HI SB907

Establishes a universal children's savings and investment account program within the department of budget and finance for children born in or residing in Hawaii.

Allows families to open accounts for children that accumulate savings, interest, and dividends from diversified investments to support future goals including home purchase, business startup, or higher education.

Creates the universal children's savings and investment trust fund consisting of a trust account and operating account, to be managed by the director of finance with assets invested in legal securities under state trust fund laws.

Requires the department of budget and finance to adopt rules regarding program eligibility, appropriate fund uses and investment types, and procedures for depositing and accessing funds beginning at age eighteen.

Takes effect July 1, 2017, with the department to request appropriations for program administration in the next biennium budget.