The bill modifies the college kickstarter account program
(program). Under current law, an account may be opened by a parent or parents of an eligible child. The bill expands who may open an account and be an account sponsor, requiring that an account sponsor must provide the birth certificate number or order of adoption for an eligible child in accordance with the requirements of the program to open an account. The bill also expands the membership of the advisory board, requires the advisory board to meet at least on a quarterly basis each year, and makes changes to certain reporting requirements for the program.
Currently, a parent or parents of an eligible child must claim
kickstarter funding within 5 years of the date of the eligible child's birth or adoption. The bill expands this period to 8 years for an account sponsor to claim kickstarter funding, and clarifies that an account is an individual college savings account, which is any collegeinvest account.
