(D) If a student athlete fails to maintain good academic standing for the previous academic year, no monies will be deposited into the trust on his behalf for that year. No monies will be deposited into the trust unless and until good academic standing is reestablished. (E) Early withdrawals from the trust are strictly prohibited and a student athlete may not assign, borrow, pledge as a collateral, or use these funds in any way until all requirements are fulfilled pursuant to subsection (B). Section 59101930. A student athlete that participates in more than one sport may only qualify for one payment not to exceed twentyfive thousand dollars. Section 59101940. All payments to student athletes pursuant to this article are financial aid for educational purposes and are not income for state income tax purposes. Section 59101950. Each participating institution that remits payment pursuant to this article must provide a complete accounting of the payments to the Commission on Higher Education within sixty days after the payments are made.” SECTION 3. This act takes effect January 1, 2016. XX
(D) If a student athlete fails to maintain good academic standing for the previous academic year, no monies will be deposited into the trust on his behalf for that year. No monies will be deposited into the trust unless and until good academic standing is reestablished. (E) Early withdrawals from the trust are strictly prohibited and a student athlete may not assign, borrow, pledge as a collateral, or use these funds in any way until all requirements are fulfilled pursuant to subsection (B). Section 59101930. A student athlete that participates in more than one sport may only qualify for one payment not to exceed twentyfive thousand dollars. Section 59101940. All payments to student athletes pursuant to this article are financial aid for educational purposes and are not income for state income tax purposes. Section 59101950. Each participating institution that remits payment pursuant to this article must provide a complete accounting of the payments to the Commission on Higher Education within sixty days after the payments are made.” SECTION 3. This act takes effect January 1, 2016. XX
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