SB201 Summary

• Extends the benefit claim period for Alabama Prepaid Affordable College Tuition (PACT) program beneficiaries from 10 years to 12 years after college entrance.

• Modifies Section 16-33C-7, Code of Alabama 1975, to change the timeframe for when contract benefits must be utilized or the account is treated as unclaimed property.

• PACT board must treat contracts as abandoned property after 12 years (rather than 10 years) if neither terminated nor exercised, then administer according to the Alabama Uniform Disposition of Unclaimed Property Act.

• Becomes effective on the first day of the third month following passage and Governor approval.