institutions of higher education, provided that no such payment is less than the sum of tuition prepayments made, less any fees as determined by the board.