AR HB1020

Creates the General Assembly Promise Lottery Scholarship Program administered by the Treasurer of State, providing financial contributions to college savings accounts for children born in Arkansas on or after January 1, 2018, whose parents opt into the program.

Funds may be accessed only to pay for cost of attendance at public or private nonprofit two-year or four-year colleges or universities in Arkansas, and only until the person reaches 22 years of age.

Annual financial contributions per eligible person shall not exceed $100, with all contribution amounts equal for those who opt in during the same calendar year.

Forfeited funds from persons who do not access accounts before age 22 or who have excess funds beyond recognized cost of attendance are returned to the program for future contributions.

Requires Department of Health and Department of Human Services to share birth and foster care records with the Treasurer of State, and mandates annual reporting to legislative education committees by March 15.