IL HB1836

Amends the State Treasurer Act to modify the "Achieving a Better Life Experience" (ABLE) account program by replacing terminology of "account owner" with "designated beneficiary" throughout the statute for consistency with federal tax code language.

Allows designated beneficiaries or their designated representatives to execute payable-on-death account agreements to transfer ABLE account proceeds upon death to the estate, another eligible individual's account, or a designated payee without probate.

Requires the State Treasurer to verify that funeral and burial expenses of a deceased designated beneficiary have been paid before distributing the account balance to an estate, another eligible individual, or pursuant to a payable-on-death agreement.

Maintains that state agencies cannot seek reimbursement from ABLE accounts for benefits provided to beneficiaries, and accounts remain exempt from creditors, state taxation, and appropriation by the state.

Preserves all existing provisions regarding account contributions, qualified disability expenses, investment management, fees, privacy protections, and compliance with federal Section 529A of the Internal Revenue Code requirements.