Full Text of HB3691 100th General Assembly
HB3691sam001 100TH GENERAL ASSEMBLY | Sen. Kimberly A. Lightford Filed: 5/12/2017
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| 1 | | AMENDMENT TO HOUSE BILL 3691
| 2 | | AMENDMENT NO. ______. Amend House Bill 3691 as follows:
| 3 | | on page 1, immediately below line 23, by inserting the | 4 | | following:
| 5 | | " "Participating beneficiary" means a child that was born or | 6 | | adopted in a participating community. | 7 | | "Participating community" means a geographical region in | 8 | | Illinois that is implementing the Program locally according to | 9 | | a plan approved by the State Treasurer. "; and
| 10 | | on page 2, line 10, after " Act " by inserting " provided that | 11 | | sufficient funds are available "; and | 12 | | on page 2, line 12, after the period, by inserting " If | 13 | | sufficient funds are available for every child born or adopted | 14 | | in Illinois to receive a seed deposit and annual match as | 15 | | provided in paragraphs (8) and (9) of subsection (c), the State |
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| 1 | | Treasurer shall administer the Program Statewide by opening a | 2 | | custodial account for every child born or adopted in the State | 3 | | of Illinois. If sufficient funds are not available for every | 4 | | child born or adopted in Illinois to receive a seed deposit and | 5 | | annual match as provided in paragraphs (8) and (9) of | 6 | | subsection (c), the State Treasurer shall administer a program | 7 | | that allows participating communities to implement the Program | 8 | | locally as provided in subsection (k). "; and | 9 | | on page 3, by replacing lines 4 and 5 with " to opt out of the | 10 | | Program. "; and
| 11 | | on page 3, line 12, by replacing " will provide " with " shall | 12 | | deposit "; and
| 13 | | by replacing line 26 on page 3 through line 4 on page 4 with the | 14 | | following:
| 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
| 20 | | on page 4, line 26, by replacing " $150 " with " $75 "; and
| 21 | | on 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 | 2 | | Illinois, of a child who is born in Illinois before the | 3 | | implementation date or a child born outside of Illinois and who | 4 | | is 15 years of age or younger, may apply with the Office of the | 5 | | Illinois State Treasurer to enroll his or her child in the | 6 | | Program as a beneficiary. This new enrollee may be eligible for | 7 | | the match incentive described in paragraphs (8) and (9) of | 8 | | subsection (c) of this Section, but is not eligible for the | 9 | | seed amount. "; and
| 10 | | on page 7, line 6, after " Treasurer " by inserting " and | 11 | | participating communities "; and
| 12 | | on page 7, line 17, after " 2018 " by inserting " subject to | 13 | | available funding "; and | 14 | | by replacing line 24 on page 7 through line 11 on page 8 with | 15 | | the following:
| 16 | | " (j) The Higher Education Savings Program Act is subject to | 17 | | appropriation by the General Assembly. The State Treasurer may | 18 | | accept gifts, grants, awards, matching contributions, interest | 19 | | income and appropriations from individuals, businesses, | 20 | | governments, and other third-party sources to implement the | 21 | | Program on terms that the Treasurer deems advisable. Moneys | 22 | | received under this Section may be expended for purposes | 23 | | consistent with the conditions under which those moneys are |
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| 1 | | received, subject to appropriations made by the General | 2 | | Assembly for those purposes. "; and | 3 | | on page 8, immediately below line 11, by inserting the | 4 | | following: | 5 | | " (k) During periods when sufficient funds are not available | 6 | | to administer the Program Statewide, the State Treasurer shall | 7 | | administer a program that allows participating communities to | 8 | | implement the Program for participating beneficiaries. | 9 | | Participating communities will be identified through an | 10 | | application process established by the State Treasurer. | 11 | | Applicants may submit proposals to the State Treasurer for | 12 | | approval. Approved plans must adhere to requirements of the | 13 | | College Savings Pool as described in Section 16.5 of this Act | 14 | | or any administrative rules adopted by the State Treasurer | 15 | | under this Section or Section 16.5 of this Act. "; and | 16 | | on page 8, line 12, by replacing " (k) " with " (l) "; and | 17 | | on page 8, line 22, by replacing " (l) " with " (m) ".
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