Bill Text: TX HB100 | 2023 | 88th Legislature 3rd Special Session | Introduced
Bill Title: Relating to the creation of a universal higher education savings trust account by the Prepaid Higher Education Tuition Board.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-10-09 - Filed [HB100 Detail]
Download: Texas-2023-HB100-Introduced.html
| By: Zwiener | H.B. No. 100 | |
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| relating to the creation of a universal higher education savings | ||
| trust account by the Prepaid Higher Education Tuition Board. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 54.701(10), Education Code, is amended | ||
| to read as follows: | ||
| (10) "Savings trust account" means an account | ||
| established through the plan by an individual or the board under | ||
| this subchapter on behalf of a beneficiary in order to apply | ||
| distributions from the account toward qualified higher education | ||
| expenses at eligible educational institutions. | ||
| SECTION 2. Subchapter G, Chapter 54, Education Code, is | ||
| amended by adding Section 54.7071 to read as follows: | ||
| Sec. 54.7071. UNIVERSAL SAVINGS TRUST ACCOUNT. (a) From | ||
| money available for the purpose, the board shall open a universal | ||
| savings trust account to save money for the payment of the qualified | ||
| higher education expenses of each child born in this state. | ||
| (b) For purposes of this subchapter, the board is the owner | ||
| of the universal savings trust account. Except as provided by | ||
| Subsection (d), each child born in this state on or after September | ||
| 1, 2023, is a beneficiary of the account. | ||
| (c) Except as provided by Subsection (d), on receipt of | ||
| notice regarding the birth of a child in this state from the | ||
| Department of State Health Services under Section 191.011, Health | ||
| and Safety Code, the board shall deposit $100 in the universal | ||
| savings trust account on behalf of the child. | ||
| (d) The parent or legal guardian of a child born in this | ||
| state may opt out of the contribution to the universal savings trust | ||
| account on the child's behalf under Subsection (c) by submitting a | ||
| written request to the board. | ||
| (e) The board shall distribute money in the universal | ||
| savings trust account to a beneficiary of the account in accordance | ||
| with board rule. | ||
| (f) The board shall develop and implement an outreach | ||
| program to inform parents and legal guardians of children born in | ||
| this state regarding the universal savings trust account and the | ||
| right to opt out of the contribution to the account under Subsection | ||
| (d). | ||
| SECTION 3. Section 54.709(d), Education Code, is amended to | ||
| read as follows: | ||
| (d) A savings trust agreement must provide that, if after a | ||
| specified period the savings trust agreement has not been | ||
| terminated and the beneficiary's rights in the account have not | ||
| been exercised, the board, after making reasonable efforts to | ||
| contact the owner and beneficiary of the account or their agents, | ||
| shall: | ||
| (1) report the unclaimed money in the account to the | ||
| comptroller; or | ||
| (2) if the account is the universal savings trust | ||
| account opened under Section 54.7071, withdraw from the account the | ||
| money attributable to the beneficiary and deposit the money in the | ||
| general revenue fund. | ||
| SECTION 4. Subchapter A, Chapter 191, Health and Safety | ||
| Code, is amended by adding Section 191.011 to read as follows: | ||
| Sec. 191.011. BIRTH INFORMATION FOR PREPAID HIGHER | ||
| EDUCATION TUITION BOARD. (a) The department shall implement an | ||
| efficient and effective method to inform the Prepaid Higher | ||
| Education Tuition Board regarding the birth of a child in this state | ||
| as necessary for the board to administer the universal savings | ||
| trust account under Section 54.7071, Education Code. | ||
| (b) The department shall enter into a memorandum of | ||
| understanding with the Prepaid Higher Education Tuition Board to | ||
| implement this section. | ||
| SECTION 5. This Act takes effect September 1, 2024. | ||
