Illinois General Assembly - Bill Status for HB3691

Amends the State Treasurer Act. Creates the Illinois Higher Education Savings Program. Provides for the implementation of and requirements for the Program. Provides for the State Treasurer's duties under the Program. Provides that the State Treasurer may adopt any rules that may be necessary to implement the Program. Amends the State Finance Act. Creates the Illinois Higher Education Savings Program Fund as a special fund in the State treasury. Defines terms.

Modifies a provision concerning Illinois birth records data being provided to the State Treasurer. Removes language concerning modifications to a Certificate of Live Birth Worksheet for the purpose of implementing the Illinois Higher Education Savings Program.

Adds a new subsection to the bill as introduced. Provides that birth certificate data from the State Registrar of Vital Records shall only be used for the Illinois Higher Education Savings Program and shall not be used for any other purpose. Provides that the State Treasurer and any contractors working on the Program shall maintain strict confidentiality of data from Illinois birth records, and shall promptly provide written or electronic notice of any security breach to the Department of Public Health. Provides that the Department of Public Health shall remain the sole and exclusive owner of data from Illinois birth records provided under the applicable provisions. Makes a conforming change.

Provides that the State Treasurer (rather than the Illinois Higher Education Savings Program) shall begin implementation of the Higher Education Savings Program in 2018. Provides that the State Treasurer may establish a phased implementation and beneficiary enrollment timeline based on funding availability. Provides that upon implementation of the Program, the State Treasurer shall include information on savings rates and match savings rates in the State Treasurer's annual financial report to the Governor and General Assembly.

Provides that if sufficient funds are available for every child born or adopted in Illinois to receive a seed deposit and annual match, the State Treasurer shall administer the Illinois Higher Education Savings Program Statewide by opening a custodial account for every child born or adopted in the State of Illinois. Provides that if sufficient funds are not available for every child born or adopted in Illinois to receive a seed deposit and annual match, the State Treasurer shall administer a separate program that allows participating communities to implement the Program locally. Modifies the provisions by which the State Treasurer shall establish custodial accounts under the Program. Specifies that if funds are available, a legal guardian of a specified child may apply to enroll that child in the Program as a beneficiary. Provides that the child, as an enrollee, may (rather than would) be eligible for match incentives under the Program. Removes language providing that if the State Treasurer does not secure adequate funds to implement the Program within the time frame set forth, Program implementation may be delayed while the State Treasurer makes good faith efforts to secure necessary funding. Provides that 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. Provides that participating communities will be identified through an application process established by the State Treasurer. Provides that applicants may submit proposals to the State Treasurer for approval. Provides that approved plans must adhere to requirements of the College Savings Pool or any administrative rules adopted by the State Treasurer. Defines additional terms. Makes conforming changes.

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