The Senate passed bill 116/14 with the amendments proposed by the Conciliation Committee. This committee, made up of senators and deputies, had to redraft the bill after it was declared unenforceable by the Constitutional Court in January this year. The initiative regulates how inactive bank accounts will be used. The Chamber of Representatives is expected to analyze the bill in the upcoming weeks.
The original bill was enacted Law of the Republic in February 2016. However, the Attorney General of the Nation requested the Constitutional Court to overturn the law due to a procedural defect. Specifically, it was alleged that the final version of the law was not released (after modifications discussed in the plenary sessions) 24 hours before the final vote. In January of this year, the Constitutional Court approved this claim. A Conciliation Committee had to be formed to reformulate the bill so that the plenary sessions of both chambers could discuss and vote on it again.
The initiative proposes to use the balances of bank accounts inactive for three consecutive years and that exceed the equivalent value of US $ 29. With the money raised, a fund administered by the Colombian Institute of Educational Credit and Technical Studies Abroad (Icetex) will be created. It will grant scholarships and financing credits to promote the quality of the Institutions of Higher Education.