HB3691sam001 100TH GENERAL ASSEMBLY

Sen. Kimberly A. Lightford

Filed: 5/12/2017

10000HB3691sam001 LRB100 10242 RJF 26335 a

AMENDMENT TO HOUSE BILL 3691

AMENDMENT NO. ______. Amend House Bill 3691 as follows:

on page 1, immediately below line 23, by inserting the following:

""Participating beneficiary" means a child that was born or adopted in a participating community.

"Participating community" means a geographical region in Illinois that is implementing the Program locally according to a plan approved by the State Treasurer."; and

on page 2, line 10, after "Act" by inserting "provided that sufficient funds are available"; and

on page 2, line 12, after the period, by inserting "If sufficient funds are available for every child born or adopted in Illinois to receive a seed deposit and annual match as provided in paragraphs (8) and (9) of subsection (c), the State Treasurer shall administer the Program Statewide by opening a custodial account for every child born or adopted in the State of Illinois. If sufficient funds are not available for every child born or adopted in Illinois to receive a seed deposit and annual match as provided in paragraphs (8) and (9) of subsection (c), the State Treasurer shall administer a program that allows participating communities to implement the Program locally as provided in subsection (k)."; and

on page 3, by replacing lines 4 and 5 with "to opt out of the Program."; and

on page 3, line 12, by replacing "will provide" with "shall deposit"; and

by replacing line 26 on page 3 through line 4 on page 4 with the following:

"(4) The State Treasurer may reduce the seed amount deposited in a custodial account and any match temporarily, if sufficient funds are not available. In the case of limited funding, the seed amount will take priority over the match incentives."; and

on page 4, line 26, by replacing "$150" with "$75"; and

on page 6, by replacing lines 4 through 11 with the following:

"(e) If funds are available, a legal guardian, residing in Illinois, of a child who is born in Illinois before the implementation date or a child born outside of Illinois and who is 15 years of age or younger, may apply with the Office of the Illinois State Treasurer to enroll his or her child in the Program as a beneficiary. This new enrollee may be eligible for the match incentive described in paragraphs (8) and (9) of subsection (c) of this Section, but is not eligible for the seed amount."; and

on page 7, line 6, after "Treasurer" by inserting "and participating communities"; and

on page 7, line 17, after "2018" by inserting "subject to available funding"; and

by replacing line 24 on page 7 through line 11 on page 8 with the following:

"(j) The Higher Education Savings Program Act is subject to appropriation by the General Assembly. The State Treasurer may accept gifts, grants, awards, matching contributions, interest income and appropriations from individuals, businesses, governments, and other third-party sources to implement the Program on terms that the Treasurer deems advisable. Moneys received under this Section may be expended for purposes consistent with the conditions under which those moneys are received, subject to appropriations made by the General Assembly for those purposes."; and

on page 8, immediately below line 11, by inserting the following:

"(k) During periods when sufficient funds are not available to administer the Program Statewide, the State Treasurer shall administer a program that allows participating communities to implement the Program for participating beneficiaries. Participating communities will be identified through an application process established by the State Treasurer. Applicants may submit proposals to the State Treasurer for approval. Approved plans must adhere to requirements of the College Savings Pool as described in Section 16.5 of this Act or any administrative rules adopted by the State Treasurer under this Section or Section 16.5 of this Act."; and

on page 8, line 12, by replacing "(k)" with "(l)"; and

on page 8, line 22, by replacing "(l)" with "(m)".