Sen. Kimberly A. Lightford

Filed: 5/12/2017





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2    AMENDMENT NO. ______. Amend House Bill 3691 as follows:
3    on page 1, immediately below line 23, by inserting the
5    ""Participating beneficiary" means a child that was born or
6adopted in a participating community.
7    "Participating community" means a geographical region in
8Illinois that is implementing the Program locally according to
9a plan approved by the State Treasurer."; and
10on page 2, line 10, after "Act" by inserting "provided that
11sufficient funds are available"; and
12on page 2, line 12, after the period, by inserting "If
13sufficient funds are available for every child born or adopted
14in Illinois to receive a seed deposit and annual match as
15provided in paragraphs (8) and (9) of subsection (c), the State



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1Treasurer shall administer the Program Statewide by opening a
2custodial account for every child born or adopted in the State
3of Illinois. If sufficient funds are not available for every
4child born or adopted in Illinois to receive a seed deposit and
5annual match as provided in paragraphs (8) and (9) of
6subsection (c), the State Treasurer shall administer a program
7that allows participating communities to implement the Program
8locally as provided in subsection (k)."; and
9on page 3, by replacing lines 4 and 5 with "to opt out of the
10Program."; and
11on page 3, line 12, by replacing "will provide" with "shall
12deposit"; and
13by replacing line 26 on page 3 through line 4 on page 4 with the
15        "(4) The State Treasurer may reduce the seed amount
16    deposited in a custodial account and any match temporarily,
17    if sufficient funds are not available. In the case of
18    limited funding, the seed amount will take priority over
19    the match incentives."; and
20on page 4, line 26, by replacing "$150" with "$75"; and
21on page 6, by replacing lines 4 through 11 with the following:



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1    "(e) If funds are available, a legal guardian, residing in
2Illinois, of a child who is born in Illinois before the
3implementation date or a child born outside of Illinois and who
4is 15 years of age or younger, may apply with the Office of the
5Illinois State Treasurer to enroll his or her child in the
6Program as a beneficiary. This new enrollee may be eligible for
7the match incentive described in paragraphs (8) and (9) of
8subsection (c) of this Section, but is not eligible for the
9seed amount."; and
10on page 7, line 6, after "Treasurer" by inserting "and
11participating communities"; and
12on page 7, line 17, after "2018" by inserting "subject to
13available funding"; and
14by replacing line 24 on page 7 through line 11 on page 8 with
15the following:
16    "(j) The Higher Education Savings Program Act is subject to
17appropriation by the General Assembly. The State Treasurer may
18accept gifts, grants, awards, matching contributions, interest
19income and appropriations from individuals, businesses,
20governments, and other third-party sources to implement the
21Program on terms that the Treasurer deems advisable. Moneys
22received under this Section may be expended for purposes
23consistent with the conditions under which those moneys are



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1received, subject to appropriations made by the General
2Assembly for those purposes."; and
3on page 8, immediately below line 11, by inserting the
5    "(k) During periods when sufficient funds are not available
6to administer the Program Statewide, the State Treasurer shall
7administer a program that allows participating communities to
8implement the Program for participating beneficiaries.
9Participating communities will be identified through an
10application process established by the State Treasurer.
11Applicants may submit proposals to the State Treasurer for
12approval. Approved plans must adhere to requirements of the
13College Savings Pool as described in Section 16.5 of this Act
14or any administrative rules adopted by the State Treasurer
15under this Section or Section 16.5 of this Act."; and
16on page 8, line 12, by replacing "(k)" with "(l)"; and
17on page 8, line 22, by replacing "(l)" with "(m)".