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