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ID H0428
Bill
Status
Passed
3/17/2016
Primary Sponsor
Education Committee
Click for details
AI Summary
- Unclaimed college savings accounts become subject to the College Savings Program Board's management upon receipt of a certificate of exemption from the state treasurer
- Account owner is not deemed to have last communicated awareness of account interest prior to the designated beneficiary's eighteenth birthday
- Board may locate unclaimed accounts and refund them to rightful owners according to state law and certificate of exemption terms
- Board may maintain account owner's original investment selections or establish a unified investment policy for all unclaimed accounts
- Account owners and designated beneficiaries have no claim against the state if original investments are not maintained or if a unified investment policy is applied
- State treasurer may revoke the certificate of exemption and require the board to transfer all unclaimed accounts and records if the board fails to comply with requirements
Legislative Description
Amends existing law to revise the treatment of unclaimed College Savings Program accounts and to authorize the management of those accounts by the College Savings Program Board under certain conditions.
COLLEGE SAVINGS PROGRAM
Last Action
Reported Signed by Governor on March 17, 2016 Session Law Chapter 91 Effective: 07/01/2016
3/17/2016
Committee Referrals
Education2/11/2016
Education2/2/2016
Full Bill Text
No bill text available