HB4697 Summary

• Amends the State Treasurer Act to expand the definition of "qualified expenses" under the College Savings Pool to include treatment of qualified education loan repayments under Internal Revenue Code Section 529(c)(9).

• Allows College Savings Pool distributions to be used for student loan repayment in addition to existing qualified education expenses such as tuition, fees, books, supplies, equipment, and room and board.

• Maintains existing College Savings Pool provisions including account ownership rules, contribution limits, investment restrictions, fee structures, and tax exemptions for pool assets and earnings used for qualified expenses.

• Requires coordination between the State Treasurer and Illinois Student Assistance Commission regarding account holders who participate in both the College Savings Pool and the Illinois Prepaid Tuition Program.

• Preserves creditor exemption protections for College Savings Pool account funds and maintains the $10,000,000 bond requirement for the State Treasurer.