91st General Assembly
Summary of HB0851
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House Sponsors:
BURKE-BLACK-LOPEZ-COULSON, CURRY,JULIE, POE, GILES, REITZ, 
   BRADLEY, BROSNAHAN, WOJCIK, MCCARTHY, SCULLY AND FOWLER.

Senate Sponsors:
MYERS,J-BOMKE-DELEO-DUDYCZ-BURZYNSKI

Short description: 
ST TREAS-RULES-COLLEGE SAVINGS                                             

Synopsis of Bill as introduced:
        Amends the State Treasurer Act concerning rules.  Makes technical      
   changes.                                                                    
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          15 ILCS 505/17.1                                                     
          Adds reference to:                                                   
          15 ILCS 505/16.5 new                                                 
        Deletes everything.  Amends the State  Treasurer  Act.   Provides      
   that the Treasurer may create a College Savings Fund. Provides that         
   the Treasurer may receive moneys from Illinois residents for deposit        
   into the fund, and hold the moneys in individual college savings            
   accounts on behalf of Illinois residents. Provides that the Treasurer       
   may invest individual college savings accounts in the same manner, in       
   the same types of investments, and subject to the same limiations pro-      
   vided for the investment of funds by the Illinois State Board of In-        
   vestment. Provides that the Treasurer shall develop, publish, and im-       
   plement an investment policy covering the management of the individual      
   college savings accounts within the College Savings Fund. Provides          
   that upon creating a Fund, the State Treasurer shall give bond with 2       
   or more sufficient sureties that are payable to and for the benefit of      
   of the participants in the College Savings Fund, in the penal sum of        
   $1,000,000, conditioned upon the faithful discharge of his or her           
   duties in relation to the Fund. Effective immediately.                      
          BALANCED BUDGET NOTE, H-AM 1 (Bureau of the Budget)                  
          The bill is not a supplemental appropriation; the Balanced           
          Budget Note Act is inapplicable.                                     
          FISCAL NOTE, H-AM 1 (State Treasurer)                                
          HB851 will have no impact on the State's resources this FY.          
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          15 ILCS 505/16.5 new                                                 
          Adds reference to:                                                   
          15 ILCS 505/16.5                                                     
        Deletes everything.  Amends the State  Treasurer  Act.   Provides      
   that distributions from a college savings pool may be made directly to      
   a  designated  beneficiary  so  long  as  made  in  a  manner  that is      
   permissible under Section 529 of the Internal Revenue Code.  Effective      
   immediately.                                                                
 
Last action on Bill: PUBLIC ACT.............................. 91-0943

   Last action date: 01-02-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 



 Full Text  Bill Status