Bill Title: Amends existing law relating to the College Savings Program to revise a definition; to revise the powers and duties of the College Savings Program Board and to provide for certain powers and duties; to remove certain provisions relating to the use of a contractor as account depository and manager and to provide for the administration of the program; to provide that the program shall be operated through the use of individual accounts, to provide that each account may be opened by any person who desires to save for the qualified higher education expenses of a person, to remove provisions relating to the procedure to be followed in the event the board terminates certain authority of a financial institution relating to the program, to provide for the transfer of accounts, to clarify the effect of such transfer and to provide that the program shall provide certain statements to each account owner; to revise terminology, to provide for continuous appropriation of certain moneys to the board and to revise provisions relating to the use of moneys in the College Savings Fund.

Spectrum: Committee Bill

Status: (Passed) 2013-03-21 - Reported Signed by Governor on March 21, 2013 Session Law Chapter 110 Effective: 07/01/13 [H0177 Detail]

Text: Latest bill text (Engrossed) [PDF]

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