HI SB2545

Establishes a universal children's savings account program within the Department of Budget and Finance for children born in or residing in Hawaii to save for purchasing a home or starting a business.

Program goals include encouraging eligible children to save money and educating children and families about the importance of developing savings accounts.

Department of Budget and Finance shall adopt rules in consultation with the Hawaii state asset building and financial education task force regarding eligibility, state matching fund amounts, appropriate fund uses, and procedures for accessing funds at age 18.

Creates the universal children's savings account trust fund consisting of participant deposits, legislative appropriations, administrative fees, and investment income, with separate trust and operating accounts managed by the Director of Finance.

Appropriates unspecified general revenue funds for fiscal year 2014-2015 to the universal children's savings account trust fund, with the act taking effect July 1, 2080.