SB1563 Engrossed LRB096 11078 RCE 21404 b

1     AN ACT concerning children.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Children's Savings Accounts Act is
5 amended by changing Sections 15 and 20 as follows:
 
6     (20 ILCS 4065/15)
7     Sec. 15. Children's Savings Account Task Force. There is
8 hereby created a Children's Savings Account Task Force. The
9 purpose of the task force shall be to review and make
10 recommendations about children's savings account program
11 options and to create a strategic implementation plan to create
12 a savings account at birth for every child born in Illinois to
13 Illinois residents. The task force shall consist of a maximum
14 of 30 members, to be appointed within 60 days after the
15 effective date of this Act. One member shall be appointed by
16 the President of the Senate, one member appointed by the Senate
17 Minority Leader, one member appointed by the Speaker of the
18 House, one member appointed by the House Minority Leader, and
19 one member representing the Office of the State Treasurer
20 appointed by the State Treasurer. All other members shall be
21 appointed by the Governor as follows:
22         (1) A member of the Governor's leadership staff.
23         (2) Public members with an interest in asset building

 

 

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1     in Illinois, including a representative from each of the
2     following types of organizations or entities:
3             (A) an operator of an individual development
4         account or matched savings and financial education
5         program, or both;
6             (B) a grassroots organizing entity;
7             (C) a poverty law center;
8             (D) a service-based human rights provider
9         organization;
10             (E) a business association;
11             (F) a bankers' professional association;
12             (G) a child advocacy organization;
13             (H) a rural economic development entity;
14             (I) organized labor;
15             (J) a bank;
16             (K) a credit union; and
17             (L) an investment services provider.
18     In addition, the following officials shall serve as
19 ex-officio members of the task force: (i) the State Treasurer
20 or his or her designee; (ii) the State Superintendent of
21 Education or his or her designee; (iii) the Secretary of
22 Financial and Professional Regulation or his or her designee;
23 (iv) the Director of Commerce and Economic Opportunity or his
24 or her designee; (v) the Secretary of Human Services or his or
25 her designee; (vi) the Director of Healthcare and Family
26 Services or his or her designee; (vii) the Executive Director

 

 

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1 of the Board of Higher Education or his or her designee; (viii)
2 the Executive Director of the Illinois Community College Board
3 or his or her designee; and (ix) the Director of Children and
4 Family Services or his or her designee. Representatives of the
5 Office of the Governor and the Office of the State Treasurer
6 shall serve as co-chairpersons of the task force. The Governor
7 shall designate one of the public members to serve as a third
8 co-chairperson.
9     The Office of the State Treasurer shall be responsible for
10 administrative and logistical support of the task force,
11 including coordination of task force member appointments,
12 distribution of meeting notices and minutes, coordination of
13 meeting logistics, providing a staff liaison to the task force,
14 facilitation of public meetings, and drafting and filing of the
15 final report. Task force members, or the staff liaison, or both
16 may confer and collaborate with relevant State and national
17 organizations with expertise in asset building, financial
18 education, college savings, investing, home ownership, and
19 small business development, including the Illinois Asset
20 Building Group.
21     Goals of the program shall include increasing the levels of
22 financial literacy and savings in the State, increasing the
23 number of children in Illinois who own assets and who attend
24 post-secondary education or training, purchase a home, or open
25 a small business. The task force shall consider the following
26 factors in its recommendations for the design of the program:

 

 

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1         (1) return on investment, safety of the investment and
2     insurance for the account, ease of managing the account,
3     and ease of making various forms of deposits;
4         (2) the impact on eligibility for student financial
5     aid, public assistance, and other public benefits, and
6     taxation of the account earnings and distributions;
7         (3) the provision of financial education to children
8     and families, and access to additional financial services;
9         (4) restrictions on the withdrawal or distribution
10     prior to the child reaching age 18, portability of the
11     account, and limits on permissible uses of the account;
12         (5) revenue sources for the initial deposit and any
13     savings match for deposits for children in low-income
14     families;
15         (6) mechanisms for data collection and tracking; and
16         (7) all other factors that the task force deems
17     important to the program design.
18     The task force shall hold at least 4 public meetings at a
19 variety of geographic locations throughout the State at times
20 and places established by the task force. The purpose of the
21 public meetings is to gather information from community
22 residents and institutions, families with children, financial
23 education providers, schools, and local financial services
24 providers. The initial meeting of the task force shall be
25 called by the co-chairs and held no later than 30 days after
26 the task force members are appointed. The activities of the

 

 

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1 task force shall conclude no later than December 31, 2009
2 September 1, 2008.
3 (Source: P.A. 95-358, eff. 8-23-07.)
 
4     (20 ILCS 4065/20)
5     Sec. 20. Report and implementation plan. The task force
6 shall make a written report of its findings and
7 recommendations, including a strategic implementation plan for
8 an Illinois children's savings account program, as well as make
9 any additional reports deemed necessary and appropriate to the
10 Office of the State Treasurer no later than December 31, 2009
11 September 1, 2008. On or before February 1, 2010 November 1,
12 2008, the Office of the State Treasurer shall present all
13 reports issued by the task force to the Governor and members of
14 the General Assembly. The reports shall be made available to
15 the public.
16 (Source: P.A. 95-358, eff. 8-23-07.)
 
17     Section 99. Effective date. This Act takes effect upon
18 becoming law.