HB4937 Summary

• Amends the State Treasurer Act to modify the "Achieving a Better Life Experience" (ABLE) account program, which helps individuals with disabilities save money for qualified disability expenses.

• Revises the definition of "designated representative" to require that persons or entities seeking to open an ABLE account on behalf of a beneficiary provide written certification under penalties of perjury establishing their authority and that no other person or entity has higher priority to establish the account.

• Removes the prior list of automatically recognized designated representatives (guardians, power of attorney agents, and State Treasurer-designated individuals) and replaces it with a certification requirement based on Section 529A of the Internal Revenue Code and federal regulations.

• Authorizes the State Treasurer to require any certifications deemed necessary to implement the program, including oaths or affirmations made under penalties of perjury.

• Takes effect upon becoming law.